Chattanooga Market Summary – July

What a difference a few months makes! We are now in the midst of a market shift. The number of available homes has more than doubled since the beginning of the year. However, we still have a long way to go before we get back to a normal market.

The average days on the market remains low at about two weeks and the sold to list ratio has dropped slightly to 98.4% This number should continue to move down as more homes become available. But as long as we have more buyers than sellers we doubt it will drop much more.

Bottom Line – Mortgage rates have been trending down over the past few days, currently running in the 5%-5.5% range. No one knows how long this will last but more buyers have been in the market taking advantage of the rates before they increase. As we mentioned last month, the wild card is the fed and how much they’ll increase rates to get inflation under control.

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