GA Housing Market Report: October 2022 vs. Year-to-Date

A Look at Georgia's 2022 Housing Market to Date

Each month, the Georgia Association of REALTORS® compiles a report of housing statistics. Each report is produced in collaboration with ShowingTime MarketStats, a division of the Minneapolis Association of REALTORS®, and includes clear information on fundamental housing statistics and simple-to-understand charts that assist the viewer in understanding market trends.

Data is taken from 14 MLSs across Georgia to offer an accurate picture of the housing market year-over-year for various variables, including pending sales, median sales price, days on the market before closing, and much more.

According to the National Association of REALTORS® (NAR), existing home sales fell nationwide for the eighth consecutive month, falling 1.5% as of the most recent estimate, with sales down roughly 24% from the same time last year. Additionally, pending home sales fell 10.9% month over month, above experts' predictions. Inflation that refuses to go down and skyrocketing borrowing prices have reduced consumer purchasing power and contributed to the market's sharp cooling this year.

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New Listings Dropped by 9.4% to 14,384 Units

OCTOBER 2022 vs. YEAR TO DATE

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Pending Sales Dropped to 9,347, a 34.5% Fall

OCTOBER 2022 vs. YEAR TO DATE

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Inventory Rose 48.0% to 30,722 Units

OCTOBER 2022

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The Median Sales Price Rose from $310,000 to $335,000, an 8.1% Rise

OCTOBER vs. YEAR TO DATE

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The Number of Days on the Market Climbed to 34, Up 25.9%.

OCTOBER 2022 vs. YEAR TO DATE

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Inventory Months Supply Grew by 66.7% to 2.5

OCTOBER 2022

 

The U.S. housing market is undergoing a significant transformation, and affordability is still a barrier for both buyers and sellers. Home prices are still high due to a shortage of available housing, despite the fact that price growth is slowing down quickly. Mortgage rates have doubled since March. As a result, many homeowners are delaying the sale of their property until the market circumstances improve, while other home sellers are gradually lowering their asking prices and making concessions in order to draw in more potential purchasers.

 

BOTTOM LINE

As the market continues to shift and adjust due to a variety of factors including inflation, interest rates, and consumer confidence, buyers are being very picky and aren't jumping on the first amazing house they find. We have been seeing homes on the market for longer than the buying marathon we had at the beginning of the year with prices drop after several weeks without activity. If you're looking to sell your home, you'll want to make sure your home is in top-notch condition to help it sell quicker as buyers are being very picky letting go of their money.

 

This information is current as of November 16, 2022. All data is from the multiple listing services in the state of Georgia. Report © 2022 ShowingTime.