Is Chattanooga, TN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Chattanooga is a seller's market

Buyer's
Market

Difference Since June 2023

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

Key Takeaway

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

Housing Prices in Chattanooga, TN

How much do homes in Chattanooga, TN cost?

Median Sold Price

$327,586

$197/sqft

Based on all homes sold in the last 12 months.

Difference Since June 2023

+$8,864(+2.8%)

Key Takeaway

Homes in Chattanooga have sold for 2.8% more than they did a year ago.

Summary: The median home sold price in Chattanooga was $327,586 in June 2024, up 2.8% from last year, and the median price per square foot was $197.

Median Sold Price By Bedroom Count

# BEDSJun 2023Jun 2024CHANGE
1 $267K$279.9K
+4.8%
2 $240K$248.5K
+3.5%
3 $300.4K$310K
+3.2%
4 $414.5K$429.8K
+3.7%
5+ $570K$622.4K
+9.2%

Summary: Chattanooga housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes increased by 4.8%, 2 bedroom homes increased by 3.5%, 3 bedroom homes increased by 3.2%, 4 bedroom homes increased by 3.7%, and 5+ bedroom homes increased by 9.2%.

Median Sold Price Compared To Nearby Cities

East Ridge
+7.9%
Red Bank
+5.4%
Chattanooga
+2.8%

Housing Supply in Chattanooga, TN

How many homes are available in Chattanooga, TN?

Number of Homes For Sale

May 2024Jun 2024CHANGE
1,5021,5070.3%

Summary: The Chattanooga real estate market had 1,507 homes for sale in June 2024, a 0.3% increase compared to May 2024.

Homes For Sale By Bedroom Count

# BEDSMay 2024Jun 2024CHANGE
1 7785
+10.4%
2 276275
-0.4%
3 715735
+2.8%
4 345320
-7.2%
5+ 8992
+3.4%

Summary: The Chattanooga housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 10.4%, 2 bedroom homes decreased by 0.4%, 3 bedroom homes increased by 2.8%, 4 bedroom homes decreased by 7.2%, and 5+ bedroom homes increased by 3.4%.

Number of Homes Sold

May 2024Jun 2024CHANGE
418324-22.5%

Asking Price vs. Sold Price

155 Homes Were Sold
Under Asking

87 Homes Were Sold
At Asking

82 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Chattanooga, you may be able to get a good deal. 47.8% of homes here sold below asking price last month.

Summary: A total of 324 homes were sold or pending in Chattanooga in June 2024, down by 22.5% month-over-month. Of the 324 sold homes, 48% were sold under asking, 27% were sold at asking, and 25% were sold over asking.

Days on Market for Chattanooga, TN

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

Average Sale Time

Jun 2023Jun 2024CHANGE
26 Days30 Days+12.9%

Summary: Homes in Chattanooga had an average of 30 days on market in Jun 2024, up by 12.9% compared to last year.

Breakdown of Home Sale Times

50 Homes Were Sold
Under 30 Days

9 Homes Were Sold
In 30 - 90 Days

10 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During June 2024, 324 homes were sold in Chattanooga; 15% of homes were sold within 30 days, 3% of homes were sold within 30 to 90 days, and 3% 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 26 Days Ago

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