Chattanooga, TN Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Chattanooga, TN Housing Market Trends

With a population of 182,799, 75,940 total housing units (homes and apartments), and a median house value of $211,826, Chattanooga real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Chattanooga, accounting for 59.00% of the city's housing units. Other types of housing that are prevalent in Chattanooga include large apartment complexes or high rise apartments ( 23.17%), duplexes, homes converted to apartments or other small apartment buildings ( 10.87%), and a few row houses and other attached homes ( 5.21%).

People in Chattanooga primarily live in small (one, two or no bedroom) single-family detached homes. Chattanooga has a mixture of owner-occupied and renter-occupied housing.

There is a lot of housing in Chattanooga built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Chattanooga built between 1940-1969 ( 32.97%). A lesser amount of the housing stock also hails from between 2000 and later ( 18.61%). There's also some housing in Chattanooga built before 1939 ( 11.95%).

Vacant housing appears to be an issue in Chattanooga. Fully 11.89% of the housing stock is classified as vacant. Left unchecked, vacant Chattanooga homes and apartments can be a drag on the real estate market, holding Chattanooga real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Chattanooga Home Appreciation Rates

Appreciation rates for homes in Chattanooga have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 50.11%, which ranks in the top 30% nationwide. This equates to an annual average Chattanooga house appreciation rate of 4.15%.

Appreciation rates are so strong in Chattanooga that despite a nationwide downturn in the housing market, Chattanooga real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Chattanooga appreciation rates continue to be some of the highest in America, at 7.44%, which is higher than appreciation rates in 92.26% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Chattanooga. Chattanooga appreciation rates in the latest quarter were at 2.32%, which equates to an annual appreciation rate of 9.59%.

Relative to Tennessee, our data show that Chattanooga's latest annual appreciation rate is higher than 90% of the other cities and towns in Tennessee.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Chattanooga differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Chattanooga - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Chattanooga real estate investment or home purchase decisions.

Average Home Values

 
info

Median Home Value:
$211,826

Chattanooga, TN HOME PRICES

> $1,247,000
1.2%
1.2%
$935,001 - $1,247,000
0.7%
0.7%
$623,001 - $935,000
3.6%
3.6%
$499,001 - $623,000
3.4%
3.4%
$374,001 - $499,000
8.3%
8.3%
$249,001 - $374,000
17.1%
17.1%
$125,001 - $249,000
42.0%
42.0%
$62,001 - $125,000
18.1%
18.1%
$0 - $62,000
5.6%
5.6%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

High for TN

Value Relative To Nation

Number Of Homes And Apartments:
75,940

Chattanooga Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
TN*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
103.33% 3.44%
9
8
* 10 is highest

Rent & Ownership

 
info

Average Market Rent:
$1,070 / per month

Homeownership Rate

Owners
50.0%
50.0%
Renters
50.0%
50.0%
Vacant
11.9%
11.9%
0.0% 100.0%
% OF HOMES

Housing Market Details

 
info

Age of Homes

2000 or Newer
18.6%
18.6%
1970 - 1999
36.5%
36.5%
1940 - 1969
33.0%
33.0%
1939 or Older
12.0%
12.0%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
59.0%
59.0%
Townhomes
5.2%
5.2%
Small Apt. Buildings
10.9%
10.9%
Apt. Complexes
23.2%
23.2%
Mobile Homes
1.6%
1.6%
Other
0.2%
0.2%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.9%
2.9%
1 Bedroom
12.0%
12.0%
2 Bedrooms
36.1%
36.1%
3 Bedrooms
34.9%
34.9%
4 Bedrooms
11.4%
11.4%
5 or more bedrooms
2.7%
2.7%
0.0% 100.0%
% OF HOMES