Chattanooga Mortgage Lenders – Chattanooga Market Update

As Chattanooga mortgage lenders, we pride ourselves on staying up to date on recent trends in order to better help our clients as they move through the mortgage process.

We use information, like local market statistics, to provide our clients with the information they need to make the best decisions possible when it comes to the financing options that are available to them.

According to the Greater Chattanooga Area Association of Realtors, who have recently released a market report for the month of May, the median sales price of homes in the local area has gone up around 6.6% since this same time last year.

This is not surprising as the prices of homes have been on the rise for the past few years, but there is good news to be had! The median sales price of $177,000 which was recorded in May of 2017, while 6.6% higher than the median sales price of $168,000 in May of 2016, was less of an increase when compared to the 7.4% price increase between May 2016 and May 2015.

This shows that while prices are continuing to stay on the trend of increasing year over year, the rate at which prices are increasing has started to slow to the point of declining. This is great news for buyers when the affordability of homes is taken into consideration.

The number of new listings added to the market is also staying on trend with previous years, as we near the typical mid-summer peak. Closed sales, on the other hand, have started to fall, with home sales dropping over 2% from April to May this year.

There are currently 2,960 homes still for sale in Chattanooga, which is the equivalent of around a 3.6 months supply of inventory on the market.

If you are interested in purchasing a home in the Chattanooga area, now is the time to call your trusted Chattanooga mortgage lenders at Platinum Financial Funding! Call us today to get the pre-approval process started!

 

Source: https://www.gcar.net/consumer-tools/market-statistics/