Chattanooga Area MLS Home Sales for December 2010
The local real estate market showed a welcome uptick during December, 2010, in both number of homes sold and median price, according to data released by the Multiple Listing Service (MLS) of the Greater Chattanooga Association of REALTORS®. In December of the year just ended, Southeast Tennessee and the Northwest Georgia area saw the sale of 440 residential units, a 18.6% increase compared to the previous month’s sales, but still lagging, by 8.5% the sales of the same period of 2009.
For the month of December, the local median home price was $137,500. That represents an increase of 10% from November, and a 6.6% increase from the same period of a year ago. Affordability in Chattanooga remains favorable. REALTORS® generally prefer the use of median price over the “average” or the “mean” simply because it is a more reliable indicator of where the market is moving. Some people often mistakenly equate the percentage increase in median price as an increase in the value of real estate, which it is not.