Now that 2016 is in the rear view mirror, it's time to take a good look at how Chattanooga's real estate market developed throughout the year. In what ways did sellers benefit? How did buyers behave? Most importantly … what can we expect?
The numbers are impressive.
This exclusive report will highlight the most important Chattanooga real estate numbers from the past year – and tell you exactly why you should expect your home to sell fast in 2017.
Let's dive into 5 reasons why 2016 was an outstanding year to sell your home in our area. Then, we'll look at a few opportunities (and threats) for 2017.
1. Average home sale price continues to rise.
We saw seller after seller come away with more money than they were expecting to get – and faster than they had hoped for.
The average price was 6.5% higher than 2015. With inventory low, demand was high. Buyers were motivated to close more quickly and submit higher initial offers.
This higher sale price was positively affected by the next reason 2016 was great: low inventory of homes for sale.