Chattanooga, TN, August 24, 2025
News Summary
Chattanooga, TN is experiencing a significant increase in its luxury real estate market, with home values and sales on the rise throughout 2024. The most expensive listings range from $2.95 million to $6.9 million, reflecting this uptrend. The average home price is approximately $330,000, while over 10,300 home sales have been reported this year. As the market evolves, more buyers beyond the ultra-wealthy are joining the luxury segment, indicating a shift in demographics and promising continued growth for the area.
Chattanooga, TN is witnessing a remarkable uptrend in its luxury real estate market, with notable increases in home values and sales activity throughout 2024. The most expensive residential listings reflect this trend, with five prime properties currently on offer, ranging from $2.95 million to $6.9 million.
Chattanooga’s Luxury Listings
- 31 Minnekahda Pl. – $6.9 million
- 1511 Carroll Ln. – $5.6 million
- 7468 Noah Reid Rd. – $4.6 million
- 1103 Centennial Dr. – $3.2 million
- 4415 Sailmaker Cir. – $2.95 million
The overall growth in the American housing market has led to a record number of properties valued at $1 million or more. Interestingly, these million-dollar homes are no longer confined to just the ultra-wealthy clientele, indicating a shift in buyer demographics. In contrast, markets in cities like San Francisco face median prices surpassing $1.6 million, while areas like Detroit rarely see listings above that threshold.
Market Trends and Statistics
Recent reports indicate that only seven major metropolitan areas currently feature luxury homes in the top 5% priced under $1 million, a decline from 30 just five years ago. In Chattanooga, the segment of the market that falls between $500,000 and $1 million shows a healthy selection of well-appointed homes:
- 504 Rosewood St. – $999,999 (5 beds, 4 baths, 3,492 sq ft)
- 5703 Laurel Ridge Rd. – $999,000 (4 beds, 4.5 baths, 5,654 sq ft)
- 1383 Carrington Way – $999,000 (5 beds, 4 baths, 3,193 sq ft)
- 843 Dry Branch Court – $995,000 (5 beds, 4.5 baths, 4,454 sq ft)
- 6520 Flagstone Drive – $985,000 (5 beds, 3.5 baths, 3,907 sq ft)
As of January 2024, average home prices in Chattanooga stood at approximately $330,000, with projections indicating a 2-3% increase throughout the year. Currently, the market features around 2,800 residential properties for sale. Notably, interest rates for 30-year fixed mortgages averaged 6.9% in 2024, impacting buying decisions for potential homeowners.
Positive Outlook for Growth
Looking ahead, Chattanooga’s real estate market is expected to experience strong growth into 2025 and 2026. Factors driving this growth include the city’s desirable climate, beautiful scenery, and proximity to major urban centers like Atlanta and Nashville. Additionally, Tennessee benefits from having no state income tax, making it an attractive option for prospective residents.
Quality of Life and Community Engagement
Chattanooga is renowned for its outdoor recreational activities, such as rock climbing and biking. Cultural events, including weekly “Block Parties” that offer free music festivals during the summer, enhance the city’s quality of life. The market has also seen recent renovations, exemplified by properties like the architectural jewel at 3107 Colyar Drive, which is now listed for $1,077,000.
To date, over 10,300 home sales have been recorded in the Chattanooga area in 2024, solidifying its reputation as a burgeoning real estate market. According to historical data, Chattanooga has seen an average increase of 3% per year in home values, further indicating an optimistic trajectory.
Conclusion
With a combination of attractive properties, market growth, and a thriving community, the Chattanooga luxury real estate market is well-positioned for continued success.
FAQ Section
What are the most expensive homes for sale in Chattanooga?
The five most expensive homes are listed from $2.95 million to $6.9 million, with the highest priced being $6.9 million at 31 Minnekahda Pl.
What is the average home price in Chattanooga as of 2024?
The average home price is approximately $330,000, with a projected increase of 2-3% throughout the year.
How many home sales have occurred in 2024 in Chattanooga?
Over 10,300 home sales have been recorded in the Chattanooga area as of this year.
What is unique about Chattanooga’s housing market?
Chattanooga’s market is noted for its increase in luxury home sales, now accessible to a broader range of buyers, not just the ultra-wealthy.
Chart of Key Market Features
| Feature | Details |
|---|---|
| Most Expensive Home | $6.9 million – 31 Minnekahda Pl. |
| Average Home Price | $330,000 |
| Projected Price Increase | 2-3% in 2024 |
| Available Properties | Approximately 2,800 |
| 2024 Home Sales | Over 10,300 |
| Interest Rate (30-Year Fixed Mortgage) | 6.9% |
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Additional Resources
- Times Free Press: How Much House $1 Million Buys You in Chattanooga
- Fox Business: Chattanooga Housing Market Heats Up
- Nooga Today: Homes with Fireplaces in Chattanooga, TN
- Dwell: Renovated Midcentury Home in Chattanooga
- Chattanoogan: Chattanooga’s Million Dollar Homes
- Wikipedia: Chattanooga
- Google Search: Chattanooga real estate
- Google Scholar: Chattanooga housing market
- Encyclopedia Britannica: Chattanooga
- Google News: Chattanooga luxury real estate
Author: STAFF HERE CHATTANOOGA WRITER
The CHATTANOOGA STAFF WRITER represents the experienced team at HEREChattanooga.com, your go-to source for actionable local news and information in Chattanooga, Hamilton County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Riverbend Festival, Chattanooga Oktoberfest, and Moon River Festival. Our coverage extends to key organizations like the Chattanooga Area Chamber of Commerce and United Way of Greater Chattanooga, plus leading businesses in manufacturing, insurance, and utilities that power the local economy such as Volkswagen Chattanooga, BlueCross BlueShield of Tennessee, and EPB. As part of the broader HERE network, including HEREBristol.com, HEREKnoxville.com, HEREMemphis.com, and HERENashville.com, we provide comprehensive, credible insights into Tennessee's dynamic landscape.
