Markets can feel confusing when national headlines point one way and your local experience feels another. That is why this monthly snapshot matters.
It highlights what’s changing in the Chattanooga region, including how much is coming to market, how quickly buyers are moving and how pricing is holding up.
With the data provided in this report from the National Association of Realtors, consumers and Realtors are able to follow a clear set of guidelines when making real estate decisions this month.
U.S. existing-home sales fell 3.6% month-over-month and 1.0% year-over-year to a seasonally adjusted annual rate of 3.98 million, according to NAR, as tight supply and ongoing affordability challenges constrained activity.
Sales declined month-over-month in all four regions. Year-over-year, sales increased in the South and West but fell in the Midwest and Northeast.
New listings in the Chattanooga region increased 19.9% to 1,744. Pending sales increased 8.6% to 1,056. Inventory increased 28.7% to 3,856.
The median sales price increased 3% from $330,000 to $340,000. Days on market (measures how long a property has been listed for sale) increased 17.4% to 54. Months’ supply of inventory (indicates how long it would take to sell all active home listings at the current sales rate if no new homes were added to the market) increased 22.9% to 4.3.
Nationally, the median existing-home price rose 1.4% from a year earlier to $408,800, marking the 33rd consecutive month of year-over-year price increases as limited inventory continued to put upward pressure on prices, NAR says.
There were 1.36 million homes for sale heading into April, up 2.3% from a year earlier, representing a 4.1-month supply at the current sales pace.
The takeaway this month is that small shifts matter. More choice and a slower pace can change negotiations and timing. Buyers should stay focused on budget and priorities, and sellers should lean on thoughtful preparation and pricing guidance from a local Realtor based on recent sales and current market conditions.
Greater Chattanooga Realtors is the voice of real estate in Greater Chattanooga. A regional organization with nearly 3,000 members, Greater Chattanooga Realtors is one of some 1,200 local boards and associations of Realtors nationwide that comprise the National Association of Realtors. Greater Chattanooga Realtors services Hamilton and Sequatchie counties in southeast Tennessee and Catoosa, Dade and Walker counties in northwest Georgia. For more information, visit www.gcar.net or call 423 698-8001.