Chattanooga home prices rise as sales rebound

Chattanooga home prices rise as sales rebound

November 9th, 2011 by Dave Flessner in Local - Breaking News

Buoyed by a 15 percent jump in third quarter home sales this year, the median price of existing homes sold this summer rose more in Chattanooga than any Mid-South market, according to a report today from the National Association of Realtors.

The typical existing single-family home in metropolitan Chattanooga sold in the third quarter for $128,700, or $13,200 more than in the same period a year ago.

The gain in Chattanooga home prices came despite a nationwide decline of 4.7 percent in the past year.

The median price of homes sold in the third quarter of this year was still 24 percent below the U.S. average of $169,500 for existing single-family homes, NAR figures show.

In a separate report released today, the Greater Chattanooga Association of Realtors said area Realtors sold 1,623 residential units during July, August and September this year, up 15 percent from the same quarter in 2010.