November was a busy month for Chattanooga Realtors as pending Chattanooga home sales were up by 10.3% and closed Chattanooga home sales were up by 19.3%. The days that homes were on the market in Chattanooga was down by 30%. Median home sale prices in Chattanooga were up by 18.2%. The monthly supply of homes for sale in Chattanooga is down by 56.3%.
As for the 2020 real estate market, Lawrence Yun (the National Association of Realtors Chief Economists) says, "It is an understatement to say the year 2020 has been filled with challenges and full of surprises. Yet, one astonishing development has been the hot housing market as consumers eyed record-low mortgage rates and reconsidered what a home should be in a new economy with flexible work-from-home schedules." Changing housing needs have pushed people to literally make some moves in 2020. 2021 should also be full of changing house plans as well as a hot real estate market as demand for homes is great and the inventory of homes is low.
The state of Tennessee has emerged as the #9 state in the country for home sales price increases in 2020, so people looking for a better quality of life to accompany their new work form home lifestyle are noticing Tennessee.
Call Nathan Walldorf to help you buy a home, sell a home, or both. 423-544-7700
Image from The Residential Specialist Magazine, November 2020 issue.