Grace Frank Group

The spring housing market is heating up in Chattanooga as more buyers are coming off the sidelines. After a roller coaster couple of years, spring 2024 is shaping up to be an excellent opportunity for sellers to capitalize on increasing demand and limited inventory.

Buyers Returning to Chattanooga Market

One of the biggest drivers of Chattanooga’s spring market is the return of buyer demand. During the peak pandemic years, there was ferocious appetite from buyers, leading to bidding wars and homes selling way over asking price. Last year’s mortgage rate spike pumped the brakes on the market. But now, local buyers seem to be adjusting and resuming their home searches. Realtors are reporting busier open houses, more offers being submitted, and the return of multiple-bid situations for well-priced listings.

Chattanooga Inventory Still Historically Low

At the same time buyer activity is increasing, housing supply remains very tight in the Chattanooga area. According to the latest data from the Greater Chattanooga Realtors, the region had only around 2 months of inventory in March. This remains far below the 6 months that is considered a balanced market between buyers and sellers. With low inventory, sellers listing now could have a prime opportunity before more competition emerges this summer.

Home Values Still Appreciating in Chattanooga

Despite national home price growth slowing last year, values in Chattanooga have continued climbing. In fact, the median sales price in the region increased over 9% from March 2022 to March 2023, according to the Greater Chattanooga Realtors data. Listing this spring could allow sellers to capitalize on this continued appreciation before a potential balancing of the market in late 2024.

The spring market always brings more buyers out, but this year’s mix of low inventory and rebounding demand looks particularly favorable for Chattanooga area sellers. Those motivated to sell should consider listing sooner rather than later in order to maximize their home’s value and potential return. Contact a local real estate professional today to discuss listing strategies tailored for the Chattanooga market.

Connect with Grace Frank at gracefrankgroup.com/

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