If you’re reading this post, you’re likely thinking about how to sell your home and move to Chattanooga, TN. But is the move worth it? Chattanooga is a beautiful destination that attracts tons of visitors every year, and more and more people are choosing to call Chattanooga home. Before you decide to sell your home in Tennessee and move down to Chattanooga, here are a few key things to consider.
How is the Chattanooga Housing Market?
According to Redfin, Chattanooga’s housing market currently earns a 59 out of 100, which is considered “Somewhat Competitive.” They report that some homes in Chattanooga receive multiple offers, which means you may wind up in a bidding war with someone else looking to move to the area. On average, homes in the city receive 2 offers each and sell in about 47 days.
Redfin also reports that the average home’s sale price in Chattanooga was $238,000 as of September 2020, which is up 19% from the same time last year. The sale price per square foot is $131, which is up almost 15% since last year. If you’re looking to sell your house and move to Chattanooga, now is the time, since prices don’t appear to be dropping any time soon!
What Does Chattanooga’s Population Growth Look Like?
World Population Review states that Chattanooga’s current population is just over 184,000, making it the 4thlargest city in the state of Tennessee. The city has a growth rate of 0.98% annually, and it has increased in population by 9.82% since the 2010 census. Per square mile, Chattanooga houses around 1,200 people.
Chattanooga is a very fast-growing city, with its population growth even outpacing nearby Knoxville. The population growth in this city has outpaced the national average for over 20 years, and it’s a trend that appears to be continuing.
How is Chattanooga’s Job Market?
According to BestPlaces, Chattanooga maintains a growing job market despite a recent increase in unemployment. The national average for unemployment is 3.7%, and at the time of writing, Chattanooga’s unemployment rate is 4.7%. However, the job market in the city has increased 2.8% in the last year (over the national average of 1.6%), and the job growth over the next decade is predicted to be 44.5%, above the national average of 33.5%.
The biggest job industries for Chattanooga include health care and social assistance, retail trade, manufacturing, accommodation and food services, and finance and insurance. The sales tax here is 9.3%, higher than the US average of 6.2%, but Chattanooga (and Tennessee in general) does have the added benefit of no income tax.
If you’re looking to sell your house in Tennessee and move your family to Chattanooga in 2020, there’s never been a better time. The job market is looking up, and more and more people are headed to this incredible city. It’s time to discover the friendly people, beautiful nature, and exciting activities in store for you in Chattanooga!