Sunday, February 04, 2018 12:47 AM

HOME SALES RISE TO RECORD HIGH DESPITE HIGHER PRICES, SMALLER INVENTORY

Photo by Contributed Photo /Times Free Press. Housing sales in the Chattanooga area continued their 8-year climb last year, rising to another record high in 2017 even with higher home prices and fewer houses for sale. Despite continued challenges with inventory and prices - and new questions about tax changes that could limit the tax advantages of buying a home - Realtors are expecting another record year in 2018. "We had some incredible sales numbers in 2017 and I think we'll do just as good, if not better, in 2018," said Geoff Ramsey, a ReMax Realtor and president of the Greater Chattanooga Realtors. "I talked with Realtors across the country, and Chattanooga is definitely a market now where more people want to move to and increasingly they are." Chattanooga Realtors sold a total of 9,766 single-family homes in 2017, up 1.1 percent over the previous record high set in 2016 and nearly double the sales reached in the wake of the Great Recession nearly a decade ago. The Greater Chattanooga Realtors said homes sold last year at a record high median price of $175,000, up 8.7 percent from the previous year. Chattanooga home prices rose, on average, at a slightly ...

News source: Times Free Press

See also: Grace Frank Group