Welcome to this month’s real estate market report for the State of Georgia. Average sale prices for single-family attached housing has dropped year to year, while single-family detached housing has increased. Market activity for both single-family attached and detached housing is down this year compared to one year ago. Find out more about the Georgia real estate market in this helpful market report.
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Georgia Housing Stats
The average sale price for single-family detached homes in Georgia at the end of April 2023 was $485,779, this is up from $466,916 at the end of April 2022.
The year-to-date average sale price for single-family detached homes in Georgia is up 6% year over year, increasing from $436,270 to $461,887.
There were just 5,016 sales of single-family detached homes in Georgia last month, this is a year-to-year drop in sales activity by 35%.
For the year so far there has been a total of 18,129 closings for residential-detached properties, this is down 34% compared to this time one year ago.
Active inventory for single-family detached homes in Georgia increased year to year, falling 39% from 6,749 to 9,395.
The average sale price for single-family attached homes in Georgia at the end of April was $377,693, this is down from $381,048 at the end of the previous April.
The year-to-date average sale price for residential attached homes is $374,259, this is a year-to-year increase of 3% from $363,898.
There was a year-to-year drop in closings for single-family detached homes for the month of April, closings fell 28% to just 1,133.
For the year so far, there has been a total of 4,133 closings for residential attached homes, this is down 28% compared to this time one year ago.
Inventory of single-family detached homes increased year to year, up from 1,119 at the end of April 2022, to 2,001 active listings in Georgia at the end of April 2023.
What Does This Mean For Buyers?
If you are looking for a home to buy in Georgia, detached home prices are up while attached home prices have fallen from one year ago. There is more inventory available to buyers this year than in 2022. Competition for both attached and detached homes has also dropped from one year ago. Buyers may expect to see detached home prices stay level for the remainder of the year. However, the summer season could spur undecided buyers to buy, which may spur home prices higher.
Buyers should realize that interest rates could go higher, and get a rate locked in as soon as possible. Buyers who do have financing in place, shouldn’t hesitate, but be ready to act as soon as the perfect home is found. If you are looking to buy a home in Georgia, give us a call, and let us put our experience to work for you!
What Does This Mean For Sellers?
If you are selling a detached or attached home in Georgia, expect that home to sit on the market a little longer than average. Sales activity has slowed compared to one year ago and sellers may have to adjust their sales strategy accordingly. While home values for detached homes have increased, attached home values have fallen over the last twelve months. As the summer season approaches more buyers should enter the market, which may in turn boost prices for highly sought-after properties. Sellers in lower value markets may see the summer sales volume seasonal average lower.
If you are thinking of selling your home in Georgia, give us a call today. We understand how our unique market works, and know how to sell your home even in tough market conditions. Give us a call today and lets get your home listed!
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Cobb County Homes for Sale
Here are the most recent home listings just added to the database in the median sale price range for Cobb County – all homes here are priced at $485,779 or less.
