The Inventory of Chattanooga Homes for Sale Keeps Growing
The big story this week is how the inventory of Chattanooga homes for sale keeps growing. As of July, there were 56% more homes on the market than July of 2023. The number of homes for sale has grown by another 7% up to August 22nd. The median home sales price has stayed pretty steady, but the rise inventory will impact home price growth. I could see home prices leveling off until we sell more homes. A wave of home buying is probably coming as interest rates start to go down in the coming month. There was not a usual wave of home buyers in the spring of 2024 like there usually is most years. Prices are still good if you are a seller, but you may have missed the top of the market by a month or 2. If you are a home buyer, you will have more leverage when negotiating a home purchase right now.