Real Estate boom makes it hard to find a house now

CHATTANOOGA (WDEF) – The real estate market in Chattanooga is getting the attention of other cities.

Homes are selling so fact that some stay on the market only a few hours.

The booming economy has made it more difficult for Hamilton county residents to find a home.

If you wanted to live in Magnolia Farms, Amber Brook , Cove at Signal Forrest or Heartland….lots of luck.

In an overheated real estate market homes there are especially moving quickly.

Geoff Ramsey is President of the Greater Chattanooga Realtors.

“We generally carry about 6500 to 7500 active listings. Currently we have about 2100 active listings..so our inventory is about a quarter of what it normally is..which is driving prices up..its a great time to be a seller.”

Here are some of the numbers to help you decide to buy or sell in Chattanooga.

The Median Sales Price increased 8.9 percent to $188,150.

Days on Market was down 22.9 percent to 54 days.

Ramsey says, inventory is only about a quarter of what it was just a few short years ago.

Potential buyers like Kayla Scott and her husband are trying not to get discouraged.

“I haven’t seen very many for sale signs anywhere…ha ha ha. ”

Again, properties are turning over quickly.

Ramsey adds “I Listed one yesterday and I have two offers on in my hand today.”

Although new residential real estate has been relatively slow in the first quarter of 2018, It’s apparently a good time to be in the home building business.

Brittany Shaw Newman from Pratt Home Builders “we are at Amber Gardens in Hixson, and it was actually the fastest selling community in Chattanooga history…the last home here just sold and there were 107 total in this community that recently sold out.”

With an economic boom underway…the experts don’t see much change in the real estate market in the next few months.