The Chattanooga market is shifting just like the rest of the country. We are on our way back to a much more stable and normal market (if there is such a thing) but the journey back to normal is long.
From May of 2021 to May of 2022 our current inventory of homes for sale has increased 23.3%. That may sound like a lot but we are way below what would be considered normal. The average days on the market is about 2 weeks and the sold to list ratio is over 100% This is a trend that hasn’t changed meaning we have many more buyers than sellers.
Bottom Line – Even with mortgage rates increasing – 6.031% for a 30 year fixed rate according to bestmoney.com our market continues to be very strong. The wild card is the fed and how much they’ll continue to increase rates to get inflation under control. It’s still a great time to buy or sell.
If you’re considering buying or selling a home, please give us a call, we’re here to help. 423-821-5551
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