March 2024 Real Estate Snapshot: A Shift in Chattanooga’s Market Dynamics

March brought notable changes to Chattanooga’s real estate landscape. Home sales surged by 9.5%, indicating robust buyer interest. The inventory of homes for sale expanded by 15%, providing more options for buyers in the market. However, the average days on market increased by 22.2% to 44 days, suggesting a slightly longer wait for sellers to close deals.

Despite this, prices continued their upward trajectory, with the median sales price rising by 4.4% to reach $329,000. This trend underscores the ongoing demand for homes in the region. Additionally, with favorable mortgage rates and a steady increase in housing supply nationally, the real estate market in Chattanooga remains dynamic and offers opportunities for both buyers and sellers.

Looking ahead, staying informed about these market shifts and trends will be crucial for navigating the evolving real estate landscape. As we continue into the spring selling season, expect further updates and insights into Chattanooga’s housing market.

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