Buyer Demand Remains Robust for Georgia Housing Market in May

The Monthly Housing Indicators for Georgia are in for the month of May. As the weather heats up, and social distancing restrictions are lifted, the housing market shows no signs of slowing down. Average sales prices have increased 20 percent. year over year and closed sales are up 37 percent.
  • New Listings increased 6 percent to 17,007
  • Pending Sales were up 2 percent to 15,154
  • Closed Sales were up 37 percent to 14,354
  • Inventory levels shrank 51 percent to 17,171 units
  • The Median Sales Price increased 23 percent to $240,000
  • The Average Sales Price increased 20 percent to $363,502
  • Days on Market decreased 49 percent to 27 days
  • Months Supply of Inventory was down 60 percent to 1.2 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 – stark contrasts exist between single-family homes and townhomes/condos, and as well and lower-priced (199K or less) properties.

Pending Sales were up for all properties with the exception of homes priced between $125,000 to $199,000:

  • $124,999 or less – 3 percent increase
  • $125,000 – $199,999 – 13 percent decrease
  • $200,000 – $299,999 – 23 percent increase
  • $300,000 and above – 55 percent increase

Additionally, Pending Sales for residences with one bedroom or fewer posted the largest gain at 45 percent.

Other Housing Supply Overview Indicators include:

  • Days on Market decreased for all price ranges except for homes below $124,999, which increased by 3 percent. By housing type, one-bedroom condo/townhomes saw the largest increase in Days on Market at 7 percent.
  • Median Sales Price increased for all property types regardless of bedroom count.
  • Inventory was down across all housing types, regardless of price. Four-bedroom single-family homes saw the largest decrease at 60 percent.

Click here to access the full reports (page is password protected)