Whether buyers are searching for a condo or their first home, the Chattanooga market allows consumers the ability to stretch their dollar while providing options.
With interest rates at lows and homes prices down significantly, Phyllis James, affiliate broker with Prudential Realty Center's downtown office, said "it's a buyers' market, and sellers are a lot more willing to be flexible to make concessions."
WHAT MAKES US SPECIAL
"The old cliche: location, location, location. Chattanooga is poised between Atlanta, Nashville and Knoxville. It has the mountain, the rivers - exactly what people want when they come to Tennessee."
- Chuck Martin,
Realtor for Century 21,
1st Choice Realtors
In 2009, the median price in Chattanooga for an existing, single-family home was $129,900 versus $173,500 nationwide.
Jay Bell of Bell Development said that as the economy improves, Hixson and Ooltewah will experience growth, with Hixson being a "solid" place to live, with recent developments such as Emerald Bay and The Canyons. Ooltewah's proximity to the new Volkswagen plant will help spur growth in the area, Realtors said. Like last year, the Soddy-Daisy area remains a popular choice, and the new high school coming to Signal Mountain will also make it a place to watch over the next few years.
For buyers who desire to be in downtown, a new housing trend offers convenience.
Downtown, condos and townhomes are "on fire," according to Randy Durham, president of the Chattanooga Association of Realtors and remain a popular and growing choice with buyers. Sale prices of condos in the downtown area have held steady over the past few years, hovering around $200,000.
"As we've seen our city shift to downtown becoming a retail area with restaurants and entertainment, people want to be in that nucleus," he said, adding that condos also offer less maintenance. "It's just a package deal," he said.