Welcome to this month’s real estate market report for the State of Georgia. For the month of February 2023, single-family home sales overall were down from one year ago. However, inventory of homes available continues to increase. Find out more about how the real estate market in Georgia has performed last month with this helpful report.
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Georgia Housing Stats
The average sale price of single-family detached homes at the end of February was $440,992, which is up from $416,088 at the end of the previous February.
For the year so far, the average sale price of single-family detached homes in Georgia is up 7% from this time last year, up from $413,675 to $440,992.
There was a total of 4,139 sales of single-family detached homes during February, this is down 24% compared to one year ago.
There is a year-to-year increase in active single-family detached home listings, up 55% to 9,757, up from 6,280.
The average sale price of single-family attached homes at the end of last month was $376,081, which is up from $352,984 at this time one year ago.
For the year so far, the average sale price of single-family attached homes is up 5% compared to this time last year, rising from $349,322 to $368,237.
There was a total of just 923 closings of single-family detached homes in Georgia last month, which is a decrease of 31% compared to the previous February.
Total active inventory of single-family attached homes also increased from one year ago, up 125%, from 934 at the end of the previous February to 2,099 active listings at the end of last month in Georgia.
At the end of February 2023 in Georgia, there was a total of 17,082 listings for all property types, this is down month to month from 18,205 at the end of January 2023.
There were 8,396 new listings entered for all property types in February, down from 11,192 during the previous February. For the year so far, new listings of all property are down compared to this time one year ago, falling from 21,466 to 17,257.
What Does This Mean For Buyers?
Buyers looking for a single-family attached or detached home in Georgia can expect to find home prices higher, however, there are more properties to choose from. While buyers need to have a strategy in place and act quickly, expectations need to be managed. Activity is typically slower over the winter months and buyers may find less competition for in-demand homes, which gives buyers some much-needed leverage in certain situations.
Buyers should have financing in place and understand that time is not on their side. As we head into the summer buying season, more buyers will enter the market which can create more demand and drive prices upward. If you are thinking of buying a home in Georgia, give us a call today and we will find you the perfect home.
What Does This Mean For Sellers?
While the market is typically slower in the winter seasons, there is still continuing demand for properties of all types. While there has been an increase in inventory, home prices for attached and detached properties are continuing to climb. While interest rates have climbed and slowed demand. Georgia continues to be a State that is highly desired by out of state buyers.
As we head in to the summer buying season, expect an uptick in demand of homes and further increase in home prices. If you are thinking of selling your home, give us a call today and we will help get your sold as quick as possible.
We help buyers and sellers every day accomplish their goals. Our professional and experienced team of realtors is here and ready to help. Give us a call today!
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 $440,992 or less.