Georgia Housing Market Remains Steady in October

Georgia’s housing market held steady in October. New Listings ticked up, Closed Sales were unchanged, and Pending Sales declined slightly. Prices showed mixed movement, with the Median Sale Price edging down and the Average Sales Price nudging up. Although inventory levels continue to climb, housing supply across the state remains tight.

• New Listings increased five percent to 17,955
• Pending Sales decreased three percent to 9,642
• Closed Sales stayed flat at 10,130
• Days on Market increased 10 percent to 57 days
• The Median Sales Price decreased one percent to $356,000
• The Average Sales Price increased two percent to $450,502
• Inventory levels increased 19 percent to 48,209 units
• Months Supply of Inventory was up to 4.7 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 following indicators were noted:

• Pending Sales were down across all property types and price ranges except for Single Family Homes priced at $500,000 and above, which posted a five percent increase; Townhouse/Condos priced at $199,999 or less posted a 22 percent increase.
• 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 57 percent.
• Median Sales Prices ranged from flat to modest, with the exception being a nine percent decrease in Townhomes/Condos with four or more bedrooms. One Bedroom or Fewer and Two Bedroom Single Family Homes saw the largest median price increase at six percent.
• Inventory increased for all property types and price levels, with Townhouse/Condos priced at $199,000 or Less posting the most significant increase at 54 percent. Despite these double-digit increases, lack of inventory remains a challenge throughout the state.

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