Georgia’s July Housing Market

The Monthly Housing Indicators for Georgia are in for July. New Listings and Closed Sales showed a moderate increase year-over-year, while Pending Sales showed a decrease. Median and Average Sales Prices saw modest growth and YoY inventory levels saw significant gains in July with around 12,000 more in 2024 than in 2023.

• New Listings increased 15 percent to 17,253
• Pending Sales decreased six percent to 10,145
• Closed Sales increased seven percent to 11,398
• Days on Market increased 18 percent to 39 days
• The Median Sales Price increased one percent to $365,000
• The Average Sales Price increased four percent to $446,629
• Inventory levels increased 49 percent to 36,882 units
• Months Supply of Inventory was up to 3.7 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 property type with the largest price gain was the Townhouse/Condo segment, where Median prices increased seven percent to $324,000. The price range that tended to sell the quickest was the $200,000 to $349,999 range at 38 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 80 percent. That amounts to 3.6 months supply for Single Family homes and 4 months supply for Townhouse/Condo.

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