Georgia Housing Market Analysis - September 2024
The Georgia housing market in September 2024 presents a complex landscape, characterized by modest price increases amidst declining sales and rising inventory. The Median Sales Price for homes in Georgia stands at $377,400, reflecting a year-over-year increase of 1.4%. Similarly, the Median List Price has risen by 1.1% to $385,700. These figures suggest a stable pricing environment, albeit with slower growth compared to previous years.
Price Per Square Foot has seen a more significant rise, with the median Price Per Square Foot increasing by 2.3% to $190, and the Median List Price per square foot climbing by 4.3% to $198. This indicates a stronger appreciation in property value on a per-square-foot basis, which may appeal to investors and buyers focusing on long-term value.
Despite the upward trend in prices, the number of Homes Sold has decreased by 8.3% year-over-year, totaling 9,534 units. Pending Sales have also dropped by 8.6%, with 10,712 transactions awaiting closure. This decline in sales activity is further compounded by a significant reduction in New Listings, which have fallen by 17.7% to 12,307. The contraction in New Listings suggests a potential supply constraint, which could influence future market dynamics.
Inventory levels, however, have increased by 3.9% to 36,263 homes, contributing to a rise in the Months of Supply, now at 3.8 months—a substantial 40% increase from the previous year. This indicates a shift towards a more balanced market, where supply is beginning to catch up with demand.
The Median Days on Market have extended by 15% to 47 days, reflecting a slower pace in the market. This is further evidenced by the average sale to list ratio, which has slightly decreased by 0.4% to 98.0%, and the percentage of Homes Sold above list price, which has dropped by 5.7% to 19.2%. These metrics suggest that buyers are gaining more negotiating power, as sellers are increasingly willing to accept offers below the asking price.
Price Drops have become more prevalent, with 29.7% of listings experiencing reductions, marking a 2.7% increase from last year. Additionally, the percentage of homes going off the market within two weeks has decreased by 8.9% to 24.3%, indicating a slower turnover rate.
Overall, the Georgia housing market in September 2024 is characterized by stable yet modest price growth, declining sales activity, and an increase in inventory. These trends suggest a market in transition, with potential opportunities for buyers to negotiate better deals as the balance between supply and demand shifts.
