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Local realtor presents January housing numbers; cites statewide 2024 real-estate economic impact
Summary
Josh Grama of Greater Chattanooga Realtors presented January market statistics for Red Bank and cited a National Association of Realtors report estimating $84.2 billion in real-estate economic impact in Tennessee in 2024, equal to about 15.7% of state gross product and roughly $120,000 in economic output per typical home sale.
Josh Grama, governmental affairs director for Greater Chattanooga Realtors, provided commissioners with January residential market statistics for Red Bank and shared a statewide housing-economy summary from the National Association of Realtors.
Grama said Red Bank had only four closed sales in January, which makes monthly statistics “wonky,” and he provided the packet data for the commission to review. He also summarized the NAR report for 2024: an estimated $84.2 billion in total real-estate economic activity in Tennessee in 2024, representing about 15.7% of the state's gross product. He said the average economic impact per typical home sale accounted for construction, renovations, furnishings and related spending and was "just over a hundred and $20,000." Grama said increasing available housing helps reduce costs and spreads tax burden more broadly.
Grama offered to follow up with commission members and left printed materials for their review. The citizen-comment period included no formal action by the commission.
