Chattanooga home sales, prices continue to rise with more buyers than sellers

Photo shows a home for sale where an offer has already been made. The Greater Chattanooga Realtors associaton said the typical home iin Chattanooga sold last month in 21 days for a record-high median price of $290,000. (AP Photo/Tony Dejak)

Home sales and prices continues to rise last month in Chattanooga despite a dip in housing sales across the country as a whole.

Chattanooga Realtors sold 5.6% more homes during February than they did a year ago while median home prices in the Chattanooga region were up an average of 22.4% over the past 12 months to tie the record-high price set in January of $290,000 for a typical single-family residence. According to the Greater Chattanooga Association of Realtors, the typical home sold in 21 days last month.

"Chattanooga is a very desirable mid-size city that buyers from all over the country are considering as their relocation destination," said Derek English, a real estate agent with the Scout Realtor Group who is president of the Greater Chattanooga Realtors association. "However, the Chattanooga market is still suffering from an inventory shortage and the limited number of active listings is driving up prices in most, if not in all price points.