Real Estate Resources

The Latest Chattanooga Market Report

Getting Ready to Buy?

If you're thinking about buying a new home in the Chattanooga area, you might be wondering how the market is doing. Luckily, I have some amazing news—the 2024 outlook is looking to be a fantastic year for buyers and sellers alike! Here are all the latest stats you'll want to know before you take the plunge.

Chattanooga by the Numbers

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Tennessee's #2 Top Living Destination

Chattanooga, TN, stands out as one of the best places to live in the United States, with an affordable high quality of life, a central location for easy access to major cities, abundant outdoor recreational opportunities, a thriving business environment, excellent education options, and a rich cultural and historical heritage.

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Wage growth at 4.7%

When it comes to wages, there's positive news on the horizon. The report projects a robust 4.7% growth in Tennessee wages for the year 2024, reflecting an encouraging economic outlook for the region. This upward trajectory suggests increased earning potential, contributing to the overall financial well-being of residents.

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4.8% Increase in Home Prices

Although it might be discouraging to see an increase in home prices, it's a sign that now is the time to invest. If you make your move sooner rather than later, you can start gaining valuable equity in your home!

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Record Low Tax Rates

The state of Tennessee and the city of Chattanooga have some of the lowest tax rates in the nation, which is yet another reason why buyers are flocking to the area. We also don't have any state-level income taxes!

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Affordable Home Prices

Although home prices are rising, properties in the Chattanooga area cost 7% less than national average. That makes living here more affordable than you might think.

Why Buy a Home in 2024?

Steady Mortgage Rates

If you can comfortably handle your monthly expenses at the current rates, opting for a home purchase now is a prudent decision. This provides you with the flexibility to refinance for a lower monthly payment down the line if rates decrease. Given the dynamic nature of markets, values, and rates, seizing the current opportunity is crucial. For those renting and meeting the qualifications, now is the perfect time to take the plunge. Just be sure to uphold a strong credit score, stay employed, and steer clear of any missteps that might impede your refinance strategy when rates eventually drop.

More New Homes

Home builder confidence has reached its highest level in over 20 years, which means we can continue to see plenty of new communities popping up all around Chattanooga.

Renting Isn't Cheap

While renting does have its perks, it's also becoming more expensive. On average, renters in Chattanooga are spending over $1,400 a month on housing—but when you buy, you'll gain more stable, long-term equity.

Chattanooga Is Heating Up

Chattanooga is becoming a popular place to settle down. When you buy now, you'll enjoy home prices that are much lower than the national average—and you'll probably gain money once you decide to sell.

Your Chattanooga Dream Home Awaits...

Ready to start your real estate journey? I'm here to help you explore Chattanooga, discover the area's stunning communities, and find the right home that suits your needs. Give me a call so we can begin your search!