Is Ooltewah / Summit, TN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Ooltewah / Summit is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, Ooltewah / Summit has remained a Seller's Market.

Key Takeaway

Ooltewah / Summit is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Ooltewah / Summit, TN

How much do homes in Ooltewah / Summit, TN cost?

Median Sold Price

$452,833

$202/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$19,502(+4.5%)

Key Takeaway

Homes in Ooltewah / Summit have sold for 4.5% more than they did a year ago.

Summary: The median home sold price in Ooltewah / Summit was $452,833 in October 2024, up 4.5% from last year, and the median price per square foot was $202.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 -$139.9K
N/A
2 $332.5K$347.5K
+4.5%
3 $382.6K$391.8K
+2.4%
4 $475K$511.9K
+7.8%
5+ $579.9K$659K
+13.6%

Summary: Ooltewah / Summit housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 4.5%, 3 bedroom homes increased by 2.4%, 4 bedroom homes increased by 7.8%, and 5+ bedroom homes increased by 13.6%.

Median Sold Price Compared To Nearby Neighborhoods

Harrison
+10.5%
Ooltewah / Summit
+4.5%
Harrison Bay
-0.5%
Apison
-3.1%

Housing Supply in Ooltewah / Summit, TN

How many homes are available in Ooltewah / Summit, TN?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
273263-3.7%

Summary: The Ooltewah / Summit real estate market had 263 homes for sale in October 2024, a 3.7% decrease compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 43
-25.0%
3 114108
-5.3%
4 118115
-2.5%
5+ 3737
0.0%

Summary: The Ooltewah / Summit housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 25%, 3 bedroom homes decreased by 5.3%, 4 bedroom homes decreased by 2.5%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
5069+38.0%

Asking Price vs. Sold Price

40 Homes Were Sold
Under Asking

21 Homes Were Sold
At Asking

8 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Ooltewah / Summit, you may be able to get a good deal. 58% of homes here sold below asking price last month.

Summary: A total of 69 homes were sold or pending in Ooltewah / Summit in October 2024, up by 38.0% month-over-month. Of the 69 sold homes, 58% were sold under asking, 30% were sold at asking, and 12% were sold over asking.

Days on Market for Ooltewah / Summit, TN

How long does it take to sell a home in Ooltewah / Summit, TN?

Average Sale Time

Oct 2023Oct 2024CHANGE
32 Days47 Days+46.9%

Summary: Homes in Ooltewah / Summit had an average of 47 days on market in Oct 2024, up by 46.9% compared to last year.

Breakdown of Home Sale Times

13 Homes Were Sold
Under 30 Days

10 Homes Were Sold
In 30 - 90 Days

4 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Ooltewah / Summit are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 69 homes were sold in Ooltewah / Summit; 19% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 16 Days Ago

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