Kadi Brown: 2024 April Market Report

  • Thursday, May 16, 2024
  • Kadi Brown, President-Elect, Greater Chattanooga Realtors
The Greater Chattanooga area has shown a robust performance in April’s real estate market. The National Association reports that supply and demand are still affecting our local market with an increase in homes sold in April despite increased home sales prices. 

Overall, the U.S. existing-home sales recently fell from a one-year high, dropping 4.3 percent month-over-month to a seasonally adjusted annual rate of 4.19 million, according to the NAR, as higher interest rates and rising sales prices continue to keep some prospective buyers on the sidelines.
Average 30-year mortgage rates have topped 7 percent in recent weeks, while the median existing-home sales price hit $393,500 as of last measure, a 4.8 percent increase from the previous month, according to NAR.

New Listings in the Chattanooga region increased 25.5 percent to 1,354. Pending Sales were up 13.0 percent to 1,067. Inventory levels grew 22.6 percent to 2,149 units.

Prices continued to gain traction. The Median Sales Price increased 7.5 percent to $322,500. Days on Market was up 2.8 percent to 37 days. Buyers felt empowered as Months Supply of Inventory was up 31.6 percent to 2.5 months. 

Warmer temperatures appear to have helped bring some sellers back to the market, providing additional options to home shoppers during the spring buying season. Total inventory was up 4.7 percent month-over-month and 14.4 percent year-over-year, for a 3.2 months’ supply at the current sales pace, according to NAR. Nevertheless, demand continues to outpace supply and properties are selling quickly, with the typical home spending 33 days on the market nationwide, down from 38 days the month before.

With demand still high, and home prices rising, the time to sell in the Chattanooga area is still favorable for those looking to put their home on the market. I urge those who are on the fence to contact a local realtor to discuss the pros and cons that best fit you or your family’s needs. That's Who We R.
Real Estate
Ellis Gardner: Volunteer Day Local Food Drive
Ellis Gardner: Volunteer Day Local Food Drive
  • 5/7/2025

All year long, realtors demonstrate what it means to be good neighbors. In the most recent research from the National Association of Realtors, the CARE Report: Community Aid and Real Estate, ... more

Habitat Chattanooga To Open Future Homeowners Application Process June 1
  • 5/5/2025

Habitat for Humanity of Greater Chattanooga is set to open their online application process for their Future Homeowners program on Sunday, June 1. Entries will be accepted over two weeks through ... more

Hamilton County Top Real Estate Transactions For April
  • 5/2/2025

Here are the top real estate transactions in Hamilton County during April: 1. $12,750,000 Multiple Parcels 2. $12,750,000 510 Jim Snow Way 3. $9,932,000 929 Spring Creek ... more