Is East Ridge, TN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, East Ridge has remained a Seller's Market.
Housing Prices in East Ridge, TN
How much do homes in East Ridge, TN cost?
Median Sold Price
$270,187
$184/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in East Ridge was $270,187 in May 2024, up 11% from last year, and the median price per square foot was $184.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $95.1K | - | N/A |
2 Bedrooms | $195K | $238.7K | +22.4% |
3 Bedrooms | $250.6K | $268K | +6.9% |
4 Bedrooms | $350.7K | $347K | -1.1% |
5+ Bedrooms | $280K | $546.2K | +95.1% |
Summary: East Ridge housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 22.4%, 3 bedroom homes increased by 6.9%, 4 bedroom homes decreased by 1.1%, and 5+ bedroom homes increased by 95.1%.
Median Sold Price Compared To Nearby Cities
Fort Oglethorpe-Lakeview | $223.9K | $250K | +11.6% |
East Ridge | $243.3K | $270.1K | +11.0% |
Boynton Ridge | $309.9K | $339K | +9.4% |
Chattanooga | $316.8K | $326.7K | +3.1% |
Rossville-Beverly Hills | $186K | $189K | +1.6% |
Housing Supply in East Ridge, TN
How many homes are available in East Ridge, TN?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
92 | 114 | +23.9% |
Summary: The East Ridge real estate market had 114 homes for sale in May 2024, a 23.9% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 1 | 1 | 0.0% |
2 Bedrooms | 18 | 21 | +16.7% |
3 Bedrooms | 59 | 72 | +22.0% |
4 Bedrooms | 12 | 18 | +50.0% |
5+ Bedrooms | 2 | 2 | 0.0% |
Summary: The East Ridge housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 16.7%, 3 bedroom homes increased by 22%, 4 bedroom homes increased by 50%, and 5+ bedroom homes remained the same.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
21 | 43 | +104.8% |
Asking Price vs. Sold Price
16 Homes Were Sold
Under Asking
18 Homes Were Sold
At Asking
9 Homes Were Sold
Over Asking
Summary: A total of 43 homes were sold or pending in East Ridge in May 2024, up by 104.8% month-over-month. Of the 43 sold homes, 37% were sold under asking, 42% were sold at asking, and 21% were sold over asking.
Days on Market for East Ridge, TN
How long does it take to sell a home in East Ridge, TN?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
29 Days | 20 Days | -28.5% |
Summary: Homes in East Ridge had an average of 20 days on market in May 2024, down by 28.5% compared to last year.
Breakdown of Home Sale Times
8 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During May 2024, 43 homes were sold in East Ridge; 19% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 2% of homes were sold over 90 days.