Is South Chattanooga, TN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, South Chattanooga has remained a Seller's Market.
Key Takeaway
South Chattanooga is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in South Chattanooga, TN
How much do homes in South Chattanooga, TN cost?
Median Sold Price
$238,500
$183/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in South Chattanooga have sold for 11.7% less than they did a year ago.
Summary: The median home sold price in South Chattanooga was $238,500 in April 2024, down 11.7% from last year, and the median price per square foot was $183.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $303.8K | $333K | +9.6% |
| 2 Bedrooms | $179K | $165K | -7.8% |
| 3 Bedrooms | $290K | $230.2K | -20.6% |
| 4 Bedrooms | $245K | $307K | +25.3% |
| 5+ Bedrooms | $280K | $327.5K | +17.0% |
Summary: South Chattanooga housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 9.6%, 2 bedroom homes decreased by 7.8%, 3 bedroom homes decreased by 20.6%, 4 bedroom homes increased by 25.3%, and 5+ bedroom homes increased by 17%.
Housing Supply in South Chattanooga, TN
How many homes are available in South Chattanooga, TN?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 78 | 85 | +9.0% |
Summary: The South Chattanooga real estate market had 85 homes for sale in April 2024, a 9.0% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 6 | 4 | -33.3% |
| 2 Bedrooms | 23 | 34 | +47.8% |
| 3 Bedrooms | 43 | 38 | -11.6% |
| 4 Bedrooms | 5 | 7 | +40.0% |
| 5+ Bedrooms | 1 | 2 | +100.0% |
Summary: The South Chattanooga housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 33.3%, 2 bedroom homes increased by 47.8%, 3 bedroom homes decreased by 11.6%, 4 bedroom homes increased by 40%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 27 | 22 | -18.5% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
11 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in South Chattanooga, expect to pay close to the asking price. 50% of homes here sold near the asking price last month.
Summary: A total of 22 homes were sold or pending in South Chattanooga in April 2024, down by 18.5% month-over-month. Of the 22 sold homes, 36% were sold under asking, 50% were sold at asking, and 14% were sold over asking.
Days on Market for South Chattanooga, TN
How long does it take to sell a home in South Chattanooga, TN?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 19 Days | 12 Days | -33.9% |
Summary: Homes in South Chattanooga had an average of 12 days on market in Apr 2024, down by 33.9% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in South Chattanooga are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 22 homes were sold in South Chattanooga; 14% of homes were sold within 30 days, 5% of homes were sold within 30 to 90 days, and 0% 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.