Chattanooga should be one of the top markets for real estate sales in 2020 with gains in both sales and home prices expected to outstrip the national average, according to the largest website in the U.S. for real estate listings.
Realtor.com ranked Chattanooga as the fourth best market among the nation’s biggest cities for U.S. home sales and price appreciation in the new year.
In contrast to a projected nationwide drop of 1.8% in residential real estate sales in 2020, Chattanooga home sales are projected by Realtor.com to rise by 2% in the new year over 2019.
Average home prices in Chattanooga also are projected to rise faster than most markets. Realtor.com economists forecast Chattanooga home prices will increase an another 3.6% this year, far outstripping the projected 0.8% gain in home prices nationwide.
Javier Vivas, director of economic research for Realtor.com, said most U.S. markets will face “a more challenging 2020” after the U.S. economic recovery entered its 10th year in 2019 for the longest period of sustained economic growth in modern U.S. history.