Is Chattanooga, TN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Chattanooga has remained a Seller's Market.
Housing Prices in Chattanooga, TN
How much do homes in Chattanooga, TN cost?
Median Sold Price
$326,777
$195/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Chattanooga was $326,777 in May 2024, up 3.1% from last year, and the median price per square foot was $195.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $275K | $279.9K | +1.8% |
2 Bedrooms | $239K | $250.3K | +4.8% |
3 Bedrooms | $300.2K | $309.8K | +3.2% |
4 Bedrooms | $410.1K | $428.1K | +4.4% |
5+ Bedrooms | $586.2K | $622.4K | +6.2% |
Summary: Chattanooga housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 1.8%, 2 bedroom homes increased by 4.8%, 3 bedroom homes increased by 3.2%, 4 bedroom homes increased by 4.4%, and 5+ bedroom homes increased by 6.2%.
Median Sold Price Compared To Nearby Cities
East Ridge | $243.3K | $270.1K | +11.0% |
Chattanooga | $316.8K | $326.7K | +3.1% |
Red Bank | $315.4K | $325K | +3.0% |
Housing Supply in Chattanooga, TN
How many homes are available in Chattanooga, TN?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
1,503 | 1,590 | +5.8% |
Summary: The Chattanooga real estate market had 1,590 homes for sale in May 2024, a 5.8% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 77 | 82 | +6.5% |
2 Bedrooms | 330 | 314 | -4.8% |
3 Bedrooms | 687 | 745 | +8.4% |
4 Bedrooms | 316 | 353 | +11.7% |
5+ Bedrooms | 93 | 96 | +3.2% |
Summary: The Chattanooga housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 6.5%, 2 bedroom homes decreased by 4.8%, 3 bedroom homes increased by 8.4%, 4 bedroom homes increased by 11.7%, and 5+ bedroom homes increased by 3.2%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
388 | 380 | -2.1% |
Asking Price vs. Sold Price
165 Homes Were Sold
Under Asking
120 Homes Were Sold
At Asking
95 Homes Were Sold
Over Asking
Summary: A total of 380 homes were sold or pending in Chattanooga in May 2024, down by 2.1% month-over-month. Of the 380 sold homes, 43% were sold under asking, 32% were sold at asking, and 25% were sold over asking.
Days on Market for Chattanooga, TN
How long does it take to sell a home in Chattanooga, TN?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
19 Days | 27 Days | +40.9% |
Summary: Homes in Chattanooga had an average of 27 days on market in May 2024, up by 40.9% compared to last year.
Breakdown of Home Sale Times
41 Homes Were Sold
Under 30 Days
11 Homes Were Sold
In 30 - 90 Days
6 Homes Were Sold
Over 90 Days
Summary: During May 2024, 380 homes were sold in Chattanooga; 11% of homes were sold within 30 days, 3% of homes were sold within 30 to 90 days, and 2% of homes were sold over 90 days.