Georgia housing market: Everything you need to know
More people are calling Georgia home than ever before. According to U.S. Census data, the Peach State’s population increased by more than 11 percent between 2010 and 2021. Fulton County alone — home to the Atlanta metropolitan area — saw a 15.1 percent increase.
Its population growth should come as no surprise: Zillow named Atlanta one of its 10 hottest housing markets for 2023, and according to Bankrate’s recent Housing Heat Index, Gainesville, Georgia is the hottest metro area in the entire country.
However, like so many other states, housing here is in high demand but low supply. What does that mean if you’re thinking about buying or selling a home here? Keep reading to learn all about the Georgia housing market.
Georgia housing market overview
The real estate landscape in Georgia can change drastically depending on whether you’re in or near Atlanta, in one of the state’s many smaller towns, or in rural farm country. For example, according to Redfin data, there’s around a $200,000 difference between the median price in Atlanta and that in Macon.
Despite current high mortgage rates and a declining volume of sales, the Peach State’s housing market is still fairly robust. Statewide prices are holding steady or rising slightly, but the median price for a home here is still below the nationwide median.
Georgia housing trends and stats
- According to Georgia Realtors, the median price for a home in the state in July 2023 was $358,000.
- That’s a 2 percent increase from July of last year, but still below the national median price of $406,700.
- Properties are taking quite a bit longer to sell than they were a year ago, jumping 55 percent to spend around 34 days on the market.
- According to Redfin, the sale-to-list price ratio in Georgia was 99 percent in July, meaning homes are selling for ever so slightly less than list price. Last July’s rate was a full 100 percent.
- Typical closing costs in Georgia equal about 1.3 percent of a home’s sale price, per ClosingCorp data. For a median-priced $358,000 house, that would come out to $4,654.
Should you buy or sell in the Georgia housing market?
Not sure if it’s the right time to buy or sell your house in Georgia? Here’s what to consider from both sellers’ and buyers’ perspectives.
If you’re a home seller
As a seller, there are a few things working in your favor right now. For starters, it’s a seller’s market, with the latest Georgia Realtors data showing just a 2.5-month supply of housing inventory in the state. A balanced market requires a five- or six-month supply, meaning there’s much less supply than there is demand right now.
On top of that, prices have been climbing, putting you in a good position to earn more from your home sale than you might have a year or two ago. The median sale price statewide was up 2 percent since last July, and over the course of 2022 it rose by more than 15 percent.
Not sure how much your home is worth? You can get a general idea from an online estimator tool, but your best bet is to work with a real estate agent, who will analyze local comps, or nearby homes similar to yours that have recently sold, to get an accurate picture of what price your home might fetch.
If you’re a homebuyer
Thinking about buying in the Peach State? Before you start house hunting, be sure to factor in the cost of living in your new location, especially if you’re coming from out of state or moving from a small town to the Atlanta metro area. Happily, regardless of where in Georgia you end up, you ought to be able to find an affordably priced home. Even right in Atlanta, the median home price is still below the nationwide median.
To stay competitive in Georgia’s seller’s market, it pays to be as prepared as possible. One of the best ways to do this is by getting preapproved for a mortgage. Not only will a preapproval help you understand exactly how much you can afford to spend on a home, but it will also show sellers that you’re a qualified buyer.
Georgia housing market predictions
While there’s been a lot of debate and speculation about whether the housing market will crash, most experts agree that this isn’t a likely outcome. Yes, Georgia’s market has cooled down somewhat, with fewer new listings and closed sales. But demand is still high, and prices haven’t fallen dramatically — in fact, they’re rising. And with the population rising as well, the housing market should remain robust.
Find a Georgia real estate agent
Whether you’re selling or buying in Georgia, it’s always a good idea to have an experienced real estate agent on your side. Find one who is familiar with your area, or even better, your specific neighborhood. A pro agent will understand the complexities of their local market and can help sellers with marketing, pricing and assessing offers, or buyers with finding right-fit properties, bidding and closing. Be sure to interview a few different candidates to find someone you feel comfortable working with.
FAQs
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No. According to Georgia Realtors, median home prices in the Peach state are actually on the rise — but not significantly. July 2023’s median sale price was a 2 percent increase from the year prior.
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At the moment, Georgia is a seller’s market, with 2.5 months’ worth of available inventory. That means demand is far outpacing supply, which puts sellers in the driver’s seat. It would take at least double that figure for the market to be in balance.
