March Georgia Housing Market
Georgia’s housing market kicked off the spring season with mixed trends. Pending Sales declined, while Closed Sales saw a slight uptick and New Listings remained steady. Median Sales Price held flat and Average Sales Price posted a moderate increase. Inventory levels continue to rise, but overall housing supply across the state is still tight.
- New Listings increased one percent to 20,269
- Pending Sales decreased five percent to 11,722
- Closed Sales increased four percent to 10,794
- Days on Market increased seven percent to 62 days
- Median Sales Price stayed flat at $350,000
- Average Sales Price increased one percent to $441,996
- Inventory levels increased 11 percent to 44,932 units
- Months Supply of Inventory was up to 4.4 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 down across Single Family Homes price ranges except for those priced at $500,000 and above, which posted a three percent increase, and the $200,000 to $349,999 range stayed flat; Townhouse/Condos priced at $500,000 and Above posted a 20 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 38 percent.
- Median Sales Prices for Single Family Homes ranged from flat to modest increases Median Sales Prices for Townhouse/Condo saw moderate decreases.
- Inventory increased for all property types and price levels, with Townhouse/Condos priced at $199,000 or Less posting the most significant increase at 28 percent. Despite these double-digit increases, lack of inventory remains a challenge throughout the state.
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