News Summary
The Chattanooga real estate market is gaining momentum, with over 10,300 homes sold in 2024 and several high-value transactions marking the trend. Properties like 1615 Shady Circle and 298 Noll Street have fetched impressive prices, reaching as high as $3.1 million. Ongoing developments, including a new Hilton hotel in Lookout Valley, and community initiatives bolster the economic outlook. With average home prices rising and inventory approaching normal levels, Chattanooga remains attractive to potential buyers, thanks to its tax-friendly status and vibrant lifestyle.
Chattanooga – The real estate market in Chattanooga is experiencing a notable surge, characterized by several significant home sales and ongoing developments. In 2024 alone, over 10,300 homes have changed hands, signaling a warming market that has captured the interest of both buyers and sellers alike.
Recently, several high-value properties have sold at impressive figures. Notable transactions include:
- 1615 Shady Circle: Sold for $1,040,000, this property features 4 bedrooms, 3 bathrooms, and encompasses 3,226 square feet on a 0.3-acre lot. The buyers are John Wells Mccravey and Georgia Dicks Mccravey, purchasing from sellers Eric Nance Mccartt and Intan Widi Mccartt.
- 7434 Savannah Drive: This home fetched $1,050,000 and includes 4 bedrooms, 3 bathrooms, and 3,648 square feet on a 1.1-acre lot. The buyers, Daniel Peoples and Julie Peoples, acquired it from Matthew H Mason and Catherine A Mason.
- 719 Black Creek Drive: Sold for $1,250,000, the property offers 4 bedrooms and 4.5 bathrooms over 4,118 square feet on a 0.28-acre lot. Justin Rose and Katie Miller are the new owners, purchasing from Scott W Hammond and Karen K Hammond.
- 824 Danbury Cove Place: This home was sold for $1,300,000, featuring 5 bedrooms, 4.5 bathrooms, and 4,484 square feet on a 0.34-acre lot. The buyers are Aaron Cohen and Cori Cohen, who bought it from Arthur Dizon and Ginger Dizon.
- 1295 Enclave Road: Transferred for $1,475,000, this property boasts 5 bedrooms, 5.5 bathrooms, and 5,706 square feet on a 0.6-acre lot. The buyers, Daniel Stephen Hendry and Catherine Hendry, purchased it from Ross A Cohn and Nataria P Cohn.
- 298 Noll Street: The highest sale was recorded for this property at $3,100,000. With 5 bedrooms and 5.5 bathrooms over 5,759 square feet on a 0.3-acre lot, it was acquired by John Beroset and Katherine Beroset from sellers Jason L Whittle and Tabitha D Whittle.
Ongoing developments further enhance the local real estate landscape, with Vision Hospitality Group breaking ground on a 150-key Hilton dual-brand property in Lookout Valley. The hotel is set to open by the fall of 2026, reflecting continued investment in Chattanooga’s economic future.
Community organizations are also actively contributing to the local economy. Habitat for Humanity of Greater Chattanooga recently hosted the 2025 Women Build Brunch, successfully raising over $146,000, which exceeded their fundraising target by a substantial margin.
In January 2024, the average home price in the Chattanooga area was $330,000, with projections indicating a 2-3% price increase for the remainder of the year due to ongoing demand. During that same month, the area reported nearly 560 closed sales and almost 790 pending sales, underscoring the robust nature of the current market.
As inventory levels approach a normal market state, Chattanooga remains a tax-friendly locale in Tennessee, notable for its absence of state income tax, which is an attractive feature for potential buyers. The gradual increase in housing inventory is contributing to a healthier real estate environment, creating opportunities for both buyers and sellers alike.
The real estate market in Chattanooga is looking forward to promising years in 2025 and 2026. The city’s appealing aspects, such as a low cost of living and a growing sense of community, are expected to drive continued interest and investment in the area. Additionally, residents benefit from an outdoor lifestyle, with opportunities for rock climbing, biking, and hiking, coupled with the renowned southern hospitality that characterizes the region.
Overall, the combination of thriving residential sales, new developments, and an increasing supply of homes positions Chattanooga as a noteworthy market to watch in the coming years.
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Additional Resources
- Fox Business: Chattanooga Housing Market Heats Up
- Times Free Press: Nashville Mural on Chattanooga Real Estate Office
- Chattanoogan: Chattanooga’s Million Dollar Homes
- NoraDare Real Estate: Chattanooga Real Estate Market
- Stacker: Cities with Fastest Growing Home Prices in Tennessee
- Wikipedia: Chattanooga
- Google Search: Chattanooga Real Estate Market
- Google Scholar: Chattanooga Housing Market
- Encyclopedia Britannica: Chattanooga
- Google News: Chattanooga Real Estate
