Derek English: July 2022 Local Housing Market Statistics

Tuesday, August 16, 2022 - by Derek English, president, Greater Chattanooga Realtors

At a time of year when homebuying activity is typically very strong, soaring homeownership costs have caused home sales to decline nationwide for the fifth consecutive month. In addition, existing-home sales have fallen 5.4 percent month-to-month and 14.2 percent year-over-year, according to the National Association of Realtors. But there is a bright spot. Inventory of existing homes has continued to climb this summer, with 1.26 million homes available at the beginning of July, equivalent to a three-month supply. And despite the summer slowdown, homes are still selling quickly, with the typical home staying on market for an average of 14 days.

The U.S. housing market has continued to cool, as rising mortgage rates and record-high sales prices have stifled affordability, weakening demand and pricing out many buyers. According to NAR, the median household income has failed to keep pace with increasing mortgage payments, with the costs of buying a home about 80 percent more expensive now than they were just three summers ago. As more and more prospective buyers find their home purchase plans delayed, many are turning to the rental market, where competition has intensified due to increased demand.

Looking locally, New Listings in the Chattanooga region decreased 13.3 percent to 1,393. Pending Sales were down 15.1 percent to 1,062. Inventory levels grew a significant 23.2 percent to 1,822 units. For some perspective, the number of homes for sale in July 2021 was 1,479. Prices continued to gain traction. The Median Sales Price increased 17.8 percent over the July 2021 amount ($263, 050) to $310,000. Days on Market was down 6.3 percent to 15 days. Buyers felt empowered as Months Supply of Inventory was up 21.4 percent to 1.7 months. 

The housing market continues to shift every day, which is why it is so crucial to utilize the expertise of a realtor. Whether you’re buying or selling, or moving locally or across the country, realtors have the knowledge and tools needed to make sure you are getting the most out of your investment. That’s Who We R.



Derek English: Rising Mortgage Rates Starting To Slow Housing Market

Chattanooga's Million Dollar Homes

Hamilton County Top Real Estate Transactions For September


There’s no denying that interest rates have been climbing as the temperature outside has fallen. And just like being surprised when stepping out on a brisk fall morning, these higher rates are ... (click for more)

Chattanooga's Million Dollar homes, reflected in recent transactions, include: 8606 Brow Lake Road 4 bedrooms, 4 baths, 4,800 square feet on 0.6 acre lot The sale was to Shaheen I Imami, ... (click for more)

Here are the Hamilton County top real estate transactions for September: 1. $31,800,000 7301 East Brainerd Road 2. $7,750,000 5230 Highway 153 3. $6,210,000 4546 North Access ... (click for more)



Real Estate

Derek English: Rising Mortgage Rates Starting To Slow Housing Market

There’s no denying that interest rates have been climbing as the temperature outside has fallen. And just like being surprised when stepping out on a brisk fall morning, these higher rates are shocking to many homebuyers looking to enter the housing market. Mortgage rates rose by more than a full percentage point in September. According to Freddie Mac, the 30-year fixed mortgage ... (click for more)

Chattanooga's Million Dollar Homes

Chattanooga's Million Dollar homes, reflected in recent transactions, include: 8606 Brow Lake Road 4 bedrooms, 4 baths, 4,800 square feet on 0.6 acre lot The sale was to Shaheen I Imami, Alison K Imami from David J Bowman, Cara L Bowman $1,050,000 506 East Brow Road 5 bedrooms, 4.5 baths, 4,479 square feet on 0.9 acre lot The sale was to Alicyn Rebekah York, ... (click for more)

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