July Home Sales Report

Thursday, August 16, 2018 - by Geoff Ramsey, president, Greater Chattanooga Realtors

Housing price bubble chatter has increased this summer, as market observers attempt to predict the next residential real estate shift. At Greater Chattanooga Realtors’ Economic Outlook Luncheon on Wednesday, keynote speaker Lawrence Yun, Chief Economist for National Association of Realtors spoke to Greater Chattanooga’s economy as strong because of low unemployment rates, new jobs for the past eight years, and low interest rates.

It is too early to predict a change from higher prices and lower inventory, but the common markers that caused the last housing cool down are present. Wages are up but not at the same pace as home prices, leading to the kind of affordability concerns that can cause fewer sales at lower prices.

At the same time, demand is still outpacing what is available for sale in many markets.

New Listings in the Chattanooga region increased 7.1 percent to 1,256. Pending Sales were up 7.9 percent to 956. Inventory levels shrank 16.0 percent to 2,830 units.

Prices continued to gain traction. The Median Sales Price increased 1.9 percent to $186,500. Days on Market was down 25.9 percent to 40 days. Sellers were encouraged as Months Supply of Inventory was down 17.1 percent to 3.4 months.

Consumer spending on home goods and renovations are up, and more people are entering the workforce. Employed people spending money is good for the housing market. Meanwhile, GDP growth was 4.1% in the second quarter, the strongest showing since 2014. Housing starts are down, but that is more reflective of low supply than anything else. With a growing economy, solid lending practices and the potential for improved inventory from new listing and building activity, market balance is more likely than a bubble.

Get a more detailed look at Home Sales numbers. Lawrence Yun’s presentation, and connect with a Realtor on www.gcar.net. Whether you are looking to buy, sell, or simply stay in-the-know with what is happening in Greater Chattanooga real estate, you can count on us to keep you in the loop.


Ragan-Smith Announces Expansion In Southside

Tennessee Home Sales Dip 7% In January

5-Story Assisted Living Facility Planned For Portion Of Former Casey Property On Manufacturers Road


Initially opened in 2011, the Southside Chattanooga office of Nashville-based Ragan-Smith Associates announced its partnership with neighbor architecture firm, Artech Design Group, to expand ... (click for more)

During January 2019, there were 4,460 single-family home sales in Tennessee, down seven percent from 4,799 a year earlier; while the median home price was $227,700, up eight percent from $209,500; ... (click for more)

A five-story assisted living facility is planned on a portion of the former B. Allen Casey property on Manufacturers Road. The Form Based Code Committee approved the project on Thursday. ... (click for more)


Real Estate

Ragan-Smith Announces Expansion In Southside

Initially opened in 2011, the Southside Chattanooga office of Nashville-based Ragan-Smith Associates announced its partnership with neighbor architecture firm, Artech Design Group, to expand and renovate its current location, 1410 Cowart St. The physical expansion will not only double the size of the office, it will also put the company one step closer to its goal of doubling the ... (click for more)

Tennessee Home Sales Dip 7% In January

During January 2019, there were 4,460 single-family home sales in Tennessee, down seven percent from 4,799 a year earlier; while the median home price was $227,700, up eight percent from $209,500; and the inventory of available homes slipped 10 percent, from 20,619 to 18,565, according to data compiled by Tennessee Realtors. Condominium sales in January 2019 ticked up from ... (click for more)

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Heavy Rains Are Coming In The Next Few Days

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The $500,000 Tax Money Giveway

Mayor Berke, On September 5, 2017, you asked and were granted a 22-cent property tax increase for city government operations and a capital fund. At the meeting, the City Council approved your proposal for the property tax increase of 22 cents per $100 of property assessment. As a result, every business, home owner, and property owner had one-month notice that their local property ... (click for more)