Georgia Housing Market: November 2024 Analysis
The Georgia housing market in November 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price for homes in Georgia stands at $373,400, reflecting a slight decrease of 0.1% year-over-year (YoY). This marginal decline suggests a stabilization in home prices, despite broader economic pressures.
In contrast, the Median List Price has experienced a more noticeable decline, down 2.2% YoY to $375,200. This indicates that sellers may be adjusting their expectations in response to market conditions. However, the median Price Per Square Foot has increased by 2.4% YoY to $186, suggesting that while overall prices are slightly down, the value of space is appreciating.
Sales activity has also seen a downturn, with 8,732 Homes Sold, marking a 2.9% decrease YoY. Pending Sales are relatively stable, with a minor decline of 0.2% YoY, totaling 9,776. This stability in Pending Sales could indicate a potential rebound in the coming months. New Listings have significantly decreased by 17.5% YoY to 9,693, which may contribute to the tightening of available inventory.
Inventory levels have increased by 3.9% YoY, reaching 35,316 homes. This rise in inventory, coupled with a 20% increase in Months of Supply to 4.0 months, suggests a shift towards a more balanced market, potentially easing the competitive pressure seen in previous years. The Median Days on Market have increased by 14% YoY to 53 days, indicating that homes are taking longer to sell.
The average sale to list ratio has slightly decreased by 0.4% YoY to 97.7%, reflecting a narrowing gap between asking and selling prices. The percentage of Homes Sold above list price has dropped by 3.9% YoY to 18%, further highlighting the cooling of competitive bidding wars. Price Drops have increased by 1.5% YoY to 26.4%, suggesting that sellers are more frequently adjusting prices to attract buyers.
Finally, the percentage of homes going off the market within two weeks has decreased by 5.8% YoY to 20.4%, indicating a slower pace in the market. This slowdown may provide buyers with more time to make informed decisions, potentially leading to more stable market conditions in the near future.
