Why the Chattanooga real estate market is not falling apart.
Is the real estate market falling apart? There has been a lot of bad news about real estate lately, but it’s like they say: There’s no news like bad news. Since I got my license in July 1986, I’ve been through lots of cycles like this. The market will always go up and down, and you need to keep that in mind as we discuss its future.
There is good news: The average home in Tennessee and Georgia has appreciated between $60,000 and $65,000 over the last year. I think this change is a return to normal. We typically see 2% to 4% appreciation every year, and that is what we should expect going forward.
Higher interest rates are here to stay, and they will make it a little harder to afford a home. If you’re thinking of buying, experts predict interest rates to climb further this year, so it might be better to buy now rather than later.
“There are no bad headlines for the Chattanooga market.”
We still have incredibly low inventory. We used to carry 4,000 to 6,000 homes
per month, but at the beginning of this year, we only had 400 homes for sale. Right
now, we have around 1,600 homes available, so we are seeing more inventory,
but it will take us a long time to catch up.
I don’t think prices will go down, and I don’t think the market will fall. We
still have a long way to go before everyone who wants a house gets one. If we
head into a recession, that might mean something different for our market.
However, the real estate market doesn’t create a recession; it just reacts to
inflation.
Bad headlines make people look at the news, but there are no bad headlines for
the Chattanooga market. If you’re thinking of buying or selling, there couldn’t be
a better time. Just call us at (423) 593-5588 or send us an email. We’d love to
help.
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