Chattanooga Real Estate Is Changing in the Fall
The spring real estate market was really busy and prices were high (in most areas of town). As the summer came and people went on vacation, homes started to take a bit longer to sell. The August home sales just came in, and they are also showing that it is taking a bit longer to sell. We are not facing an extreme change yet, but Realtors cannot simply look at spring pricing to price a home for sale today. Realtors are having to look at the homes for sale right now as well to be in line with the market. To sell a home now, you have to price your home in a way that does not put you way above your competition.
Homes took 2.4% more days to sell in August.
Closed home sale were up 3.6%.
Median home sale prices were also up by 6.4%.
The monthly supply of homes for sale was down 18.4%.
In these stats we see that the rises in both closed home sales and in the median home sale prices are about 1/2 of what they were in the previous month. The amount that 2019 is outpacing last year is starting to slow down a bit. The real estate market is still good. If you are thinking about selling a home, do it now. You want to sell your home as close to the top of the market as you can, and we are probably close to the top if not slightly below it.