Georgia Housing Market in January

The Monthly Housing Indicators for Georgia are in for January. New Listings saw year-over-year gains, while Pending Sales declined. Closed Sales were relatively flat. Both Median and Average Sales Prices increased. While inventory levels continue to rise, lack of housing supply remains a challenge across the state.

• New Listings increased 12 percent to 16,183
• Pending Sales decreased 15 percent to 8,276
• Closed Sales increased two percent to 7,158
• Days on Market increased 29 percent to 63 days
• The Median Sales Price increased three percent to $349,900
• The Average Sales Price increased six percent to $426,710
• Inventory levels increased 40 percent to 36,952 units
• Months Supply of Inventory was up to 3.7 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 property type with the largest price gain was the Townhouse/Condo segment, where Median prices increased three percent to $325,000. The price range that tended to sell the quickest was the $200,000 to $349,999 range at 46 days; the price range that tended to sell the slowest was the $500,000 or Above range at 48 days. The property type that gained the most inventory was the Townhouse/Condo segment, where it increased 66 percent. That amounts to 3.6 months supply for Single Family homes and 4.4 months supply for Townhouse/Condo.

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