November Georgia Housing Market

In November, Georgia’s housing market recorded New Listings were mostly flat, while Pending Sales and Closed Sales saw moderate declines. Prices showed mixed movement, with the Median Sale Price edging down and the Average Sales Price nudging up. Although inventory levels continue to climb, housing supply across the state remains tight.

• New Listings decreased one percent to 13,166
• Pending Sales decreased seven percent to 8,241
• Closed Sales decreased nine percent to 8,249
• Days on Market increased 5 percent to 59 days
• The Median Sales Price decreased one percent to $356,000
• The Average Sales Price increased two percent to $449,463
• Inventory levels increased 17 percent to 46,352 units
• Months Supply of Inventory was up to 4.5 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 three percent increase; Townhouse/Condos priced at $199,999 or less posted a 26 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 and Two Bedroom Townhouse/Condo both at 52 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. Single Family Homes One Bedroom or Fewer and Two Bedroom saw the largest median price increase at six 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 64 percent. Despite these double-digit increases, lack of inventory remains a challenge throughout the state.

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