The local real estate market continued to show signs of a recovery - defying national trends - in both number of homes sold and median price according to statistics released today by the Multiple Listing Service (MLS) of the Greater Chattanooga Association of REALTORS®. In June of this year, Southeast Tennessee and the Northwest Georgia area saw the sale of 534 residential units, a 10.1% increase compared to the previous month’s sales, while decreasing by 18.3% from the same period of 2010.
For the month of June, the local median home price was $128,000. That represents a decrease of 1.5% from the same period one year earlier and an increase of 2.5% from the median price reported in May. Median prices are one of the most watched statistics in the housing market today, because of the loss of value and accompanying loss of equity that homeowners nationwide have suffered in the down market.
The Average Days-On-Market have remained consistent with marketplace conditions, decreasing by 3 days from May to 134, and the current local inventory stands at 11.0 months’ supply.
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