The local real estate market lagged behind its recent upward trend, according to data released by the Multiple Listing Service (MLS) of the Greater Chattanooga Association of REALTORS.
In September of this year, Southeast Tennessee and the Northwest Georgia area saw the sale of 483 residential units, an 18.2% decrease compared to the previous months's sales but a much welcomed 7.1% increase from the same period in 2010.
For the month of September, the local median home price was $135,900 representing a healthy increase of 5.3% from August of this year and an even greater rise from September of 2010 .
Average days on market has risen again but only by five days and is not significant statistically. Inventory is at 11.3 months supply.
Foreclosures continue to command a large share of the residential sales. Last month foreclosures sales were 32.7% of residential units sold.
Source: Greater Chattanooga Association of Realtors