Chattanooga Market Summary – May

Our market is following a nationwide trend of increasing inventory due primarily to interest rate hikes. According to finance.yahoo.com the current rate for a 30 year fixed mortgage is 5.48% Compare that to January’s national average of 3.55% and it’s easy to understand why our inventory is on the rise.

As we stated last month, even with the rate increases the number of buyers continue to outpace the number of sellers. Currently, the average new listing is going under contract in less than three weeks and the sold price continues to hold at 99% of the list price.

Bottom Line – As long as there are more buyers than sellers we will continue to see properties go under contract quickly. Of course interest rate hikes will continue to help ease the inventory shortage but we don’t see much of a change in the overall market in the near future.

If you’re considering buying or selling a home, please give us a call, we’re here to help. 423-821-5551