Report: Chattanooga is the fastest-growing city in Tennessee

For every 100 residents moving out of Chattanooga, the report by moveBuddha says 306 are moving in

CHATTANOOGA (WDEF) – A new report says Chattanooga is the fastest growing city in the state of Tennessee.

In the movie “Field of Dreams,” lead character Ray Kinsella is haunted by a voice that says “If you build it, they will come.”

That seems to be true locally.

A study by moveBuddha says for every hundred people moving out of Chattanooga, 306 are moving in…and with good reason.

Derek English, the president of the Greater Chattanooga Realtors Association, explains, “We’re finding the migratory trends to Chattanooga seem to be leading the state. And there’s a few reasons for that. Obviously, the state of Tennessee does not have an income tax. The cost of living in Chattanooga is about as low as any other part of the state. So, if you’re moving from other parts of the country, where the values of the homes may be higher, when people sell in another state to move to Tennessee, they’re finding more value for their money.”

According to the latest numbers, the median home price in Chattanooga is $310,000. That’s the most it’s been since 2008.

The average home price sits at roughly $380,000.

Don’t blame the pandemic housing bubble for rising prices…

English: “I don’t consider it to be a bubble, that we’re going to see anything drastically happen to it. I think we’ll see another leveling over the next, probably, 12 months to 18 months, but the values are not going down.”

While the demand for property is very high, the good news in pricing is the supply will increase over the next few years, thanks to many new developments the city already has planned, like the South Broad Street Development which includes the new stadium for the Lookouts.

English: “Those developments are things that we’re going to see coming down the pike, and as those developments take on more shape, we’re going to see, obviously, the more spreading out and the density of the housing to increase, I believe, in existing areas.”

English says there is one issue the city must fix to accommodate for all the growth in the city: the infrastructure, like the sewer system.

Another storm like last Wednesday’s flooding could make things difficult for anyone to sell the city on new residents to the area.

Categories: Chattanooga, Featured, Hamilton County, Local News, Regional News