2018 Chattanooga Home Sales Annual Report
2018 was a good year in Chattanooga real estate. 1.9% more Chattanooga homes sold in 2018 than in 2017. Homes sold at a feverish pitch through the spring and summer of 2018. In August, home sales started to slow a bit. Fall of 2018 was steady but down from a year earlier. Overall, the median sales price rose by 6.9% in 2018. The days that homes stayed on the market decreased by 15.3%. Throughout the year, home sellers received 96% of their listing prices for their homes. The monthly supply of homes for sale was down by 6.1%.
As 2019 starts, home buyers have slowed down a bit, but we have had good activity from home buyers looking at homes to purchase. In January, closed home sales were down 11.6% from last January's closed home sales. 2019 will probably be the year when the Chattanooga real estate market evens out and becomes less of a seller's market. Right now, the market still favors sellers, but that dynamic may change by the end of 2019. The Chattanooga jobless rate is even lower than the rest of the country at 3.1%, so Chattanooga's local economy is outpacing the national economy. That is always good news for the real estate market.
Call Nathan Walldorf to buy or sell your next home at 423-544-7700.