Is Downtown Chattanooga, TN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, Downtown Chattanooga was a Buyer's Market.
Key Takeaway
Downtown Chattanooga is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Downtown Chattanooga, TN
How much do homes in Downtown Chattanooga, TN cost?
Median Sold Price
$455,000
$320/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Downtown Chattanooga have sold for 11.7% less than they did a year ago.
Summary: The median home sold price in Downtown Chattanooga was $455,000 in March 2024, down 11.7% from last year, and the median price per square foot was $320.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $289.9K | $310K | +6.9% |
| 2 Bedrooms | $465K | $436.2K | -6.2% |
| 3 Bedrooms | $575K | $499.7K | -13.1% |
| 4 Bedrooms | $699K | $625K | -10.6% |
| 5+ Bedrooms | - | $615K | N/A |
Summary: Downtown Chattanooga housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 6.9%, 2 bedroom homes decreased by 6.2%, 3 bedroom homes decreased by 13.1%, 4 bedroom homes decreased by 10.6%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Neighborhoods
| Downtown Chattanooga | $515.5K | $455K | -11.7% |
| Southside | $483.8K | $404.9K | -16.3% |
Housing Supply in Downtown Chattanooga, TN
How many homes are available in Downtown Chattanooga, TN?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 104 | 105 | +1.0% |
Summary: The Downtown Chattanooga real estate market had 105 homes for sale in March 2024, a 1.0% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 38 | 39 | +2.6% |
| 2 Bedrooms | 25 | 29 | +16.0% |
| 3 Bedrooms | 30 | 30 | 0.0% |
| 4 Bedrooms | 8 | 4 | -50.0% |
| 5+ Bedrooms | 3 | 3 | 0.0% |
Summary: The Downtown Chattanooga housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 2.6%, 2 bedroom homes increased by 16%, 3 bedroom homes remained the same, 4 bedroom homes decreased by 50%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 13 | 21 | +61.5% |
Asking Price vs. Sold Price
18 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Downtown Chattanooga, you may be able to get a good deal. 85.7% of homes here sold below asking price last month.
Summary: A total of 21 homes were sold or pending in Downtown Chattanooga in March 2024, up by 61.5% month-over-month. Of the 21 sold homes, 86% were sold under asking, 14% were sold at asking, and 0% were sold over asking.
Days on Market for Downtown Chattanooga, TN
How long does it take to sell a home in Downtown Chattanooga, TN?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 4 Days | 64 Days | +1325.9% |
Summary: Homes in Downtown Chattanooga had an average of 64 days on market in Mar 2024, up by 1325.9% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Downtown Chattanooga has remained consistent over time.
Summary: During March 2024, 21 homes were sold in Downtown Chattanooga; 10% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.
Listings courtesy of RealTracs Middle Tennessee Regional MLS as distributed by MLS GRID.
© 2024 of the REALTRACS MLS. All rights Reserved.