Median Sales Price Increase in Georgia Housing Market in August

The Monthly Housing Indicators for Georgia are in for August. Median Sales Prices were up 15 percent year-over-year, Days on the Market decreased 14 percent, and Months Supply of Inventory rose 47 percent.
  • New Listings decreased three percent to 17,427
  • Pending Sales decreased 18 percent to 12,635
  • Closed Sales were down 17 percent to 12,958
  • Inventory levels increased 32 percent to 28,391 units
  • The Median Sales Price increased 15 percent to $345,000
  • The Average Sales Price increased 15 percent to $404,868
  • Days on Market decreased 14 percent to 25 days
  • Months Supply of Inventory was up 47 percent to 2.2 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 – stark contrasts exist between single-family homes and townhomes/condos, and as well and lower-priced (199K or less) properties. Pending Sales were down for all properties with the exception of homes priced $300,000 and above:

  • $124,999 or less – 13 percent decrease
  • $125,000 – $199,999 – 42 percent decrease
  • $200,000 – $299,999 – 28 percent decrease
  • $300,000 and above – 18 percent increase

Additionally, Pending Sales for existing townhomes with three bedrooms posted the largest gain at 33 percent. Other Housing Supply Overview Indicators include:

  • Days on Market decreased for all price ranges and property types.
  • Median Sales Price increased for all property types regardless of bedroom count.
  • Inventory was down for all home types priced at $199,000 and below. One-bedroom townhomes/condos saw the largest decrease at 25 percent.
  • Properties priced at $200,000 – $299,000 saw a modest increase of 2.4 percent, while properties listed at $300,000 and above posted a significant 64% increase in inventory.

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