Summer Home Sales & What Is to Come

This summer was a bit of a slower real estate market as rates were high and the inventory of homes for sale was low.  In June, Chattanooga closed home sales were down by 19.7% but the Chattanooga median home sales price was up 4%.  Chattanooga new listings were down by 26.7% in June as well.  
Mortgage lenders say that there is pent up demand due to the current mortgage rates.  When rates get closer to 5.5% next year, the “move up” buyers will hit the market once again.  That will create another surge of sales and will push pricing up again.  Right now is still a better time to buy a home at today’s rate and then re-finance when rates are down to 5.5% and competition is fierce again.
New home sales have also been strong this summer.  Even Chattanooga builders are giving a few more incentives at the moment than they did last year.  
Tennessee is amongst the top 8 “move in” states in the country.  Chattanooga is well poised to catch people moving out of large metropolitan areas like Nashville and Atlanta. Residential real estate is one piece of the economy that is helping to stabilize the economy in 2023.


Call Chattanooga Realtor, Nathan Walldorf at 423-544-7700.