A Dartmouth Street home for sale in North Chattanooga is among a shrinking inventory of houses on the market in Chattanooga, which is pushing up median sales prices.By the numbers
› 6.1 percent: Increase in Chattanooga area home sales last month over a year ago › 2.2 percent: Increase in home sales nationwide over a year ago › $153,750: Median home price for homes sold last month in Chattanooga, up 12.4 percent from a year ago › $210,800: Median home price for homes sold nationwide last month, up 4.4 percent from a year ago Sources: National Association of Realtors, Greater Chattanooga Association of Realtors
Chattanooga home sales continued to outpace last year’s record high levels last month despite a decline in the supply of homes on the market.
The Greater Chattanooga Association of Realtors said Monday that home sales during February rose 6.1 percent over a year ago to 846 single-family houses and condos. The sales gain was nearly triple the nationwide gain in home sales compared with a year ago and came despite a 12.4 percent jump in the median sales price of homes sold last month in Chattanooga compared with a year ago.
Mark Hite, a Keller Williams real estate agent who is president-elect of the Greater Chattanooga Realtors Association, said demand for homes in Chattanooga is outpacing the supply, in many instances. The inventory of homes on the maket in February dropped by 17.4 percent, or or 752 homes, from a year ago.
“We’re seeing our inventory of homes on the market being down to its lowest point in 10 years,” Hite said. “We need more houses to sell because when the shelves are empty it puts more pressure upward on prices. It’s a positive place to be if you are a home seller right now and I would urge anyone thinking about selling their home to take advantage of the market right now.”