Georgia’s January Housing Market: Rise in Inventory and New Listings

The Monthly Housing Indicators for Georgia are in for January. Pending and Closed Sales were flat, with approximately a one percent increase and decrease respectively, year-over-year. However, New Listings in the market exhibited an upward trajectory. Median and Average Sales Prices similarly marked an increase as well.

• New Listings increased 14 percent to 14,224
• Pending Sales decreased one percent to 9,627
• Closed Sales increased one percent to 6,890
• Days on Market decreased two percent to 48 days
• The Median Sales Price increased six percent to $340,000
• The Average Sales Price increased seven percent to $402,107
• Inventory levels increased nine percent to 26,015 units
• Months Supply of Inventory was up to 2.6 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 six percent to $315,000. The price range that tended to sell the quickest was the $200,000 to $349,999 range at 37 days; the price range that tended to sell the slowest was the $500,000 or Above range at 42 days. The property type that gained the most inventory was the Townhouse/Condo segment, where it increased 24 percent. That amounts to 2.6 months supply for Single Family homes and 2.5 months supply for Townhouse/Condo.

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