Is Chattanooga, TN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Chattanooga has remained a Seller's Market.
Housing Prices in Chattanooga, TN
How much do homes in Chattanooga, TN cost?
Median Sold Price
$325,305
$192/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Chattanooga was $325,305 in March 2024, up 4.7% from last year, and the median price per square foot was $192.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $253K | $280.4K | +10.8% |
2 Bedrooms | $243.4K | $245K | +0.6% |
3 Bedrooms | $299.9K | $304.8K | +1.6% |
4 Bedrooms | $411.1K | $420.6K | +2.3% |
5+ Bedrooms | $520K | $615K | +18.3% |
Summary: Chattanooga housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 10.8%, 2 bedroom homes increased by 0.6%, 3 bedroom homes increased by 1.6%, 4 bedroom homes increased by 2.3%, and 5+ bedroom homes increased by 18.3%.
Median Sold Price Compared To Nearby Cities
East Ridge | $240.4K | $265.1K | +10.3% |
Chattanooga | $310.7K | $325.3K | +4.7% |
Red Bank | $318.2K | $305K | -4.2% |
Housing Supply in Chattanooga, TN
How many homes are available in Chattanooga, TN?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
1,453 | 1,571 | +8.1% |
Summary: The Chattanooga real estate market had 1,571 homes for sale in March 2024, a 8.1% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 76 | 82 | +7.9% |
2 Bedrooms | 301 | 315 | +4.7% |
3 Bedrooms | 686 | 722 | +5.2% |
4 Bedrooms | 301 | 351 | +16.6% |
5+ Bedrooms | 89 | 101 | +13.5% |
Summary: The Chattanooga housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 7.9%, 2 bedroom homes increased by 4.7%, 3 bedroom homes increased by 5.2%, 4 bedroom homes increased by 16.6%, and 5+ bedroom homes increased by 13.5%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
319 | 388 | +21.6% |
Asking Price vs. Sold Price
199 Homes Were Sold
Under Asking
108 Homes Were Sold
At Asking
81 Homes Were Sold
Over Asking
Summary: A total of 388 homes were sold or pending in Chattanooga in March 2024, up by 21.6% month-over-month. Of the 388 sold homes, 51% were sold under asking, 28% were sold at asking, and 21% 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
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
23 Days | 39 Days | +65.7% |
Summary: Homes in Chattanooga had an average of 39 days on market in Mar 2024, up by 65.7% compared to last year.
Breakdown of Home Sale Times
51 Homes Were Sold
Under 30 Days
18 Homes Were Sold
In 30 - 90 Days
12 Homes Were Sold
Over 90 Days
Summary: During March 2024, 388 homes were sold in Chattanooga; 13% of homes were sold within 30 days, 5% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.