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Local home prices rise 7.2 percent in 2017

FILE - In this Thursday, Dec. 3, 2015, file photo, a home under construction and for sale is shown in Roswell, Ga. U.S. home prices climbed steadily in July 2017 even as sales have slowed, evidence that a limited supply of available houses is distorting the real estate market. (AP Photo/John Bazemore, File)
FILE - In this Thursday, Dec. 3, 2015, file photo, a home under construction and for sale is shown in Roswell, Ga. U.S. home prices climbed steadily in July 2017 even as sales have slowed, evidence that a limited supply of available houses is distorting the real estate market. (AP Photo/John Bazemore, File) FILE - In this Thursday, Dec. 3, 2015, file photo, a home under construction and for sale is shown in Roswell, Ga. U.S. home prices climbed steadily in July 2017 even as sales have slowed, evidence that a limited supply of available houses is distorting the real estate market. (AP Photo/John Bazemore, File)

By Dave Flessner 4 min read

Rising home prices

The median price of homes sold in 2017 rose in most Mid-South markets more than the national average, although housing prices in the South remained below the U.S. median.* Nashville, $241,700, up 8.3 percent* Atlanta, $198,500, up 8.7 percent* Birmingham, Ala., $197,00, up 5.3 percent* Huntsville, Ala., $189,800, up 3.4 percent* Chattanooga, $176,100, up 7.2 percent* Knoxville, $175,900, up 6.3 percent* Memphis, $166,900, up 6.5 percent* U.S. average, $248,800, up 5.3 percentSource: National Association of Realtors

Chattanooga home prices continued to rise faster than incomes last year and increased again in 2017 at a faster pace than the U.S. as a whole, according to the National Association of Realtors.

The median price of single-family houses sold by local Realtors rose by $11,500 during 2017 to a record high of $176,100.

But the typical home sold by a Chattanooga Realtor last year was still valued at nearly 30 percent less than the U.S. average price of $248,800 and was also cheaper than the median price in the nearby metro markets of Atlanta, Nashville, Birmingham, and Huntsville, Ala.

In its year-end report for last year released last week, NAR’s chief economist, Lawrence Yun, said home prices continue to be pushed up by the shrinking inventory of available homes as sales continue to increase more than the number of new and existing homes coming on to the market.