Tuesday, June 25, 2019 - by Kim Bass, president, Greater Chattanooga Realtors
Let’s face it- we know how great Chattanooga is. Even if you haven’t lived in Chattanooga very long, it’s easy to see why we love our town so much. But sometimes it’s important to get an outside perspective to see how others view our town. Recently I read an article from Anthony Sanfilippo at the National Association of Realtors® (NAR) in which he discusses how great our city is, how far it’s come, and why so many people are moving here:
People have different reasons for wanting to buy a home in a certain city or town, or even as specific as a community or a neighborhood.
Whatever the reason for moving might be, finding the right place to live is important for a would-be homeowner, but it’s also not the easiest task.
Home prices and mortgage rates are to rise this year and the available housing supply within a buyer’s parameters may shrink.
But some markets are better than others. Realtor.com recently released their hottest markets list for 2019, and coming in at No. 4 is Chattanooga, which had remade itself over the past decade or so into a vibrant city attracting a younger, hipper generation into its environs.
Economists for NAR continuously track home prices, availability and how quickly homes will sell. To make this list, they combine that data with markets that are hotbeds for job growth, are experiencing an influx of new construction and are flush with millennials – the generation making up a majority of buyers in the U.S.
Though Lakeland, Fla., Grand Rapids Mich. and El Paso, Texas ranked ahead of Chattanooga, this up and coming Tennessee city that has a lot of momentum.
Chattanooga continues to expand its downtown with new restaurants and amenities, such as the popular Chattanooga Film Festival. It has a lively nightlife scene, which is attractive to millennials – whether they are looking for a place to dance or a place to chill.
Although Chattanooga still maintains a small town feel in many places, it has also been reshaped by the tech boom. It houses the fastest internet broadband in the country and has attracted tech businesses both of the homegrown variety (like Bellhops) and outside companies (like Carbon Five) which are making Chattanooga their new home.
It has easy access to lakes and mountains for those that love the outdoors and still maintains weekly farmer’s markets and a wide assortment of small-town mom-and-pop shops that give it a traditional look and feel.
Chattanooga also offers a diverse cross-section of neighborhoods, with more than 40 unique and welcoming neighborhoods. It’s also an especially affordable city with an average median home price of $161,595, nearly $100,000 below the national average.
What makes Chattanooga’s affordable prices so attractive is that new construction can also be purchased for very reasonable prices.
Isn’t that great to read? As realtors, we have pride in our community. We love where we live, and we are thrilled to help our community find the property that works for them; whether it’s for a business or for a home.