Georgia’s August housing market saw a moderate decline in both Pending Sales and Closed Sales. Meanwhile, Median Sales Price and Average Sales Price were both essentially flat. Inventory levels continue to rise, but overall housing supply across the state is still tight.
- New Listings decreased one percent to 18,607
- Pending Sales decreased 11 percent to 9,950
- Closed Sales decreased six percent to 10,537
- Days on Market increased seven percent to 58 days
- Median Sales Price increased one percent to $355,580
- Average Sales Price increased less than one percent to $444,971
- Inventory levels increased three percent to 54,369 units
- Months Supply of Inventory was up to 5.1 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 slightly down or flat across Single Family Homes price ranges, with the most significant decrease at one percent priced at $350,000 to $499,999; Townhouse/Condos priced at $200,000 to $349,999 posted a 19 percent decrease as the largest change.
- 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 16 percent and closely followed by Single Family Homes priced at $199,999 or Less at 15 percent.
- Median Sales Price for Single Family Homes was flat while Median Sales Price for Townhouse/Condo saw moderate decreases.
- Inventory increased for all property types and price levels, except for Single Family Homes priced at $199,999 or Less, which posted an 11 percent decrease. The Townhouse/Condos priced at $199,000 or Less posted the most significant increase at 20 percent. Despite these double-digit increases, lack of inventory remains a challenge throughout the state.
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