Georgia Real Estate Market Insights for July 2024
Georgia Housing Market Analysis - July 2024
The Georgia housing market in July 2024 presents a mixed landscape, characterized by fluctuations in key metrics. This analysis delves into the various aspects of the market, providing a comprehensive overview of the current state and year-over-year (YoY) changes.
Median Sales Price
The median sales price in Georgia for July 2024 stands at $379,600. This figure represents a slight decrease of 0.03% compared to the previous year. The marginal decline suggests a stabilization in home prices, potentially indicating a balanced market where neither buyers nor sellers hold a significant advantage.
Median List Price
The median list price for homes in Georgia is $390,400 reflecting a 2% decrease YoY. This reduction in list prices may be indicative of sellers adjusting their expectations in response to market conditions, possibly to attract more buyers in a competitive environment.
Price Per Square Foot
The median price per square foot has risen to $190 marking a 3% increase YoY. Similarly, the median list price per square foot has increased by 4%, now standing at $198. These increases suggest that while overall home prices may have slightly decreased, the value attributed to each square foot of property has appreciated, indicating a demand for quality and well-utilized space.
Homes Sold and Pending Sales
In July 2024, a total of 11,632 homes were sold in Georgia, representing a 4% increase YoY. This uptick in sales volume highlights a robust demand for housing. However, pending sales have decreased by 8%, totaling 12,568. The decline in pending sales could signal a potential slowdown in future transactions, possibly due to economic factors or seasonal variations.
New Listings and Inventory
The number of new listings in Georgia has decreased by 11% YoY, with 14,611 new properties entering the market. Despite the reduction in new listings, the overall inventory has increased by 7%, reaching 35,371 homes. This increase in inventory suggests that homes are staying on the market longer, contributing to a higher supply of available properties.
Months of Supply
The months of supply metric remains unchanged at 3.0 months YoY. This figure indicates a balanced market, where the supply of homes is sufficient to meet the current demand. A stable months of supply metric suggests that the market is neither favoring buyers nor sellers significantly.
Median Days on Market
The median days on market for homes in Georgia has increased by 9% YoY, now averaging 38 days. This increase indicates that homes are taking slightly longer to sell, which could be a result of the increased inventory and the adjustments in list prices.
Average Sale to List Price Ratio
The average sale to list price ratio has decreased by 1% YoY, now standing at 0.98. This ratio indicates that, on average, homes are selling for 98% of their list price. The slight decrease suggests that buyers may have more negotiating power, leading to sales prices being slightly lower than the initial list prices.
Sold Above List Price
The percentage of homes sold above list price has decreased by 8% YoY, now at 22%. This decline indicates that fewer homes are selling for more than their asking price, which could be a sign of a cooling market or more realistic pricing strategies by sellers.
Price Drops
The percentage of price drops remains unchanged YoY at 34.46%. This stability suggests that a significant portion of sellers are still adjusting their prices downward to attract buyers, reflecting ongoing market dynamics and competition.
Off Market in Two Weeks
The percentage of homes going off the market within two weeks has decreased by 10% YoY, now at 27%. This decline indicates that homes are taking longer to sell, which aligns with the increase in median days on market and the higher inventory levels.
In conclusion, the Georgia housing market in July 2024 exhibits a blend of stability and change. While certain metrics such as the median sales price and months of supply remain relatively stable, others like pending sales and new listings show notable declines. The increase in inventory and median days on market suggests a shift towards a more balanced market, where buyers may have more options and negotiating power. Overall, the market dynamics indicate a period of adjustment and stabilization, with potential opportunities for both buyers and sellers.
