Hamilton Herald Masthead

Editorial


Front Page - Friday, December 18, 2020

Market remains hot as weather cools




Cold weather is setting in but the housing market remains as hot as it has been since the summer.

The number of houses being shown remains higher than the same period a year ago across in most of the country, which suggests strong buyer demand is likely to continue into what is typically the slowest time of year.

But with inventory remaining constrained in most markets, sellers continue to benefit from tight market conditions. These conditions are leading to price increases locally and across the nation.

However, November saw mortgage rates reach record lows again, helping to offset the monthly mortgage payment increases caused by the rise in home prices.

New construction is also roaring forward, and Realtors are working to help people build a new home with these incredible rates.

The Dow Jones Industrial Average topped 30,000 for the first time. These records have provided encouragement for buyers to move forward on home purchases, which continued to remain strong for the month.

New listings in the Chattanooga region slightly increased 0.4% to 932. Pending sales were up 10.3% to 912. Inventory levels shrank 51.8% to 1,399 units.

When you consider that there’s roughly half of the houses available to purchase that there was a year ago, it really shows the inventory crunch we’re experiencing.

Prices continued to gain traction. The median sales price increased 18.2% to $248,300. Days on market was down 30.0% to 35 days. Sellers were encouraged as months supply of inventory was down 56.3% to 1.4 months.

The market is hot with little signs of cooling off anytime soon. Working with a Realtor will help ensure you will be well-informed when making this big investment in your future.

As Realtors, we have the latest tools and technology to serve our clients and community. That’s Who We R.

Greater Chattanooga Realtors is The Voice of Real Estate in Greater Chattanooga. A regional organization with more than 2,400 members, Greater Chattanooga Realtors is one of 300 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.