Georgia’s May housing market saw a 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 seven percent to 19,563
- Pending Sales decreased eight percent to 11,036
- Closed Sales decreased three percent to 11,850
- Days on Market increased six percent to 53 days
- Median Sales Price increased two percent to $370,500
- Average Sales Price increased two percent to $462,925
- Inventory levels increased six percent to 50,001 units
- Months Supply of Inventory was up to 4.9 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 either down or flat across Single Family Homes price ranges except for those priced at $500,000 and above, which posted a four percent increase; Townhouse/Condos priced at $200,000 to $349,999 posted an 18 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 23 percent.
- Median Sales Prices for Single Family Homes ranged from flat to modest increases 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 four percent
decrease. The Townhouse/Condos priced at $199,000 or Less posted the most significant increase at 31 percent. Despite these double-digit increases, lack of inventory remains a challenge throughout the state.
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