A lot of friends and family ask us these days: “how’s the real estate market doing during Covid?”
Our short answer is, “pretty darn good”.
I feel humble…and lucky to be able to say that.
March and April, 2020 were definitely slow months. The country was more or less in shock I think from the news of the Coronavirus. No one knew particularly what to do – was it safe to even go outside, or even into anyone’s house?
As our wet April thawed out, people we’d been working with began to ask us again about real estate.
Interest rates are now hovering between 2.5% – 3.5% – an amazingly low number. After a fall-off in sales in the very first part of 2020, there are many areas in and around Chattanooga where houses are moving again. Sometimes surprisingly quickly!
We’re almost through Q2 and it “feels” like the market is more or less where it was at the very end of 2019 – which was robust. Like last year, however, inventory is low.
Although housing was predicted to slow about 1.5% nationwide in 2020, Realtor.com predicted a 2% overall growth rate for Chattanooga in 2020 – one of the fastest in the country. That was, however, before Covid-19.
Sold listings are down about 11% year-to-date compared with 2019, but average sold prices have risen 9.8% from this time last year. Wow. I honestly think depressed sales volume compared to last year could be – in part – because the inventory is just so low.
If you’re “thinking” of selling your home, it really may be a great time to put it on the market. The numbers don’t lie.
Generally, we predict Chattanooga will continue to see growth in the local real estate market in 2020 albeit perhaps slightly slower than was predicted at the end of 2019. There are some excellent properties on the market and many deals to be had!
Michelle and I are committed to keeping our friends, neighbors, and clients abreast of the latest market trends, and we’re always open to looking around at some homes with you. We have loads of resources from builders, roofers, plumbers, electricians, lenders, lawn care specialists, insurance ideas and more! (Even pet sitters 🙂
Feel free to call us and let us help you find what you need to make your house just what you’re looking for!
See you out in the market!
|Chattanooga||May 2020||May 2019||% Chg||2020 YTD||2019 YTD||% Chg|
|Average Sales Price||$282,462||$274,266||3%||$280,179||$255,093||9.8%|
|Median Sales Price||$255,500||$232,000||10.3%||$245,000||$220,100||11.3%|