Chattanooga Area Under Flood Warning; High Winds Expected Saturday Night

Kim Bass: New Home Listings Up In December

Wednesday, January 16, 2019 - by Kim Bass, president, Greater Chattanooga Realtors
Kim Bass
Kim Bass

Home prices were consistently up again in most markets in 2018 but at reduced levels compared to recent years. High demand for few homes for sale fueled price increases, but evidence is mounting that inventory will finally improve in 2019. This may apply some downward pressure on prices for beleaguered home buyers. A fourth interest rate hike by the Federal Reserve in 2018 spooked the stock market to close out the year. The Fed has indicated that the number of rate increases in 2019 will be halved, which may be of little comfort to an already compressed consumer.

New Listings in the Chattanooga region increased 4.2 percent to 689.

Pending Sales were up 2.0 percent to 625. Inventory levels shrank 4.5 percent to 2,615 units.

Prices continued to gain traction. The Median Sales Price increased 8.9 percent to $195,000. Days on Market was down 16.9 percent to 49 days. Sellers were encouraged as Months Supply of Inventory was down 6.1 percent to 3.1 months.

Unemployment rates remained remarkably low again in 2018, and wages continued to improve for many U.S. households. It is generally good for all parties involved in real estate transactions when wages grow, but the percentage of increase, on average, has not kept pace with home price increases. This created an affordability crux in the second half of 2018. Housing affordability will remain an important storyline in 2019.


City Council Approves 1 Short Term Vacation Rental In St. Elmo, Denies Another

Ragan-Smith Announces Expansion In Southside

Tennessee Home Sales Dip 7% In January


The City Council on Tuesday night considered two short term vacation rental permits in St. Elmo and there was opposition to both. The council wound up approving one and denying another. - ... (click for more)

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)


Real Estate

City Council Approves 1 Short Term Vacation Rental In St. Elmo, Denies Another

The City Council on Tuesday night considered two short term vacation rental permits in St. Elmo and there was opposition to both. The council wound up approving one and denying another. - based on the recommendations of district representative Erskine Oglesby. The application by Jennifer Dixon at 4204 Seneca Ave. was approved though several residents expressed opposition. ... (click for more)

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)

Breaking News

New Round Of Heavy Rain May Bring Significant Flooding To Chattanooga Area; High Wind Also Expected

A new round of heavy rain may bring significant flooding in the Chattanooga area, according to the National Weather Service. A Flood Warning covers Hamilton, Marion and Sequatchie counties. The forecast includes up to two inches of additional rain. High gusts of wind are also expected with the latest storm. Some locations that will experience flooding include Chattanooga, ... (click for more)

Mudslide Washes Away Subway Restaurant At Foot Of Signal Mountain; Nearby Employee Says: "It's Gone"; Flooding Closes Numerous Roads

A mudslide on Saturday morning washed away the Subway restaurant at the foot of Signal Mountain. "The Subway is gone," an employee of the nearby Shuford's Barbeque, said. She said a large amount of mud and debris washed down from the steep hillside behind the buildings. No one was inside the Subway. It had closed on Friday after a tree fell on it. The location is ... (click for more)

Opinion

Lights Out At The Brainerd Tunnel

Will someone please check into why the Brainerd Tunnel lights are off all week? This is the tunnel going from McCallie Avenue to Brainerd Road. The lights have been off all week. I called the city of Chattanooga at 311 and a lady said that was under jurisdiction of TDOT. She transferred me. I left a detailed message with my phone number, date and time. No return phone call ... (click for more)

Rep. Ron Travis: Weekly Wrap

House Republicans Unveil The CARE Plan Groundbreaking legislation to increase access, improve rural health and empower patients This week in Nashville, House Republican leaders unveiled a patient-centered, free market approach to transform healthcare in Tennessee by unveiling the CARE plan. This legislative package includes 11 different initiatives that will all reshape ... (click for more)