Chattanooga home prices and sales fall as mortgage rates rise

September 16, 2022 at 9:00 p.m.

Staff Photo by Olivia Ross / A “For Sale” sign sits on the lawn of a Signal Mountain home August 15, 2022.

Chattanooga home prices and sales fell last month from record highs set earlier this year as rising mortgage rates began to cool the scorching real estate market.

The median price of single-family homes sold by Chattanooga Realtors in August was $300,000, according to data from the Greater Chattanooga Association of Realtors Multiple Listings Service. Although the typical price for homes sold in Chattanooga last month was up 11.1% from a year ago, the median price was still down from the record median price of $328,725 reached in Chattanooga in June.

However, Chattanooga’s median home price remains below the US median price of $356,700 in August, according to the National Association of Realtors.

The number of home sales completed in the Chattanooga area last month was down nearly 10% from a year ago.

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