Insights and Trends: Discover the Dynamic Real Estate Landscape of Chattanooga.
Chattanooga Real Estate Overview
The Chattanooga housing market has seen noticeable activity and growth over the past year. Characterized as somewhat competitive, it presents both opportunities and challenges for buyers and sellers alike.
Chattanooga's position as both a destination and a starting point for relocation has produced interesting patterns:
The Chattanooga housing market offers a unique blend of opportunities and challenges. While not extremely competitive, it shows strong signs of growth and a solid base of local interest. The interplay between local, inbound, and outbound relocations paints a picture of a dynamic community that is attractive to a diverse array of people.
For investors, homebuyers, or those looking to relocate, understanding these trends could provide valuable insights into where the market might be headed. Whether seeking to capitalize on growth or find a stable community to call home, Chattanooga presents an intriguing option.
The North Chattanooga housing market is displaying signs of competition, with a notable increase in property values. Last month, the median sale price of a home reached $563K, a robust growth of 19.7% from the previous year. The median price per square foot stands at $284, up 2.5% over the same period. This uptick, particularly in the overall sale price, may indicate an increased demand and willingness to invest in North Chattanooga, reflecting confidence in the local real estate market.
The South Chattanooga housing market is currently not highly competitive, yet it has experienced significant growth. The median sale price of a home in South Chattanooga was $328K last month, a remarkable increase of 44.3% since last year. Similarly, the median sale price per square foot is now $204, up 13.6% over the past year. Despite the lack of intense competition, these sharp increases suggest a hidden vitality and potential attractiveness in the South Chattanooga area, possibly driven by factors like improved amenities, infrastructure development, or increased investment in the region.
The Signal Mountain housing market is moderately competitive, with a median home sale price of $778K last month, an impressive 55.7% increase from last year. Additionally, the median sale price per square foot has risen to $203, up 10.9% over the same period. These figures indicate a growing interest and investment in the area.
The Red Bank housing market is currently very competitive. Despite the median sale price of a home dropping to $281K last month, down 13.5% from the previous year, the median sale price per square foot has actually increased to $210, up 11.4% since last year. This divergence in trends might signal a shift in the type or size of properties being sold, or reflect changes in buyer preferences in this competitive market.
As of 2023, the current population of Chattanooga is 183,095 based on projections of the latest US Census estimates.
The median age in Chattanooga is 36.7 years, 35.5 years for males, and 37.8 years for females. Chattanooga's Age Dependency Ratio is 58.4.
The average family size in Chattanooga is 3.07 and the average household size is 2.25. About 51.6% of people in Chattanooga owns their home.
Almost 12.14% of people above 25 years old in Chattanooga have a Graduate Degree, while 20.54% have Bachelor's Degree. About 31% have at least attended college while 25.95% of the population finished until High School
89.78% of Chattanooga residents speak only English, while 10.22% speak other languages. The non-English language spoken by the largest group is Spanish, which is spoken by 6.06% of the population.
About 63% of people aged 16 years old and up are part of the labor force. The employment rate is 59.7% and the unemployment rate is 5.2%.
91.72% of Chattanooga residents were born in the United States, with 56.62% having been born in Tennessee. 4.85% of residents are not US citizens. Of those not born in the United States, the largest percentage are from Latin America.
The median income of households in Chattanooga is $50,437. Married families have a median income of $94,505 while non-families have median income of $34,502.
In Chattanooga, summers are characterized by hot and muggy weather, while winters are short, very cold, and often wet. Throughout the year, the sky is partly cloudy, and the temperature typically ranges from 33°F to 89°F. Extremes are rare, with temperatures seldom falling below 19°F or rising above 96°F.
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