Chattanooga home sales were up in June after a sluggish 1st quarter according the the Great Chattanooga Association of Realtors (GCAR).
Closed home sales were up by 11.2% as the spring home buyer activity started to close in June. July has been equally as busy for Realtor, Nathan Walldorf, as he has put many new homes on the market and closed on several properties, one of which was a million dollar apartment complex. The median home sale price didn’t change much in June, like it has in past months. In fact the median sale price was down by 1.6% (a very small amount). Homes are still taking a little less time to sell. The days on the market were down by 4.6% in June. The average sale price has been up every month since November in the Chattanooga area. In June, the average sale price was up by 1.5%.
Not all homes are flying off the shelf. The homes over $500,000 are still taking some time to sell. The flip side is that even on Lookout Mountain there was a 28.6% increase in closed home sales. That market typically is made up of upper end home sales.
The good news of July is that VW is adding 2,000 more jobs with the Cross Blue being built in Chattanooga and with a research and development team coming to Chattanooga. The economic stimulus from VW coming to Chattanooga helped our real estate market be more stable than most during the recession. I’m sure that the growth at VW will continue to help Chattanooga real estate strengthen.