2017 in Review: Facts About Chattanooga’s Real Estate Market And Why You Should Buy/Sell Now

Posted by on Tuesday, January 16th, 2018 at 3:57pm.

Looking back on 2017, we can see just how booming Chattanooga’s real estate market really is. With low home inventory and plenty of people either relocating here or choosing to buy a home, there are great opportunities for both buyers and sellers in todays market. Here’s what we know looking back on 2017: 

1. Over $2 billion sold in the Greater Chattanooga and North Georgia areas

Chattanooga and North Georgia’s real estate market was busy for 2017, with no signs of a slowdown as we make our way into the new year! It’s a great time to be either a buyer or a seller in our local market. 

2.  The Torgerson Team sold homes in an average of 25 days on market (compared to Chattanooga’s overall average 59 days on market)

Because home inventory is low, what homes that are available are selling very quickly in around 59 days. For The Torgerson Team in particular, with our combination of smart advertising, quality photos and educated list prices based on relevant comps, our listings are selling at a record average of 25 days on market. We’ve even had listings sell within a day or two of hitting the MLS! 

3. Average sales price in Chattanooga in 2017 was $210,673

Home prices are doing well in many areas of our market. For example, in St. Elmo homes sell 30 days faster than the area average and for almost $10,000 more than other areas! Many sellers are surprised by home much their home is worth in today’s market. If you’re interested in learning what your home could sell for now, try our home valuation tool here. 

4. Chattanooga is currently experiencing VERY low home inventory

There are so many buyers out there looking for homes in our area with not many houses to choose from, so if you’ve been thinking of listing, now is a great time. With only 2,394 current active residential homes, most houses that hit today’s market have very little competition and are selling in record time.

5. Sellers are getting their list price…and sometimes more!

Because of the low home inventory, many buyers are finding themselves in multiple offer situations with lots of people vying for the same house. In these situations, the seller will often get their full listing price and sometimes even significantly over list price, depending how badly someone wants to win the home. Records from 2017 show that sellers’ sales price to list price was 97%, meaning negotiations are really favoring the sellers! 

6. Average interest rates for purchasing a home is at a low 

Although not the lowest we’ve seen, mortgage rates are still significantly lower than they’ve been in the past. According to Christina Lane at Movement Mortgage, average interest rates for her clients come in at 3.99% - 4.25%. This paired with down payment relief programs and special loan offerings makes buying a home really accessible. 


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