The local real estate market held steady in the month of October. According to figures released by the Multiple Listing Service of the Chattanooga Association of Realtors, home sales from September to October rose slightly.

While off from the record setting year of 2006, the real estate market in Northwest Georgia and Southeast Tennessee remains healthy, officials of the Chattanooga Association of Realtors said.

Total sales of all home types in the month of October were 568, which represents more than a 5.5 percent increase over the previous month’s reports.

The median price, the price at which half sold for more and half sold for less, came in at $137,200. Median prices remained virtually unchanged from both the previous month and year "as the region continues to remain one of the nation’s most affordable, especially considering the nation’s average median of $207,800, according to figures released by the National Association of Realtors," it was stated.

“We’re coming off a record year for real estate,” said Dan Griess, President of the MLS of the Chattanooga Association of Realtors, “But market conditions have remained strong. It’s a buyer’s and investor’s market, but home prices are sustaining, which is a positive sign for all consumers.”

Chattanooga Association of Realtors President Jason Farmer said, “For too long we’ve been seeing reports of a national industry downturn permeate our real estate psyche and it’s only confusing consumers. Buyers and sellers need to identify their local conditions because every market is different. And right now our local market is holding steady.”

Officials said one of the strongest factors is the area’s median price, which has hovered around $140,000 in 2007 and outpaces previous years.

With home sales historically slowing down in the final months, conditions will continue to be on the side of buyers as inventory levels remain high, it was stated.

“The buyer forecast remains favorable,” added Mr. Farmer. “There’s a lot of choice right now in terms of home and neighborhood types and even with the credit crunch and tighter standards being enforced by lenders, people are still able to qualify for loans.”

“The pent-up demand is only rising. Our region can and will continue to grow,” believes Mr. Griess. “As more businesses and people discover all that Chattanooga has to offer, you can be confident in the local market.”

Previous Month Comparison

September 2007 Total Sales: 538

September 2007 Median Price: $136,190


October 2007 Total Sales: 568

October 2007 Median Price: $137,200