The Spring Market is off and running in Chattanooga and, specifically, the North Chattanooga area with 16 homes closing in February of this year. Compare this to the 1 home that closed in January 2018 and you’ll see how quickly the Spring Market has picked up speed.
As the Spring Market progresses and additional homes are listed, market time is steady at 84 days from the list date to close. A strong economy, plentiful jobs, higher wages and mortgage rates that continue to inch up are pushing buyers into the market creating a dynamic real estate environment in Chattanooga with some homes selling in less than 30 days.
A snapshot of home sales in February 2018 is listed below*:
The average sale price in the North Chattanooga area is now just under $500,000. And homes are selling, on average, at 98% of their asking price. Despite the moderate increases in mortgage rates, home values are expected to increase over time due to the low levels of inventory currently available.
If you’re thinking of buying, selling or renting in the North Chattanooga area, contact me today so we can discuss specific opportunities in this area in greater detail.
I look forward to hearing from you !
Phone: 423-994-4676 or Email: thyra@listwithlove.net