Chattanooga Market Summary – August

We continue to see our market adjusting, mainly due to an increase in interest rates. With the exceptions of a couple of stats not a lot has moved from last month, here’s what has changed:

(1) Sold to List Ratio: Properties are closing at 97% of the listing price. In June, this number was 100% of the list price. This is due to an increase in available properties coming on the market.

(2) The average days on the market: This number has increased from 14 days in June to 17 days in August. Days on the market should increase as more properties become available. It’s not much of a change and we’re still way below what is considered a normal market!

Bottom Line – Interest rates continue to be the main driver – As of 9/6 the average national rate for a 30 year fixed mortgage is 6.05%. Rates continue to fluctuate and have increased slightly from last month. We continue to see strong sales numbers and as long as our inventory remains low, and properties are priced correctly this will continue even with an increase in rates.

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