Luxury home sales in Chattanooga in 2019 are up from 2018 & 2017. 104 homes have sold in Hamilton County for over $800,000 in 2019 so far. 31 homes in 2018 sold for over $800,000 and 85 homes sold in 2017 for over $800,000. In luxury home areas like Lookout Mountain and Signal Mountain, most of the luxury home sales occurred in the spring. Lately on Lookout Mountain there has been a spike in luxury homes being sold or going under contract. In North Chattanooga and in Hamilton County in general, luxury home sales over $800,000 have been fairly steady throughout the year.
Most Realtors around town are reporting that luxury homes are staying on the market longer from summer to late fall. As we head into 2020, Lawrence Yun (The National Association of Realtors Chief Economist) is predicting slower luxury home sales; "At Affordable prices, it will still be a seller's market, and appreciation will be stronger at the lower price points. The upper-end price projections-as people digest the deductibility of mortgage interest and state and local taxes, including property taxes-is less optimistic." In 2020, it should take more time to sell luxury homes. Luxury homes have always appreciated at lower rates than more affordable housing, which does not surprise me as a luxury home Realtor in Chattanooga.
The economic picture and the interest rate predictions for 2020 keep looking favorable for housing, but the luxury home market may slow some in 2020.
Do you have a luxury home that you need to sell?
Call Nathan & Charlie Walldorf. The Walldorfs have decades of experience selling luxury homes in Chattanooga. 423-544-7700.