September Georgia Housing Market
Georgia’s September housing market saw a moderate decline in New Listings, Pending Sales and Closed Sales. Meanwhile, Median Sales Price and Average Sales Price posted slight gains. Inventory levels continue to rise, but overall housing supply across the state is still tight.
- New Listings decreased four percent to 18,041
- Pending Sales decreased 14 percent to 8,739
- Closed Sales decreased 10 percent to 9,786
- Days on Market increased nine percent to 62 days
- Median Sales Price increased one percent to $355,000
- Average Sales Price increased two percent to $450,334
- Inventory levels increased four percent to 55,422 units
- Months Supply of Inventory was up to 5.2 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 – the following indicators were noted:
- Pending Sales were slightly down or flat across Single Family Homes price ranges, with the most significant decrease at two percent priced at $350,000 to $499,999. Townhouse/Condos priced at $200,000 to $349,999 posted a 21 percent decrease as the largest decrease and an eight percent increase priced at $199,999 or Less.
- Days on Market are up across all property types and price ranges, with the most significant increase being for Townhouse/Condo priced at $200,000 to $349,999 at 16 percent and closely followed by Single Family Homes priced at $199,999 or Less at 13 percent.
- Median Sales Prices for Single Family Homes were flat and Median Sales Prices for Townhouse/Condo saw moderate decreases.
- Inventory increased for all property types and price levels, except for Single Family Homes priced at $199,999 or Less at an 11 percent decrease. The Townhouse/Condos priced at $199,000 or Less posted the most significant increase at 27 percent. Despite these double-digit increases, lack of inventory remains a challenge throughout the state.
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