Posted on March 02, 2022

The Annual Report for Georgia Housing is in, with 2021 ending on a high note, despite the ongoing pandemic. Both prices and pending sales posted gains, while inventory levels remained low, as home seller activity did not rise proportionally to meet buyer demand. New construction activity, while strong, remains limited by a combination of material and labor shortages, rising material costs, and a regulatory and operational environment that makes it difficult to scale quickly.

Multiple offer situations were common, especially in metro areas, where the percent of original list price received is often 99 percent or above. For new construction homes, percent of original list price received exceeded 100 percent. The median sales price increased 18 percent year-over-year, while days on market decreased 43 percent year-over-year.

Below are key indicators for the Georgia Market as a whole:

Pending Sales increased five percent to 170,308
Closed Sales increased seven percent to 168,686
New Listings increased seven percent to 194,586
Median Sales Price increased 18 percent to $295,000
Average Sales Price increased 17 percent to $352,069
Days on Market decreased 43 percent to 29 days
Percent of Original List Price Received increased three percent to 99.6 percent
Months Supply of Inventory decreased 25 percent to 1.2 months
Inventory of Homes for Sale slipped 25 percent to 16,457

Statewide housing indicators were also broken down by property type. Key Indicators highlights include

Median Sales Price increased 18 percent for single family homes and 15 percent for condos/townhomes
Average Days on Market was 28 for single family homes and 29 for condo/townhomes
The price range with the shortest Days on Market was $150,001-$250,000 at 23 days
The price range with the strongest one-year change in Closed Sales was $250,001-$350,000, posting a 75 percent increase
Homes with two bedrooms or less saw a 29 percent increase in Closed Sales

Joey Tucker, 2022 President of the Georgia REALTORS®, foresees the 2022 housing market to be similar to the two previous years. “While interest rates will likely increase in the coming year, they will still be historically low,” he said. “Buyer demand remains strong, so that it will likely keep driving sales, and prices will continue to increase.” Tucker added, “All in all, home ownership strengthens communities and our state, and remains to be one of the best ways for the average American to growth their wealth.”

Original article: https://garealtor.com/2021-another-banner-year-for-the-georgia-housing-market/