RECAP: Georgia Housing Market in 2024
Modest Gains Amid Shifting Conditions
(ATLANTA – January 31, 2025) — The 2024 Georgia Housing Marketing Annual Report reveals a year marked by modest recovery for the state’s housing market, though continued challenges are evident.
The Median Sales Price climbed by three percent to $360,000, while the Average Sales Price saw a slightly higher increase of five percent, reaching $439,492. Columbus and Savannah posted the largest increases in Median prices year over year, with Columbus posting an 8.4% increase ($195,000) and Savannah posting a 6.8 percent increase ($363,000).
Both Pending and Closed Sales were flat, posting only a half percent and one-third percent increase respectively.
New Listings hit a five-year high, reaching 193,260, which was an increase of 16 percent year over year. Inventory levels averaged 3.5 months for New Construction and 3.4 months for Existing Homes. While this is an improvement over recent years, low inventory remains a challenge for buyers statewide.
The market’s performance throughout the year was shaped by evolving economic conditions, particularly the ongoing fluctuation of mortgage rates*, which started at 6.6 percent at the beginning of 2024, posting a high of 7.2 percent in May, a low of 6.08 in September, and ended the year at 6.85, according to Freddie Mac.
Stephen P. Walker, 2025 Georgia REALTORS® President, highlighted the importance of working with local REALTORS® during this dynamic period. “The data shows that inventory is growing, albeit slowly, and conditions are shifting, but real estate remains hyperlocal,” he said. “Trends across Georgia can vary greatly depending on your area, and a local expert will ensure that you are guided through every step of the complex home buying or selling process, keeping current conditions in mind.”
Brad Mock, CEO of Georgia REALTORS®, emphasized the importance of adaptability in today’s housing market. “The 2024 housing market data shows us that flexibility is key in navigating the purchase or sale of a home,” Mock said. “Buyers and sellers alike need trusted guidance to make informed decisions. At Georgia REALTORS®, we are proud to support our members and the communities they serve by providing insights, resources, and advocacy that empower success in any market condition.”
Click here to read the full report.
The 2024 Georgia Housing Market Annual Report is compiled from the data of 14 MLSs across the state and represents more than 92 percent of the real estate activity in Georgia.
Georgia REALTORS® is a voluntary professional association comprised of approximately 48,000 licensed real estate brokers and salespersons engaged in all aspects of the real estate business throughout the state. Georgia REALTORS® is the leading advocate for the real estate industry in Georgia, committed to protecting private property rights and free enterprise, maintaining ethical and professional standards, and enhancing the public’s awareness and confidence in REALTORS®.
* Based on 30-year fixed mortgages
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