Property sales in Hamilton County jumped to an all-time high last year with national investment firms acquiring major apartment complexes and homebuyers buying a record number of houses during 2021.
Last year, $4.9 billion in real estate transfers were recorded, eclipsing the previous year’s record high of $3.3 billion, according to property records filed with the Hamilton County Register of Deeds. A record high of $7.4 billion of mortgages, including new and refinanced deeds, also were filed in the county during 2021.
“Last year, there was a substantial increase in the sale of apartment complexes, which are large dollar deals,” Hamilton County Register of Deeds Marc Gravitt said in a year-end report released Tuesday. “With the continued high demand for both commercial and residential real estate and low interest rates, Hamilton County’s real estate market continues to be strong.”
In 2021, all of the top 10 sales involved apartment complexes bought by investment companies or partnerships, most of which are based outside of Chattanooga.
“I think Chattanooga has proven itself as a great place to live and a great place to work, so we’re seeing more people move and invest here as a result,” said David DeVaney, president of NAI Charter Real estate in Chattanooga. “Plus, our real estate values compared with other Southeast markets like Atlanta, Nashville and Charlotte are still seen as very attractive and very affordable.”