Chattanooga Market Summary – December

The market summary for December closely resembles what we saw in November with a couple of changes. New listings on average are going under contract within 3 weeks of the list date. The average sold price is roughly 98% of the listing price. Also, the number of new listings has decreased (not unusual during the holidays) from last month.

The big news is the fed has hinted at multiple rate hikes for 2022 to combat inflation. Based on this it appears rates will begin increasing. According to bankrate.com as of Friday, December 17th the national average for a 30-year fixed mortgage APR is 3.390% Rates continue to be historically low but if you are considering purchasing a home the sooner the better. A slight increase based on the loan amount can mean an extra 100.00 per month.

Please contact us if you’re ready to start you’re home search, we’re here to help.