Home prices and sales data for Chattanooga area released - WRCBtv.com | Chattanooga News, Weather & Sports

Home prices and sales data for Chattanooga area released

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CHATTANOOGA (WRCB) - A few years after all the bad news related to local home sales and prices, the real estate market in the Channel 3 viewing area appears healthy, according to local REALTORS.

The Greater Chattanooga Association of REALTORS says the area has an imbalance between strong demand for homes and constrained supply. In some cases, purchase agreements are being written up directly after a showing.

Sales increased 8.9% in May with 683 residential  homes  sold. A new "for sale" sign went in front of 1,146 homes which is a 5.6% increase.

The GCAR reports the median sales price is up 5.2% and currently stands at $144,000. It still takes a few months to sell a home, but the length of time is going down. The average home stays on the market 122 days before it sells.

GCAR  President  Mark  Blazek  added,  "Interest rates are at or near historic lows.

"This is mostly the result of an improving jobs market, which is a good thing for real estate."

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