Georgia’s July Housing Market: Lower Sales, Higher Prices

The July 2023 monthly indicators data indicates a slowing market year-over-year with fewer sales and rising prices, increased time on market for sellers, and tight inventory. New Listings fell and both Pending and Closed Sales declined. Homes took longer to sell as Days on Market jumped. Finally, prices continued to post modest gains, while Months Supply of Inventory levels rose.

• New Listings decreased 16 percent to 15,205
• Pending Sales decreased eight percent to 10,968
• Closed Sales were down 17 percent to 10,610
• Days on Market increased 55 percent to 34 days
• The Median Sales Price increased two percent to $358,000
• The Average Sales Price increased six percent to $429,447
• Inventory levels decreased seven percent to 25,935 units
• Months Supply of Inventory was up to 2.5 months

In terms of the Housing Supply Overview, which analyzes key metrics concerning price range, property type, and bedroom count, the Townhouse/Condo segment showed the most significant price gain, with Median Prices increasing by seven percent to $342,500. The data further revealed that properties within the price range of $200,000 to $299,999 sold the quickest, typically taking 34 days to sell. On the other hand, properties priced at $124,999 or less took the longest to sell, with an average of 51
days on the market. Regarding inventory, the Townhouse/Condo segment experienced an almost seven percent decrease. There is 2.3 months supply for Single Family homes and 2.5 months supply for Townhouse/Condo.

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