Robert Backer: August 2021 Local Housing Market Statistics

Wednesday, September 15, 2021 - by Robert Backer, president, Greater Chattanooga Realtors
In August, the housing market showed few signs of cooling off. School has started, and the majority of students are reporting for in-person schooling. But the hot real estate market isn’t just limited to single-family homes; the rental market is quite hot as well.
 
The booming U.S. housing market has spilled over to the rental market with demands for apartments and single-family rentals.  This demand is a result of high sales prices and an inadequate supply of available inventory.  Increased demand for housing, along with an improving economy, has competition for rental units soaring, and landlords are taking note, with the national median rent increasing 11.4 percent in 2021 so far, according to Apartment List.
 
In new construction, home builders continue to struggle to meet buyer demand, as housing starts nationwide dropped 7 percent last month, according to the Commerce Department.
Single-family home construction declined 4.5 percent, and multi-family home construction, which includes condos and apartment buildings, was also down, falling by 13 percent. Labor shortages, rising material costs, and supply-chain setbacks continue to challenge builders, with some projects temporarily paused due to availability and cost of materials.
 
So how have these factors affected housing in our area? New Listings in the Chattanooga region increased 5.1 percent to 1,376. Pending Sales were up 9.7 percent to 1,266. Inventory levels shrank 32.1 percent to 1,257 units.
 
Prices continued to gain traction. The Median Sales Price increased 9.2 percent to $270,000. Days on Market was down 59.5 percent to 17 days. Sellers were encouraged as Months Supply of Inventory was down 36.8 percent to 1.2 months.
 
Inventory continues to be an issue, which means that it’s more important than ever to work with a realtor to help navigate such a fast market. Regardless of the season, working with a Realtor will ensure that your housing needs will be in good hands. Serving our communities and homeowners nationwide, That’s Who We R.

Real Estate Transfers For Sept. 16-22

Chattanooga Housing Authority Unveils Newly Renovated Cromwell Hills And Emerald Villages

Robert Backer: Keeping Realtor Safety Top Of Mind Throughout The Year


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)

The face of public housing in Chattanooga continues to change with the completion of renovations at Cromwell Hills Apartments and redevelopment of units scattered throughout four outdated CHA ... (click for more)

September is winding down, and soon Realtor Safety Month will be behind us for another year. But before it’s gone, I want to take one last opportunity to focus on safety, as this topic is vital ... (click for more)



Real Estate

Real Estate Transfers For Sept. 16-22

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 this report, please call Chattanoogan.com at 423 266-2325. GI numbers, listed when street addresses are not available, refer to the location of transactions (book number and page number) in ... (click for more)

Chattanooga Housing Authority Unveils Newly Renovated Cromwell Hills And Emerald Villages

The face of public housing in Chattanooga continues to change with the completion of renovations at Cromwell Hills Apartments and redevelopment of units scattered throughout four outdated CHA sites comprising Emerald Villages. Over 200 units were redeveloped and repaired with over $58 million of investment. Funds for the projects came from a variety of city, state and federal ... (click for more)

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