May gave us a market with more room to breathe. More homes came on the market, inventory continued to grow and pending sales showed that buyers were still active.
That combination matters. It means the Chattanooga region continues to grow and change, but at a more measured pace than many people remember from a few years ago.
The latest report from the National Association of Realtors helps frame the national picture, while our local numbers show what buyers and sellers are experiencing here at home.
New listings in the Chattanooga region increased 10.7% to 1,603. Pending sales increased 21.1% to 1,108. Inventory increased 26.2% to 3,944.
The median sales price increased 4.5% from $342,478 to $358,000. Days on market climbed 15.9% to 51 days and inventory grew 18.9% to a 4.4-month supply.
National inventory climbed 5.8% month-over-month and 1.4% year-over- year, with approximately 1.47 million properties listed for sale heading into May, NAR reported. At the current sales pace, that represents a 4.4-month supply, reflecting a modest improvement in inventory conditions compared to a year earlier.
Homes spent a median of 32 days on the market, down from 41 days the previous month, while the median existing-home price increased to $417,700, up 0.9% from a year ago.
May’s numbers point to more choices for buyers and a little more space to compare options before deciding.
For sellers, the numbers are a reminder that price, condition and presentation still carry weight. Homes are selling, but today’s buyers are paying attention.
Whether you’re planning to buy, sell, or simply understand what your home might be worth, a local Realtor can help you read the data in context and make a plan that fits your next move.
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.