The Monthly Housing Indicators for Georgia are in for September. New Listings and Closed Sales each posted modest gains, while Pending Sales retracted slightly. Median Sale Price saw a slight dip, while the Average Sales Price was flat. Although inventory levels continue to climb, housing supply across the state remains tight.
- New Listings increased 11 percent to 18,048
- Pending Sales decreased one percent to 9,400
- Closed Sales increased four percent to 10,257
- Days on Market increased 19 percent to 56 days
- The Median Sales Price decreased three percent to $355,000
- The Average Sales Price increased one percent to $448,363
- Inventory levels increased 20 percent to 47,848 units
- Months Supply of Inventory was up to 4.7 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 following indicators were noted:
- Pending Sales were down across all property types and price ranges except for Single Family Homes priced at $500,000 and above, which posted a five percent increase; Townhouse/Condos priced at $199,999 or less posted a 27 percent increase.
- 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 69 percent.
- Median Sales Prices ranged from flat to modest, with the exception being a nine percent decrease in Townhomes/Condos with four or more bedrooms. One Bedroom or Fewer and Two Bedroom Single Family Homes saw the largest median price increase at five percent.
- Inventory increased for all property types and price levels, with Townhouse/Condos priced at $199,000 or Less posting the most significant increase at 66 percent. Despite these double-digit increases, lack of inventory remains a challenge throughout the state.
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