We are half way through the year 2022 and it has already proven to be one for the books in real estate. We have continued to see multiple offers with competitive bids including above asking prices and little to no contingencies. However, is all of that about to change?
Based on the market statistics from Greater Chattanooga Realtors, the average from the first half of this year are as follows,
- Median sales price=$295,625
- Days on market=19
- Inventory=850
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Closed transactions per month=912
If we take a look at the end of 2021, the median sales price was $265,000, days on market was 22 days, and inventory ended with 903 properties for sale. In just 6 months, the average median price has increased by $30,000. What this means…