Georgia’s February Housing Market

The Monthly Housing Indicators for Georgia are in for February. New Listings saw modest year-over-year gains, while Pending and Closed Sales declined. Median Sales Prices stayed flat, while Average Sales Prices increased slightly. Despite an increase in inventory, lack of housing supply continues to remain a challenge across the state.

• New Listings increased seven percent to 16,166
• Pending Sales decreased 10 percent to 9,356
• Closed Sales decreased 10 percent to 8,190
• Days on Market increased 22 percent to 61 days
• The Median Sales Price was flat at $350,000
• The Average Sales Price increased four percent to $430,171
• Inventory levels increased 39 percent to 38,310 units
• Months Supply of Inventory was up to 3.8 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 prices increased four percent to $327,033. The price range that tended to sell the quickest was the $200,000 to $349,999 range at 47 days; the price range that tended to sell the slowest was the $199,999 or Less range at 49 days. The property type that gained the most inventory was the Townhouse/Condo segment, where it increased 60 percent. That amounts to 3.7 months supply for Single Family homes and 4.7 months supply for Townhouse/Condo.

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