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Chattanooga & N. GA October 2018 Residential Housing Market Report
October 2018 Residential Housing Market Report For The Greater Chattanooga and N. GA areas. If the last few months are an indication of the temperature of housing markets across the country, a period of relative calm can be expected during the last three months of the year. A trend of market balance is emerging as we approach the end of 2018. Prices are still rising in most areas, and the number of homes for sale is still low, but there is a general shrinking of year-over-year percentage change gaps in sales, inventory and prices. New Listings in the Chattanooga region increased 15.5 percent to 1,171. Pending Sales were down 1.9 percent to 829. Inventory levels shrank 5.9 percent to 2,963 units. Prices continued to gain traction. The Median Sales Price increased 4.2 percent to $184,000. Days on Market was down 12.7 percent to 48 days. Sellers were encouraged as Months Supply of Inventory was down 7.9 percent to 3.5 months. Stock markets experienced an October setback, but that does not necessarily translate to a decline in the real estate market. The national unemployment rate has been below 4.0 percent for three straight months and during five of the last six months. This is exceptional news for industries related to real estate. Meanwhile, homebuilder confidence remains positive, homeownership rates have increased in the key under-35 buyer ... more
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