Chattanooga Market Summary – December

Happy New Year! We’re seeing some interesting trend lines moving into 2023.

Currently the number of available listings has dropped from over 2,000 to slightly under that number. Because of the holidays and mortgage rate increases this isn’t surprising and we expect this number will increase over the next few months. Also, the days a home stays on the market before going under contract is still low, averaging around 35 days.

Bottom Line – We have more buyers than sellers. Potential buyers are taking advantage of rates dropping from a few months ago. According to bankrates.com a 30-year fixed rate mortgage is 6.66% This seems to be showing in the low average days on the market. If a home is priced correctly it should go under contract fairly soon.

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