Chattanooga Market Summary – February

The market summary for February continues to show a low number of listings in our area. Chattanooga is following a nationwide trend of homes appreciating in value and we don’t see this changing in the near future as long as there continues to be more buyers than sellers.

On average, the sold price has increased slightly from 98% to 99% of the listing price. There has been a slight increase on the average days on the market but it’s to early to tell if this will become a trend, if so this could be due to the fed increasing rates.

Rate Hikes – According to Bankrate.com the average 30 year rate on 12/31 was 3.24% As of 3/2 the average rate increased to 4.247%

Bottom Line – We believe we’ll see more homes available for sale this year and rate increases will have an impact on how much buyers can afford and possibly take some temporarily out of the market. Rates will continue to stay historically low but the fed has signaled more increases to help curb inflation. If you’re considering a buying a home and rate increases are a concern now is the best time to start looking to avoid a higher mortgage payment. If you’re selling a home it’s a great time to maximize your returns!

Please contact us if you’re considering buying or selling, we’re here to help. 423-821-5551