In 12 month’s time, local real estate prices have climbed higher, showing signs that that nation’s recovery is holding steady, for the time being. First time homebuyers are in the driver’s seat as a consistent inventory of homes for sale and reasonable interest rates for borrowers continue to encourage new purchases, according to the Greater Chattanooga Association of Realtors.
Closed sales dipped ever so slightly as the month of September finished with 633 residential homes sold, dropping on 0.5 percent from last year’s total. New Listings in the Chattanooga region increased 5.3 percent to 981. Inventory levels shrank 4.1 percent to 5,182 units.
Prices continued to gain traction as the Median Sales Price increased 12.4 percent to $154,500. Days on Market remained flat at 121 days. Sellers were encouraged as Months Supply of Inventory was down 1.1 percent to 8.9 months.
Despite some unfavorable forecasting by national economists, the Greater Chattanooga real estate market continues to prosper. As the winter months approach, time and cooler temperatures will determine how eager homebuyers are to brave the elements in search of their piece of the American dream.