Just like anywhere else, the north Georgia housing market can change rapidly. Buyers and sellers must stay informed about the latest trends as understanding the current market conditions can help you make more informed decisions and achieve your goals. Let's look at recent north Georgia housing market trends.
North Georgia Real Estate Market Watch
Forecasts predict the median home price to increase by 5-7% in 2023 at the time of writing. Real estate data changes day by day. If you need to buy or sell a home in north Georgia, please click HERE to contact us.
3 Things To Know About North Georgia Housing Market Trends
1. HOME PRICES
Predictions of interest rates hovering around mid-5% to low-6% have significantly impacted north Georgia. Median home prices peaked in June 2022, decreasing steadily until January 31, 2023. The end of the year saw a new annual record where the median price in northwest Atlanta was $454,813! Despite this, the housing market is leaning toward buyers. Home sales have decreased by 9.4% from the previous year, and inventory has increased. Additionally, homes are spending an average of 38 days on the market. That is a significant increase over June of last year.
One of the biggest challenges you might encounter is limited housing inventory. We all know north Georgia is a treasure trove of natural beauty and friendly communities. It is becoming a popular place to live. However, increasing supply doesn't always meet the demand. The main culprit for this situation is the limited construction of new homes in the area.
3. COMPETITIVE MARKET
It's fascinating how competitive the market can be. Properties are known to sell quickly if they're priced right and in good condition. It is also still common for homes to receive multiple offers. Buyers who fail to act fast often lose the chance to buy the homes they want. That is one of the reasons to work with a north Georgia REALTOR. They know the market and can help you find the right home before it sells.
Whether you are a buyer or a seller, following market trends can give you an edge. It can also help you find better deals when the market is competitive or when prices increase. When you're ready to buy or sell a home in the north Georgia or western North Carolina mountains, we would be humbled at the opportunity to earn your business.