Pending sales jumped 8.3% in December from the previous month, marking the largest gain since June 2020. Mortgage rates have 
dropped significantly from their peak last fall, and homebuyers are beginning to come out of the woodwork, with NAR 
forecasting a 13% increase in existing-home sales this year compared to 2023.
In the Chattanooga area new listing and the inventory of homes for sale are both up. You should have more buying opportunities this year. The median home sales price in Chattanooga increased by 10.4%. If you are waiting for home prices to go down, that isn’t happening this year. The persistent shortage of housing supply has helped prop up home values nationwide. Nationally, listing activity has started to pick up, and with mortgage rates stabilizing and housing completions on the rise, inventory is expected to improve in the coming months.