Georgia Housing Market Analysis - August 2024

The Georgia housing market in August 2024 presents an interesting situation, characterized by a mix of declining prices and fluctuating sales metrics. This analysis delves into the key data points to provide a comprehensive overview of the current state of the market.

Price Trends

The Median Sales Price for homes in Georgia stands at $372,500, reflecting a year-over-year (YoY) decrease of 1.5%. Similarly, the Median List Price has also seen a decline, albeit a smaller one, at $383,100, down by 0.9% YoY. The median Price Per Square Foot has experienced a more significant drop, falling by 7.3% YoY to $187. Conversely, the Median List Price per square foot has increased by 3.2% YoY, now at $197.

Sales and Inventory

Home sales have taken a notable hit, with 10,923 Homes Sold in August 2024, marking an 8.1% decrease YoY. Pending Sales have also declined sharply, down by 13.2% YoY to 12,170. New Listings have seen a significant reduction, with a 15.2% YoY drop, totaling 14,223. However, inventory levels have risen by 4.5% YoY, reaching 35,724 homes. The Months of Supply have surged by 40.0% YoY, now standing at 3.3 months, indicating a shift towards a more balanced market.

Market Dynamics

The Median Days on Market have increased by 13.0% YoY, now at 43 days, suggesting that homes are taking longer to sell. The average sale to list ratio has slightly decreased by 0.7% YoY, now at 97.9%. The percentage of Homes Sold above list price has dropped by 7.7% YoY, now at 19.8%. Price Drops have become more common, with a 6.3% YoY increase, now at 34.3%. Additionally, the percentage of homes going off the market within two weeks has decreased by 9.4% YoY, now at 25.5%.

In summary, the Georgia housing market in August 2024 is characterized by declining prices and sales, coupled with increasing inventory and longer time on the market. These trends suggest a cooling market, providing potential opportunities for buyers while posing challenges for sellers.