Chattanooga Market Update – May 2017

When it comes to Tennessee mortgages, as with mortgages in any other area of the country, our client’s options and qualification requirements can be influenced by local and national market news and trends.

This economical information is taken into account by both the federal government and private lenders, as they make decisions about current mortgage rates, and may be useful to borrowers as they begin their search for the perfect home.

In March of 2017, the Chattanooga Association of Realtors reported the median sales price of homes that were sold in the local area at $174,000. While this figure is up year over year from 2016, the 2016 figure had risen only 0.7% from the year before.

The median price per square foot of Chattanooga homes listed on a reputable real estate website was $90. This is on trend with the last year, which showed only a slight bump up to $100 per square foot in January before the price dropped back down.

As is typical with this time of year, the number of new listings on the market has begun to increase as we head into summer. At the time of the report’s release, there were 2,988 homes still actively listed for sale, equaling nearly 4 months of supply on the market.

This increase in supply is typically a result of an increase in demand for homes in the warmer months of the year. Of the 860 homes that were sold in March of 2017, the average took about 68-70 days, barely over two months, to sell.

Whether you are interested in taking advantage of the Chattanooga spring market’s increase in supply or finding out more about other opportunities where your home financing is concerned, give us a call today! Our experienced team can’t wait to save you money on your Tennessee mortgages!

Our Tennessee Team is back in the office and is ready to serve you; however we ask that visits are by appointment only and will not allow walk-ins at this time. If you would like to visit us in the office, please call (423) 893-8156 to schedule an appointment. Our West Michigan office is following the MI Safe Start Plan and Gov. Gretchen Whitmer’s requirement of working from home where possible.