Chattanooga Market Summary – November

On December 7th realtor.com released an article – “The Ten Real Estate Markets That Will Dominate in 2023.”

Chattanooga is ranked #9 – Below is a portion of the article:

About two hours southeast of Nashville, the Tennessee city’s downtown has undergone a revitalization in recent years that has helped it to attract startups and other tech companies. The metro, the smallest on our list, is known for its outdoorsy lifestyle, popular with bass fishers and mountain climbers.

The lower real estate prices in the area have made it an attractive destination for those looking for more square footage. It has plenty of larger, affordable homes for sale. About 35% of home sales in Chattanooga were all cash.

Our market continues to be strong, however the 4th quarter of the year is usually when we see a slowdown. For the month of November the average sales price was $340,262 that’s up 6.10% from last November when the average was 320,694

Mortgage rates have declined which in turn will drive more sales. We do expect rates will increase next year but the fed has eluded to a slowdown in increases.

If you have questions or are interested in buying or selling please contact us we’re here to help!