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Listing inventory is still modestly holding steady, while sales units continue to slow. Prices in certain places are popping, only to come back to reality the next month. Across the board though on a broader view, we are seeing prices either holding pat or gently rising still, including the acreage prices. We also can’t lose sight of the record month in average home price in our MLS area. The sweetest spot for sales seems to be the higher-end properties, which appear to be unphased by current economics.
As for the counties individually, Fannin and Towns won the prizes on price, just as Union did in October. And, it was good to see Towns rally back to average on their pace of sales. The 10,000 foot view on sales though is that we are in a seasonal, normal slowing as the year concludes, but also still in a general slowing year-over-year from the crazy uprush of the post-Covid period and the general slowing of our national economy.
The average price of a home in our area, has been astounding with its consistent gains. This time is no exception as the average home price set a new record high in November at $538,891. Wow that’s high for an “average home”. For comparison, the average home price in the US is about $420K and in Georgia is about $388K. This November’s average home price is about 4% higher than 2023 and about 16% higher than 2022.
The full report can be found in the link below:
