How is the Home Sales Market in Chattanooga TN for 2013? How is the Chattanooga, TN housing market? Are homes selling? These are questions that a Realtor gets frequently. The answer is homes are selling in Hamilton County, TN. Especially homes selling for more than $200,000. The number of homes selling above $200,000 is up 24% over the 2012. The number of homes under $100,000 are selling less. This reflects a national trend. Another trend is that the re-finance market for home mortgages is slowing.
It appears this is simply the wash of all the foreclosure activity of the last several years. The unwounded that have good credit have re-financed and/or making purchases. The wounded are renting and sitting on the sidelines.
Let’s look at home sales above $200,000. The two areas that experienced the greatest increases (and that have decent numbers) are (Area 2 – Downtown, St. Elmo), and (Area 18 – Colledgedale). They combined brought 62 additional home sales (when comparing year to date January 1 – August 15, 2012 versus 2013). Popular neighborhoods in Area 2 include Missionary Ridge (8), Museum Bluffs (7), Jefferson Heights (6), and Waterhaven (7). The more popular spots in Colledgedale are a new subdivision Prairie Pass (14) and established Bentwood Cove (11).
Soddy Daisy has been a popular area for years. Neighborhoods like Stonewall Farms have newer inventory and year to date has 21 sales in the neighborhood. Soddy Daisy is experiencing the overall market 22% increase. Other popular neighborhoods include Sedman Hills had 10 sales, Hidden Harbor had 7, The Canyons had 5.
Ooltewah/Snow Hill area or MLS Area 17 reflected a stout 31% increase with the most popular subdivisions being McKenzie Farms (15 sales), Belleau Ridge (12), Meadow Stream (12), Seven Lakes (11), Hamilton on Hunter North (10), Hampton Cove (8), Hampton Creek (7).
North Chattanooga and Mountain Creek (MLS area 6) continues to be strong but lags the average with 15% growth. The flagship of this area was One North Shore selling 22 homes above $200,000 so far this year. Other popular spots include Heritage Landing (10), The Enclave (9), Horse Creek Farms (9).
Signal Mountain, North Chattanooga, Hixson, Catoosa County, Walker County, Bradley County, Brainerd, experienced decent growth in home sales above $200,000 in 2013. Lookout Valley, or (Tiftonia to many older locals) saw a dramatic percentage growth of 65% which reflects the marketing and new home construction of Black Creek Mountain. Black Creek Mountain, (plus former Cummings Cove) saw 20 home sales greater than $200,000.
An area with large numbers of sales but no increase is East Brainerd County or MLS Area 16. There were 134 sales which is off pace from last year. The popular neighborhoods in this area include: Mountain Shadows (17 sales), Windstone Whisper Creek (10), Greenbriar Cove (9), Hidden Lakes (9), The Lakes At Standifer (7).
The other variables such as time on the market varies from 127 days on Signal Mountain to 330 days Downtown. The average price per foot of the sales above $200,000 was $91 in Catoosa County, GA and $158 in North Chattanooga (Mostly condo sales).
New construction seems to be selling from $100 to $155 per foot depending on amenities and price range.
Overall, the home market above $200,000 in the region seems to favor three things. The 3 are younger age homes (rebirth of new construction), close to downtown Chattanooga, and close to job growth. The job growth is Volkswagen, and Amazon affecting Ooltewah and Colledgedale and Wacker in Bradley county.
How is the Chattanooga, TN real estate market? Are homes selling? Yes, they are. Especially if you want to buy or sell a home valued above $200,000!