Thursday, September 24, 2009

Housing is More Affordable and Chattanooga is Most Affordable HomeMarket in Tennessee

A national real estate firm recently released an annual survey of the price of a 2,200 square foot home with four bedrooms and 2 1/2 baths with an attached garage.  Comparing homes that meet this criteria in more than 300 markets throughout the United States, Grayling, Michigan was ranked as the most affordable housing marking in the United States.

Closer to home, Chattanooga was shown as the most affordable market in Tennessee with a 2009 average sales price of $161,975.  Nashville was the most expensive of Tennessee's markets with the average sales price of $235,336.  Atlanta, Georgia ranked the mosted expensive market in Georgia with an average home price of $287,250. Macon was the most affordable market in Georgia with an average sales price of $139,007.

The study's results also show that homes matching the study's criteria are becoming more affordable.  About one-third of the markets in the survey showed an average sales price below $200,000.  This is the highest number of markets showing below $200,000 in the past five years.  Nationally, prices are down 30 percent from their peak in mid-2006.

The type of property used in the survey represents a "move up" home.  These buyers often need to sell a home before "buying up."