Report: 2021 was a good year to buy or sell a home in Greater Chattanooga
All benchmarks increased substantially, except one...and that was a positive, too.
CHATTANOOGA (WDEF) – The pandemic may have forced many of us not to go out during 2021, but it didn’t force us not to go buy homes. According to a new report from the Greater Chattanooga Realtors, 2021 was a banner year for home sales.
It was *such* a good year, in fact, that just about every statistic increased substantially. New listings. Pending sales. Median and average sale price. The only mark that declined was the number of days a home went on to the market until it sold. That number was cut in half.
Greater Chattanooga Realtors President Derek English: “If a home sits on the market for 14 days, everybody thinks there’s something wrong with it, and that’s certainly not the case. It’s just a matter of finding the right fit for the right buyer and moving through the market the best we can with the conditions that we’re faced with.”
Those conditions we’re now faced with in 2022 is the fact that the inventory of homes is far below what it was before the pandemic.
According to the report, there were 903 homes still for sale at the end of 2021. After two weeks of 2022, there are now under 700 homes left to purchase. It’s all about supply and demand, and the supply is dwindling fast.
English: “There’s a lot of untapped areas around Chattanooga that are certainly going to see growth. It’s just a matter of getting the infrastructure, which Hamilton County has been struggling with over the past few years, if not a decade. That’s certainly going to be on the agenda for new leadership in the City of Chattanooga as well as the county.”
If you’re a seller, it’s a good time to sell because the demand is so high here. If you’re a buyer, you could be left wondering when you can get into the home of your dreams.