The local real estate market outpaced the nation, as a whole, and the southeast U.S. in particular in median sale price, according to statistics released by the Multiple Listing Service (MLS) of the Greater Chattanooga Association of REALTORS®. Unit sales advanced into positive territory, in a sign of local improvement. In May of this year, Southeast Tennessee and the Northwest Georgia area saw the sale of 485 residential units, a .2% increase compared to the previous month’s sales, though a decrease of 23.5% from figures released for the same period of 2010.
For the month of May, the local median home price was $124,900. That represents a decrease of only 4.3% from the same period one year earlier and an increase of 4.5% from the median price reported for April 2011. In a national environment of plunging home values throughout the country, these numbers represent a strong performance and preservation of homeowner’s equity in the Greater Chattanooga market.
Local analysts have also applauded the relative stability of the Average Days on Market, which stood at 137 during May – an insignificant change at all from the April statistics.