Brandi Pearl Thompson: October Local Housing Statistics

Sunday, November 22, 2020 - by Brandi Pearl Thompson, president, Greater Chattanooga Realtors
Usually in the housing market when the temperatures start to dip in the early fall, home sales usually follow suit. People start preparing for the holiday season and purchasing or selling a home is more of a back burner thought than an immediate priority. But like most of this year, things that used to be somewhat predictable in previous years have been anything but in 2020. Real estate hasn’t cooled off in the least, and as realtors, we’ve remained as busy as we have been all year.

In October, buyer activity remained higher than normal for this time of year, while in many parts of the market housing inventory was much lower than even one year ago.
Multiple offers remain a common occurrence in many areas, keeping buyers and sellers on the edge of their seats during their transactions.

Adding to the hot market, mortgage rates dropped to new record lows again in October, helping to offset the monthly mortgage payment increases caused by the rise in home prices seen in many markets across the country. Continued buyer demand may temper any price retreats this year and keep the traditional winter time price dip at bay well into the future.

Locally, New Listings in the Chattanooga region increased 3.5% to 1,174. The face that Pending Sales were up 27.6% to 1,073 shows how important it is to use a Realtor since they can often find homes before they go on the market. Inventory levels shrank 50.7% to 1,504 units. This reduction in inventory shows how competitive the market is right now for buyers.

Prices continued to gain traction. The Median Sales Price increased 19.1% to $250,000. Days on Market was down 18.6% to 35 days, which reflects how quickly homes are being sold in this tight inventory market. Sellers were encouraged as Months Supply of Inventory was down 55.9% to 1.5 months.

The market is fast, and the inventory is tighter than it has been in a long while.

Chattanooga's Million Dollar Homes

Habitat For Humanity Of Greater Chattanooga Calling For Volunteers At ReStore Locations

Real Estate Transfers For Nov. 12-18


Chattanooga's Million Dollar homes, reflected in recent transactions, include: 660 Hill Pointe Lane 4 bedrooms, 5 baths, 4,249 square feet The sale was to ... (click for more)

Habitat for Humanity of Greater Chattanooga Area is calling on volunteers to serve at their ReStore locations this holiday season. The Chattanooga ReStore at 1201 East Main St. and the Ooltewah ... (click for more)

NOTICE: The Hamilton County Register’s Office did not publish this data. All information in the Register’s Office is public information as set out in T.C.A. 10-7-503. For questions regarding ... (click for more)



Real Estate

Chattanooga's Million Dollar Homes

Chattanooga's Million Dollar homes, reflected in recent transactions, include: 660 Hill Pointe Lane 4 bedrooms, 5 baths, 4,249 square feet The sale was to Brian K Schenck, Yvette L Burns from Marc A. and Rachel Labovitz $1,050,000 19 Minnekahda Place 4 bedrooms, 6 baths, 5,105 square feet on one acre The ... (click for more)

Habitat For Humanity Of Greater Chattanooga Calling For Volunteers At ReStore Locations

Habitat for Humanity of Greater Chattanooga Area is calling on volunteers to serve at their ReStore locations this holiday season. The Chattanooga ReStore at 1201 East Main St. and the Ooltewah ReStore at 9408 Apison Pike are open Tuesday through Friday from 9 a.m.-5 p.m. and on Saturday from 9 a.m.-4 p.m. While both locations are looking for individual volunteers who ... (click for more)

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Georgia Has 26 New Coronavirus Deaths, 2,946 New Cases

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County Employees Need A Bonus Too

A few weeks ago we learned that Sheriff Jim Hammond was asking for a second raise. Earlier this year Hamilton County employees were notified that "due to COVID-19" there would be no raises for employees of any kind this year. I guess Mr. Hammond didnt get that memo about no raises. Why is it that some employees will be getting a raise and others are not? That doesn't really ... (click for more)

Roy Exum: The Second-Best Meal

Just in the nick of time comes a prudent health advisory for this holiday weekend: If you happen to see 15-to-20 cars gather at one house in your neighborhood, immediately rush to your refrigerator and drink a large glass of milk as fast as you can get it down. You’ll be able to sense the cold milk with your teeth, which is why drinking milk is one of the best things you can do ... (click for more)