Welcome to this month’s real estate market report for the State of Georgia. Sales of single-family attached and detached homes started off slower this year. Sale prices for single-family homes in Georgia however are up from last January. Find out how the real estate market in Georgia is for 2023 so far.
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Georgia Housing Stats
The average sale price for single-family detached homes in Georgia at the end of January 2023 was $436,316, up from $419,685 at the end of January 2022.
There was a total of 3,077 single-family detached homes sold during January, this is a decrease of 43% compared to the previous January.
Total active inventory for single family detached homes increased year to year, up 63% from 6,581 active listings one year ago to 10,757 active listings at the end of last month.
The average sale price for single-family attached homes at the end of January was $359,169, up from the $345,222 average sale price one year ago.
There was a total of 725 single-family detached properties sold in Georgia last month, this is down 39% compared to this time one year ago.
There is a total of 2,235 active listings for single family attached housing in Georgia, this is an increase of 102% from 1,104 total active listings of single family homes at this time one year ago.
There was a total of 8,861 new listings for all property types in Georgia at the end of January, this is a drop from a total of 10,274 listings of all property types compared to this time last year.
What Does This Mean For Buyers?
Sale prices for buyers have climbed slightly from one year ago. There is more inventory available which is keeping prices from surging higher. Sales of single-family homes have slowed, which gives active buyers more leverage with motivated sellers. Buyers may also encounter less competition when bidding for homes during the slower winter season.
Buyers should be aware that some markets are more active with buying than other markets. Having financing in place and being quick to act will help buyers acquire a home in a shorter amount of time. It is important that as a buyer you have a plan of action in place when buying a home to minimize unforeseen situations. If you are thinking of buying a home in Georgia, give us a call today!
What Does This Mean For Sellers?
The market for single-family homes is slowing, and sellers should be aware that their homes may sit on the market longer than the average. Sellers should be realistic about the market as an overall slowdown in buying may happen over the coming months. Rising interest rates have priced some buyers out of the market. While some markets are hotter than others, homes that have in-demand features will sell more quicker.
Sellers of homes can still expect to see their home values rise for the short term and take the opportunity to get their homes listed and on the market. If you are thinking of selling your home, give us a call and we can put our expertise to work for you.
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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 $436,136 or less.
