Is East Ridge, TN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing East Ridge is a seller's market

Buyer's
Market

Difference Since May 2023

Since last year, East Ridge has remained a Seller's Market.

Key Takeaway

East Ridge is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in East Ridge, TN

How much do homes in East Ridge, TN cost?

Median Sold Price

$270,187

$184/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$26,873(+11.0%)

Key Takeaway

Homes in East Ridge have sold for 11% more than they did a year ago.

Summary: The median home sold price in East Ridge was $270,187 in May 2024, up 11% from last year, and the median price per square foot was $184.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $95.1K-
N/A
2 $195K$238.7K
+22.4%
3 $250.6K$268K
+6.9%
4 $350.7K$347K
-1.1%
5+ $280K$546.2K
+95.1%

Summary: East Ridge housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 22.4%, 3 bedroom homes increased by 6.9%, 4 bedroom homes decreased by 1.1%, and 5+ bedroom homes increased by 95.1%.

Median Sold Price Compared To Nearby Cities

Fort Oglethorpe-Lakeview
+11.6%
East Ridge
+11.0%
Boynton Ridge
+9.4%
Chattanooga
+3.1%
Rossville-Beverly Hills
+1.6%

Housing Supply in East Ridge, TN

How many homes are available in East Ridge, TN?

Number of Homes For Sale

Apr 2024May 2024CHANGE
92114+23.9%

Summary: The East Ridge real estate market had 114 homes for sale in May 2024, a 23.9% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 11
0.0%
2 1821
+16.7%
3 5972
+22.0%
4 1218
+50.0%
5+ 22
0.0%

Summary: The East Ridge housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 16.7%, 3 bedroom homes increased by 22%, 4 bedroom homes increased by 50%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Apr 2024May 2024CHANGE
2143+104.8%

Asking Price vs. Sold Price

16 Homes Were Sold
Under Asking

18 Homes Were Sold
At Asking

9 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in East Ridge, expect to pay close to the asking price. 41.9% of homes here sold near the asking price last month.

Summary: A total of 43 homes were sold or pending in East Ridge in May 2024, up by 104.8% month-over-month. Of the 43 sold homes, 37% were sold under asking, 42% were sold at asking, and 21% were sold over asking.

Days on Market for East Ridge, TN

How long does it take to sell a home in East Ridge, TN?

Average Sale Time

May 2023May 2024CHANGE
29 Days20 Days-28.5%

Summary: Homes in East Ridge had an average of 20 days on market in May 2024, down by 28.5% compared to last year.

Breakdown of Home Sale Times

8 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in East Ridge are selling fast, if you're buying plan to act quickly.

Summary: During May 2024, 43 homes were sold in East Ridge; 19% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 2% 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 1 Day Ago

Newest Listings in East Ridge, TN

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