Now that we’re halfway through 2018, we thought it was a great time for a mid-year review of Chattanooga’s booming real estate market. 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 today's market. Here’s what we know looking back on 2018 so far:

1. Median sale price is at a three-year high in the Greater Chattanooga and North Georgia areas

The median sales price for 2018 is currently at $201,000, while in 2016 it sat at $172,000. 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. 

2. 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 2,756 current active residential homes (a decrease of 17.7% over last year), most houses that hit today’s market have very little competition and are selling in record time.

3.  The Torgerson Team is selling homes in an average of 30 days on market (compared to Chattanooga’s overall average 44 days on market)

Because home inventory is low, what homes that are available are selling very quickly in around 44 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 an average of 30 days on market. We’ve even had listings sell within a day of hitting the MLS! 

4. Sellers are getting their list price…and 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. 

5. Average interest rates for purchasing a home are on the rise

Interest rates are going up, and that means buyers’ monthly payments are going to go up. Buyers will have less purchasing power, so in order for sellers to sell their homes, the price is going to have to be adjusted in order to keep affordability based on the new interest rates. If sellers want to take advantage of selling high, now is the time to list before interest rates go up and it’s too late!

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