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
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 group and prices, though still rising,
have widely reduced the march toward record highs.
If you or someone you know is in themarket to buy or sell a home, then call The Paula McDaniel Group today!
ThePaula McDaniel Group 423-667-2997
Real Estate Partners Chattanooga LLC. 423-362-8333. Equal Housing Opportunity. Licensed in TN and GA. All data from Greater Chattanooga REALTORS®. Report © 2018 ShowingTime