Is Southeast, 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, Southeast has remained a Seller's Market.
Key Takeaway
Southeast is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Southeast, TN
How much do homes in Southeast, TN cost?
Median Sold Price
$455,097
$245/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Southeast have sold for 1.9% more than they did a year ago.
Summary: The median home sold price in Southeast was $455,097 in May 2024, up 1.9% from last year, and the median price per square foot was $245.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $181K | $128.5K | -29.0% |
| 2 Bedrooms | $296K | $305K | +3.0% |
| 3 Bedrooms | $439.9K | $452K | +2.7% |
| 4 Bedrooms | $560K | $575.8K | +2.8% |
| 5+ Bedrooms | $685.5K | $622.5K | -9.2% |
Summary: Southeast housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 29%, 2 bedroom homes increased by 3%, 3 bedroom homes increased by 2.7%, 4 bedroom homes increased by 2.8%, and 5+ bedroom homes decreased by 9.2%.
Median Sold Price Compared To Nearby Neighborhoods
| Southeast | $446.5K | $455K | +1.9% |
| Lennox Village | $375K | $370K | -1.3% |
Housing Supply in Southeast, TN
How many homes are available in Southeast, TN?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 581 | 605 | +4.1% |
Summary: The Southeast real estate market had 605 homes for sale in May 2024, a 4.1% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 9 | 9 | 0.0% |
| 2 Bedrooms | 116 | 141 | +21.6% |
| 3 Bedrooms | 284 | 279 | -1.8% |
| 4 Bedrooms | 142 | 147 | +3.5% |
| 5+ Bedrooms | 30 | 29 | -3.3% |
Summary: The Southeast 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 21.6%, 3 bedroom homes decreased by 1.8%, 4 bedroom homes increased by 3.5%, and 5+ bedroom homes decreased by 3.3%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 150 | 143 | -4.7% |
Asking Price vs. Sold Price
64 Homes Were Sold
Under Asking
42 Homes Were Sold
At Asking
36 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Southeast, you may be able to get a good deal. 45.1% of homes here sold below asking price last month.
Summary: A total of 143 homes were sold or pending in Southeast in May 2024, down by 4.7% month-over-month. Of the 142 sold homes, 45% were sold under asking, 30% were sold at asking, and 25% were sold over asking.
Days on Market for Southeast, TN
How long does it take to sell a home in Southeast, TN?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 21 Days | 21 Days | -1.5% |
Summary: Homes in Southeast had an average of 21 days on market in May 2024, down by 1.5% compared to last year.
Breakdown of Home Sale Times
111 Homes Were Sold
Under 30 Days
21 Homes Were Sold
In 30 - 90 Days
9 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Southeast are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 143 homes were sold in Southeast; 78% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.
Listings courtesy of RealTracs Middle Tennessee Regional MLS as distributed by MLS GRID.
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The data relating to real estate for sale on this web site comes in part from the Internet Data exchange (“IDX”) program of the Greater Chattanooga Association of Realtors®. IDX information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Copyright© 2024 Greater Chattanooga Association of REALTORS®.