Realtors open houses as Chattanooga home prices rise
The typical home in Chattanooga sold for only a fraction of the $808,000 median price this winter in San Jose, Calif., the nation's most expensive real estate market.
Thursday, May 15th 2014, 9:01 AM EDT by
Nathan Torgerson rushed through six home closings during the final week in April to close out the busiest sales month since the 24-year-old Realtor started selling homes three years ago.
"It was an insane week, but I think it just shows how well the market is coming back," Torgerson said Wednesday. "We're getting multiple offers on many properties and more homes are selling closer to their asking price."
The median price of homes sold in Chattanooga during the first quarter of 2014 was up 7.9 percent from a year ago, according to a new report by the National Association of Realtors. Chattanooga home prices rose by more than five times the 1.5 percent general inflation rate in the past year.
But Chattanooga's median home price of $129,400 in the first quarter was still one third less than the U.S. average of $191,000 and remained below most other major MidSouth markets, outside of Memphis.
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