Georgia Real Estate Trends: Prices Stable as Inventory Grows

Georgia’s housing market saw decreases in New Listings, Pending Sales, and Closed Sales. Median Sales Price held steady and Average Sales Price had a moderate increase. Although inventory levels continue to climb, housing supply across the state remains tight.

• New Listings decreased one percent to 16,244

• Pending Sales decreased six percent to 9,452

• Closed Sales decreased two percent to 8,332

• Days on Market increased 12 percent to 68 days

• Median Sales Price stayed flat at $350,000

• Average Sales Price increased three percent to $441,786

• Inventory levels increased 12 percent to 43,104 units

• Months Supply of Inventory was up to 4.2 months

  
  

Looking at the Housing Supply Overview – which takes a closer look at key metrics in relation to price range, property type and bedroom count – the following indicators were noted:

• Pending Sales were down across Single Family Homes price ranges except for those priced at $500,000 and above, which posted a four percent increase, and the $200,000 to $349,999 range stayed flat; Townhouse/Condos priced at $199,999 or less posted a 40 percent increase as the highest change.

  
  

• Days on Market are up across all property types and price ranges, with the most significant increase being for townhouse/Condo priced at $199,999 or Less at 42 percent.

• Median Sales Prices for Single Family Homes ranged from flat to modest. Median Sales Prices for Townhouse/Condo saw moderate decreases with the exception being a 10 percent decrease with four or more bedrooms.

  
  

• Inventory increased for all property types and price levels, with Townhouse/Condos priced at $199,000 or Less posting the most significant increase at 38 percent. Despite these double-digit increases, lack of inventory remains a challenge throughout the state.

Information from the Georgia Association of REALTORS®