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    • Georgia Housing Market at Mid-Year

    Home Sales Dip Slightly, While Prices Post Modest Gains

    July 29, 2024 (ATLANTA) — The release of the Georgia REALTORS®’ (GAR) June 2024 Housing Indicators, containing housing data for January through June, provides a snapshot of Georgia’s housing market for the first half of the year. Elevated interest rates have tempered the state’s real estate activity, similar to national trends. However, property values continue to rise, albeit at a significantly slower rate compared to recent years.

    From January through June, Georgia experienced a two percent overall decline in closed sales for existing homes compared to the same period in 2023. According to the National Association of REALTORS®, the national existing home market receded 5.4 percent over the same time frame.

    Other metrics for the Georgia housing market compared year over year are as follows:

    • New Listings increased 18 percent to 101,223
    • Pending Sales decreased one percent to 66,005
    • Days on Market decreased two percent to 42 days
    • The Median Sales Price increased four percent to $360,000
    • The Average Sales Price increased six percent to $437,266

    “Despite the cooling effect of elevated interest rates, Georgia’s real estate market continues to show resilience,” said Jim Barner, 2024 President of the Georgia REALTORS®. “While we have seen a slight decline in closed sales, the increase in new listings and stable pending sales are positive indicators for the state’s housing market.”

    Barner adds, “Georgia has been named the best state in the nation to do business1 for 10 consecutive years, and the U.S. Bureau of Labor and Statistics reports that jobs in Georgia grew 1.3 percent year over year in June.”

    “Our robust job market, with positions available at every level, is a strong consideration for individuals and families who are looking to relocate from other states as well as within the state,” he said.

    The Georgia REALTORS® (also referred to as “The Georgia Association of REALTORS®”) is a voluntary professional association of approximately 47,000 licensed real estate brokers and salespersons engaged in all aspects of the real estate business throughout Georgia.  GAR is the leading advocate for the real estate industry in Georgia, committed to protecting private property rights and free enterprise, maintaining ethical and professional standards, and enhancing the public’s awareness and confidence in REALTORS®.

     

     

    1Source: Area Development magazine, 2023