Real Estate News & Market Insights:
Key takeaways
- In Georgia, New Listings, Pending Sales, and Closed Sales declined while Median and Average Sales Prices remained largely stable.
- Inventory levels increased across most property types, yet overall housing supply remains tight throughout Georgia.
- Days on Market rose for all property types; Townhouse/Condos experienced the largest sales decreases and notable inventory shifts.
Georgia’s July housing market saw a moderate decline in New Listings, Pending Sales, and Closed Sales. Meanwhile, Median Sales Price and Average Sales Price posted a slight increase. Inventory levels continue to rise, but overall housing supply across the state is still tight.
- New Listings decreased 13 percent to 17,789
- Pending Sales decreased 23 percent to 8,626
- Closed Sales decreased 21 percent to 9,482
- Days on Market increased 10 percent to 56 days
- Median Sales Price increased two percent to $370,000
- Average Sales Price increased six percent to $471,951
- Inventory levels increased four percent to 55,469 units
- Months Supply of Inventory was up to 5.2 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 or flat across Single Family Homes price ranges, with two percent price decrease in the $350,000 to $499,999 range; Townhouse/Condos priced at $200,000 to $349,999 posted the largest change, with a 31 percent decrease.
- 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 20 percent.
- Median Sales Prices for Single Family Homes ranged from flat to modest increases and Median Sales Prices for Townhouse/Condo saw moderate decreases.
- Inventory increased for all property types and price levels, except for Single Family Homes priced at $199,999 or Less, which posted a 13 percent decrease. The Townhouse/Condos priced at $199,000 or Less posted the most significant increase at 17 percent. Despite these double-digit increases, lack of inventory remains a challenge throughout the state.
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