Chattanooga Mortgage Rates | Market Update – March 2017

While Chattanooga mortgage rates are largely impacted by the interest rates set by the Federal government, it is important to also consider local market news and trends when you are comparing financing options for the purchase of your new home.

In January of 2017, the Greater Chattanooga Association of Realtors released the latest market statistics for the Chattanooga area.

According to this data, there were 803 sales still pending in January of this year. This figure is up 17.4% from the 684 pending sales in January of 2016. The pending sales that year were also lower than the same month in the previous year by a much smaller 2.0%, leaving 698 sales pending in January of 2015.

There were 566 home sales that were closed on in January of 2017, with sellers receiving nearly 95% of their original asking prices. This market strength, even during the winter season, is a promising indicator of what is to come for the rest of the year.

If you are looking to purchase a home, don’t worry! There are still plenty of homes for sale in the Chattanooga area. As of January, there was an inventory of 3,072 homes available to purchase.

There has also been a recent increase in new listings, indicating that the local market is continuing to stay on trend with past years. It is typical for the number of new listings to drop as the market heads into winter months and then pick back up after the new year. This appears to be the case for this year as well.

Another important market indicator to consider in addition to Chattanooga mortgage rates is Chattanooga home prices.

According to Realtor.com, the median listing price in January of 2017 was $194,000. This is a jump from the median listing prices of $158,000 and $148,000 in the same month of 2016 and 2015, respectively.

The median price per square foot of homes for sale in the Chattanooga area was maintained at $80 through February 2016 when it rose to $90. Since then the price has remained at that point until it increased again to $100 in January 2017. This statistic correlates accurately with the increase in median listing prices and shows a natural, steady increase over time.

As you can see, there are many different aspects of the local market and all are important to consider when you are looking into purchasing a home or even considering financing and lending or refinancing your existing mortgage.

No matter what your home financing goals are, it is always best to have a trusted, knowledgeable mortgage professional on your side.

For more information, or to schedule your mortgage consultation, call us today at (423) 893-8156!

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

Source: https://www.realtor.com/local/Chattanooga_TN