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Q1 2024 Market Update

Georgia

Everything’s peachy in Georgia — 2024 started with an immediate uptick in transactions, which has continued to climb as buyers adjusted to higher (historically normal) interest rates and new developments are adding more inventory.

By all indications, the Georgia market is returning to its typical seasonality. Georgia (and the entire Southeast) continues to see strong population and business growth, so I anticipate that we will continue to see a solid market, marked by the typical seasonal swings.

My advice: Get those spring contracts closed and then take advantage of the summer slow down. Take a vacation so you are rested and ready for the fall market.

Volume is increasing steadily after last year’s very slow market.

 

New listings climbed through Spring, indicating a return to seasonality.

 

Georgia’s market is becoming more balanced, though still a seller’s market.

 

Actionable Advice for Georgia Agents:

  • New listings increased by 11.4% in Q1. The increased inventory reduces pressure on buyers — and their agents. This may result in buyers taking more time to make decisions. Agents should expect that buyers will want to see more options and visit the home multiple times before making an offer.
  • Homes weren’t lingering on the market at the end of Q1. Days on market declined to 21 days (17 days in Metro Atlanta) by the end of Q1. This is indicative of the typical spring market. With a return to seasonality, we will likely see higher days-on-market during the summer months. Listing agents should prepare their sellers for a longer time on market and, possibly, less power in the negotiation.
  • Prices are still increasing. Georgia’s median sale price increased by 5.6% in Q1 to $389,000 (+7.8% in Metro Atlanta to $425,000). Increases show no sign of waning. Advise your clients that now is the time to buy; later is the time to refinance.

Feel free to reach out to me with any questions or to share your take on the market.

Leslie Johnson
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Key Stats to Keep Handy

New listings
30,595
2024 Q1
Percentage Change
+11.4%
QoQ
-8.8%
YoY
Closed Listings
17,267
2024 Q1
Percentage Change
-3.8%
QoQ
-12.3%
YoY
Median Sale Price
$380K
2024 Q1
Percentage Change
+5.6%
QoQ
-2.2%
YoY
Median Sale vs List Price
100%
2024 Q1
Percentage Change
0%
QoQ
0%
YoY
Average Days on Market
22
2024 Q1
Percentage Change
-12%
QoQ
+25%
YoY

Information and statistics compiled and reported by FMLS.

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