Welcome to this month’s real estate market report for Georgia, USA. Single-family housing prices in Georgia for this year are slightly higher than one year ago. And while during the winter months sales activity is typically slower so far this year, sales activity is down 30%. Inventory levels continue to increase, however, and while interest rates increase, buyers still seek out Georgia as a home-buying destination. Find out more about the Georgia real estate market in this helpful report.
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Georgia Housing Stats
The average sale price for single-family residential detached housing in Georgia at the end of March 2023 was $470,414, which is up from $439,706 at the end of March 2022.
The year-to-date average sale price for single-family residential detached housing in Georgia through March 2023 is up 7% from $424,433 at the end of March 2022.
There was a total of 5,462 sales of residential detached housing last month in Georgia, this is a year-to-year decrease in sales by 34%.
For the year so far there has been a total of 12,903 single-family detached properties sold, this is a year-to-year decrease of 35% in the number of sales.
There is a total of 9,690 single-family detached property listings in Georgia at the end of March, this is up 65% from 5,681 active single-family detached listings at this time of year ago.
The average sale price for single-family residential attached housing in Georgia at the end of March 2023 was $378,967, which is up from $369,904 at the end of the previous March.
The year-to-date average sale price of single-family residential attached housing in Georgia is $373,761, which is up 4% from $357,491 at this time on year ago.
There was a total of 1,236 residential attached properties sold during March, this is a year-to-year decrease of 26%. For the year there has been a total of 2,938 single-family detached properties sold, this is a drop of 30% from one year ago.
There is a total of 2,072 single-family detached listings available to buyers in Georgia at the end of March, this is an increase in inventory of 112% from 977 active listings at this time in 2022.
There was a total of 10,953 new listings for all property types during the month of March in Georgia, this is down from 12,274 new listings when compared to March of one year ago.
What Does This Mean For Buyers?
If you are looking for a home to buy in the State of Georgia, you may find higher-than-average prices for detached and attached homes. There is more inventory of homes available than at this time one year ago. Buyers looking for homes may see less competition for properties, however, some locations can expect a very active buying season as summer approaches.
Buyers should manage their expectations, and be ready to act when a property is found, many different factors can affect the market and buyers should have a plan in place that covers all contingencies. Georgia remains a sought-after destination for buyers and should continue this trending this manner.
What Does This Mean For Sellers?
Sellers of single-family detached and attached homes should be patient when it comes time to sell your property. Some property owners in some markets may see their home take longer than average to sell. Other price markets are very competitive. Sellers should know the value of their home and adopt a correct pricing strategy to cover contingency or overbidding or underbidding for your property.
While interest rates and inflation have sidelined many buyers Georgia still attracts new and experienced homeowners to its State. Sellers who have been thinking of selling should give it serious consideration and get their property listed by the time the summer season begins. However, there may be a slowdown of buying activity in some markets over the next few months.
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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 $470,414 or less.