Chattanooga home sales continue to climb

CHATTANOOGA, Tenn. (WDEF) – The Chattanooga real estate market is still piping hot.

“A combination of the pandemic recovery, low interest rates, and the demand for area is really kind of created our new market place in Chattanooga.”

Robert Backer, President of the Greater Chattanooga Realtors, says it’s not stopping anytime soon.

“Literally 24 to 48 hours that house is gone with multiple offers in on it so that 15 days on the market might be skewed a little bit, it might be even less than that for certain houses.”

Now, typical family homes are selling within 15 days or less in Chattanooga – the quickest selling pace on record.

That might be a problem for local buyers hoping to move across town.

“It’s gonna be a little bit tougher to move across town, be prepared to spend a little bit more money. But the value is there because interest rates are lower.”

Backer says the pandemic plays a role in the flood of new home-buyers into the Scenic City.

“The pandemic has, I think, forever changed Chattanooga. We are on the radar of some of the other people from the West Coast, upper east coast, things like that. We’ve had a ton of people moving here from out of state.”

But there are still signs on the horizon that we may be headed for a buyer’s market.

“Our inventory’s increasing somewhat which kind of gives a little bit better chance for a lot of buyer’s.”

He says the current market conditions are likely to stick around – at least for a little while.

“I don’t think we have quite the frenzy that we did about six months ago. I think it’s kind of leveled off a little bit, but still definitely a seller’s market.”

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