HOA Management Company Chattanooga, TN

Remote HOA Management in Chattanooga

Chattanooga, nestled in southeastern Tennessee along the Tennessee River, is a city renowned for its stunning natural beauty, historical significance, and vibrant economy. Established in 1838, Chattanooga has grown from a small settlement to a major urban center known as the "Scenic City" due to its picturesque surroundings, including mountains, ridges, and the river.

Chattanooga's history is deeply connected to its strategic location along the river and its position at a natural gateway through the Appalachian Mountains. This made the city a crucial transportation hub, especially during the 19th century when it became a key railway center. The city played a significant role in the Civil War, particularly during the Battles of Chattanooga in 1863, which were pivotal Union victories that helped secure control of the region.

Post-war, Chattanooga continued to develop, driven by its railroads and industry. The city became a center for manufacturing, particularly in the iron and steel industries. Over time, Chattanooga diversified its economy, and today it is known for its vibrant blend of industry, commerce, and technology.

The economy of Chattanooga is diverse and robust, with key sectors including advanced manufacturing, transportation and logistics, healthcare, and tourism. The city is home to major employers like Volkswagen, Amazon, and BlueCross BlueShield of Tennessee. The revitalization of the downtown area and the development of the Chattanooga Riverfront have spurred tourism, drawing visitors to attractions such as the Tennessee Aquarium, Lookout Mountain, and the Creative Discovery Museum.

Chattanooga has also gained recognition as a hub for innovation and technology. The city is home to one of the fastest internet services in the Western Hemisphere, known as "Gig City," which has attracted numerous tech startups and entrepreneurs. This high-speed internet infrastructure supports the growing technology sector and positions Chattanooga as a competitive player in the digital economy.

Education plays a vital role in Chattanooga's community and economy. The city is home to the University of Tennessee at Chattanooga (UTC), Chattanooga State Community College, and several private institutions. These institutions contribute significantly to the local economy through employment, research, and by attracting students from across the region and beyond.

Chattanooga has experienced steady population growth in recent years. According to the U.S. Census Bureau, the population of Chattanooga grew from approximately 155,000 in 2000 to over 182,000 in 2020. This growth reflects the city's economic opportunities, high quality of life, and scenic beauty. The broader metropolitan area, known as the Chattanooga Metropolitan Statistical Area, has a population of nearly 570,000 people.

The demographics of Chattanooga reflect a diverse and evolving population. The city has a significant African American community, accounting for about 34% of the population. Hispanic or Latino residents make up around 7% of the population, and there are smaller but growing Asian and other minority communities. The median age in Chattanooga is approximately 37 years, indicating a balanced and dynamic population.

Cultural and recreational amenities are abundant in Chattanooga. The city's vibrant arts scene includes numerous galleries, theaters, and music venues. Chattanooga is known for its outdoor recreational opportunities, with extensive trails, parks, and waterways that offer activities such as hiking, biking, and kayaking. The city's culinary scene is also notable, offering a mix of traditional Southern cuisine and diverse international options.

Chattanooga's transportation infrastructure supports its role as a regional hub. Major highways, including Interstates 24, 75, and 59, intersect in the city, providing easy access to other parts of Tennessee and the broader Southeast. Chattanooga Metropolitan Airport (CHA) offers flights to domestic destinations, while the city's public transit system, CARTA, provides bus services throughout the metropolitan area and includes a free electric shuttle service in the downtown area.

Here are some key statistics on the real estate market in Chattanooga, Tennessee, as of late 2023:

Home Prices:

• Median home price: Approximately $275,000 (as of mid-2023).

• Year-over-year price increase: Around 6%.

Market Trends:

• Homes typically spend around 30-35 days on the market before being sold.

• Many properties receive multiple offers, often selling at or above the asking price.

Inventory:

• The inventory of homes for sale is moderate, with a supply of around 2-2.5 months, indicating a competitive but not overly tight market.

• New construction is ongoing, with several residential developments in progress to meet the growing demand.

Rental Market:

• Median rent for a one-bedroom apartment: Approximately $1,100 per month.

• Median rent for a two-bedroom apartment: Approximately $1,300 per month.

• Rental rates have increased by about 3-5% year-over-year.

Sales Volume:

• Annual home sales: Over 10,000 units.

• Monthly home sales: Approximately 800-900 units.

Population Growth:

• Chattanooga's population growth rate: Around 1-1.5% per year.

• The metropolitan area's population: Nearly 570,000 people.

Economic Indicators:

• Unemployment rate: Approximately 4-5%.

• Major industries: Advanced manufacturing, technology, healthcare, and tourism.

Neighborhood Hotspots:

• High-demand areas: Northshore, Southside, St. Elmo, East Brainerd, and Hixson.

• These neighborhoods are popular due to their amenities, proximity to downtown, and vibrant cultural scenes.

Affordability Index:

• Chattanooga's housing affordability index: Slightly above the national average, reflecting moderate home prices relative to median income levels.

Chattanooga continues to flourish as a city of natural beauty and cultural richness, with a diverse economy and a vibrant community, making it an attractive place for both residents and visitors. Numerus is committed to provide transparent service and amazing value to our clients in Chattanooga. Our hybrid approach to is a great alternative for HOAs who do not need a full service HOA management company. Contact us today for more information and a free quote!