Market Report for Chattanooga, TN
It appears that unseasonably warm weather in many parts of the country contributed to upbeat home sales and a sunny outlook for Spring 2012. That was surely the case in Chattanooga, TN where area Realtors sold 442 houses during February, up nearly 22 percent over the same month a year ago and 35.2 percent above the sales volume in January. As a matter of fact, the Greater Chattanooga home sales totals were the best they have been for January through February in 5 years.
The Chattanooga Board of Realtors president, Mark Hite reported that, “This growth in sales, in comparison to last year, was in line with the number of pending transactions that we've seen since the first of the year.”
February's median home price in Chattanooga was $124,450, or 3.7 percent more than in the same month a year ago. The current median home price is higher than it has been in the last 2 years, which some market professionals feel is a sign of an improving economy and strengthening housing market.
Chattanooga’s Board of Realtors also reports that, the average home sold in February in the Chattanooga area had been on the market for 147 days, and the number of homes on the market is down 20 percent from a year ago. Many feel that with increasing sales, the DOM for most homes will decline even more which will result in a conversion from a buyer’s to a seller’s market.
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