Chattanooga, TN Market Update – November 2016

Chattanooga Market Update - Chattanooga mortgage broker

At Platinum Financial Funding, we recognize the significance of consulting with a Chattanooga mortgage lender throughout the process of finding and purchasing your new home.

Deciding to purchase a home is the largest financial decision you will make in your lifetime and the importance of that is not lost on us. We continuously monitor Chattanooga mortgage news and trends to offer our clients the most up to date and educated advice on their home financing decisions.

The local Chattanooga area has seen a slight upward trend where home prices are concerned, which has led to homes staying on the market for a few more days each month.

According to, the median listing price of homes in Chattanooga has been increasing at a small but steady rate since January of 2015. The median listing price on the website was recorded at $182,000 for October this year, compared to $178,000 for September and $174,000 in August.

These marginal increases in home prices combined with the usual lull in the real estate market going into the winter season, are apparent in the length of time homes are staying on the market. The homes sold in October were on the market for a median of 72 days, while those homes sold in September and August were on the market a median of 70 and 68 days, respectively.

The GCAR noted that although prices and mortgage rates remain flexible and change often, the down payments made by first-time home buyers in Chattanooga have stayed relatively constant at 6 per cent.

This is great news if you are interested in purchasing a home, especially if you are a first-time buyer.

The market research on Chattanooga mortgage rates that our team at Platinum Financial Funding does each month in combination with the Chattanooga mortgage calculator that we offer to our clients, helps provide our clients with an in depth look at their mortgage options.

Whether you are interested in purchasing a home or refinancing your current mortgage, we are dedicated to finding the perfect mortgage for you.

If you have any questions or would like more information, please call us at (423) 893-8156. Let’s get started calculating your future, today!