Home prices and sales rose to record highs in Chattanooga last year as more people moved into the area and buyers tried to stay ahead of expected higher interest rates and even higher home prices in the future.
The typical, or median-priced home, sold in 2021 in Chattanooga for $265,000, or 15.2% more than the previous year.
(READ MORE: Chattanooga home sales, prices rise to record highs amid pandemic)
The average home sold in only 22 days, or about half the time it took to sell a home in 2020 and less than a third of the time it took a decade ago.
“Chattanooga is poised as the kind of mid-sized city that a lot of people are moving to and they are looking for the low cost of living and fast internet services that we have in Chattanooga,” said Derek English, an associate broker for Scout Realtors Group and president of the Greater Chattanooga Realtors Association. “There are a lot of people gravitating to our state, and I feel like Chattanooga is capitalizing on that migration. It’s an easy city to sell because we know this is called the Scenic City for a reason.”