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 November 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

$452,400

$201/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$17,282(+4.0%)

Key Takeaway

Homes in Ooltewah / Summit have sold for 4% more than they did a year ago.

Summary: The median home sold price in Ooltewah / Summit was $452,400 in November 2024, up 4% from last year, and the median price per square foot was $201.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 -$139.9K
N/A
2 $332.5K$347.5K
+4.5%
3 $385K$394.2K
+2.4%
4 $475K$512.5K
+7.9%
5+ $579.9K$649.5K
+12.0%

Summary: Ooltewah / Summit housing prices by bedroom type for November 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 7.9%, and 5+ bedroom homes increased by 12%.

Median Sold Price Compared To Nearby Neighborhoods

Harrison
+11.2%
Ooltewah / Summit
+4.0%
Apison
-2.5%
Harrison Bay
-5.5%

Housing Supply in Ooltewah / Summit, TN

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

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
279220-21.1%

Summary: The Ooltewah / Summit real estate market had 220 homes for sale in November 2024, a 21.1% decrease compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 00
0.0%
2 32
-33.3%
3 12088
-26.7%
4 115101
-12.2%
5+ 4129
-29.3%

Summary: The Ooltewah / Summit housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 33.3%, 3 bedroom homes decreased by 26.7%, 4 bedroom homes decreased by 12.2%, and 5+ bedroom homes decreased by 29.3%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
8165-19.8%

Asking Price vs. Sold Price

30 Homes Were Sold
Under Asking

19 Homes Were Sold
At Asking

16 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. 46.2% of homes here sold below asking price last month.

Summary: A total of 65 homes were sold or pending in Ooltewah / Summit in November 2024, down by 19.8% month-over-month. Of the 65 sold homes, 46% were sold under asking, 29% were sold at asking, and 25% 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

Nov 2023Nov 2024CHANGE
89 Days37 Days-58.2%

Summary: Homes in Ooltewah / Summit had an average of 37 days on market in Nov 2024, down by 58.2% compared to last year.

Breakdown of Home Sale Times

16 Homes Were Sold
Under 30 Days

5 Homes Were Sold
In 30 - 90 Days

3 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 November 2024, 65 homes were sold in Ooltewah / Summit; 25% of homes were sold within 30 days, 8% of homes were sold within 30 to 90 days, and 5% 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 17 Days Ago

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