Chattanooga Real Estate Climbs: Average Values Soar to $350K in April 2024

Average house values and house sale prices have seen consistent upward movement in Chattanooga, Tennessee. In May of last year, average property values were around $319k and this month we’re seeing prices closer to $350k. This growth trajectory means it’s a good time for home owners right now. The average home sale prices moved from $265,015 in May 2023 to $281,050 in April 2024 – an increase of 6% YoY.

Moreover, the per square foot valuation further anchors the view of a flourishing market. With an average value growth from $179 in May 2023 to $203 by April 2024 and average sold per square foot value increasing from $173 to $186 in the same period, both metrics provide strong evidence of the strength of the real estate sector in the city.

Last year, the number of properties in the market has fluctuated somewhat, peaking at 557 homes for sale in July 2023 and dipping to 346 in August 2023. As of today, there are 353 homes for sale.  The number of sold homes, on the other hand, declined 7%: from 2,197 in December 2023 to 2,033 by April 2024. This downtrend, albeit slight, provides a different perspective when considering market absorption rates.

Housing Market Summary for Chattanooga, TN

Chattanooga’s position stands out against neighboring areas, with average values and price per square foot higher than locales such as Lupton City and Hixson. Notably, Lookout Mountain outstrips the average values significantly, boasting an average property value of $1,600,000 and a price per square foot of $517 in April 2024, indicating a highly premium market in that area.

Comparative Market Analysis: Chattanooga and Surrounding Cities

When assessing the latest real estate market values and volumes for April 2024, the Chattanooga market shows a strong performance with an average property value of $350,000, price per square foot of $203, and an average home sale price of $281,050. Additionally, across 356 properties within the city, an average sold per square foot value stands at $186 from a total of 2,033 properties sold.

Looking toward neighboring cities, Lupton City exhibits an average property value of $289,950, which is notably less than Chattanooga’s average. However, it surprisingly surpasses Chattanooga in terms of price per square foot at $220 and average sold per square foot value at $257, though this might be affected by the small sample (there are only 2 homes for sale and 7 sold in April).

Hixson shows an average property value at $407,250 with a price per square foot of $171. The town records an average sale price of $326,200 and maintains an average sold per square foot value on par with Chattanooga’s at $186, with a considerable volume of 422 properties sold.

Signal Mountain and Lookout Mountain have the highest average values and per square foot prices among the compared cities. Signal Mountain’s average property value clocks in at $675,000 with a per square foot value of $287, while the average sale price is reported at $558,962 and average sold per square foot value at $232. This is driven by the sale of 159 properties. In the same vein, Lookout Mountain, with just 1 property counted, demonstrates exclusivity with a staggering average value of $1,600,000 and per square foot value of $517, with an average sale price of $904,392 and an average sold per square foot value at approximately $282 from 25 sold properties.