How is the Georgia Housing Market Right Now?
The Georgia housing market continues to be robust in 2022 by a combination of high demand, limited supply, and steadily increasing house selling prices. In July 2022, the typical home in the state of Georgia was valued at $319,431. That’s a whopping 25.6% increase year-over-year (YoY), and Zillow predicts the market will continue to rise over the next twelve months. The second quarter of 2023 will see higher home prices in Georgia than the second quarter of the current year.
Georgia had 39,388 properties for sale in July 2022, a 1.2% increase year-over-year. The number of newly listed properties decreased by 14.5% year-over-year to 15,024. The average months of supply are 2 months, an increase of 0 months year-over-year, according to Redfin.
- In July 2022, home prices in Georgia were up 14% compared to last year, selling for a median price of $367,800
- On average, the number of homes sold decreased by 22.8% year-over-year in July of this year.
- 12,265 properties were sold, compared to 15,873 in July of the previous year.
- The median number of days on the market increased by one year, from 17 to 18.
- 44.9% of properties sold below list price in July 2022, a decrease of 5.7 percentage points year-over-year.
- Only 33.3% of properties had price decreases, up from 19.0% of homes in July of last year.
- The sale-to-list price ratio was 100.1%, 0.92 points lower than the previous year.
- If the ratio is above 100%, the home sold for more than the list price.
Are Georgia Rent Prices Going Up?
Prospective buyers are not the only ones feeling the heat in this property market; tenants have also been scorched. Statewide the average rent price has grown by 29.55% year-over-year. The average rent in Georgia is $1,455, an increase of 39.73% since last July. The median rent for all bedrooms and all property types in Georgia is $2,050. Rent has increased by $151 compared to the previous year, according to Zillow Rentals Data. Rent in Georgia is 7% lower than the national median rent in the United States.
- The median rent price in Georgia for August 2022 is $2,050.
- This is $151 more than August 2021 and $13 less than July 2022.
- The median rent in Georgia is $145 less than the national median.
- There are currently 11,889 rentals available in Georgia.
Will The Georgia Housing Market Crash?
We continue to hear rumors of a market crash, but local data does not corroborate this at this time. Even if minor, the monthly figures indicate that the market has begun to cool. In July 2022, home prices in Georgia rose 14% annually. The number of homes sold decreased by 22.8%, while the number of properties for sale increased by 1.2%.
Bottom line: We're not seeing any major home price decline or crash in the Georgia housing market just yet. The present supply of homes in Georgia still favors sellers. In July 2022, total active listings in the state increased by 44.8% year-over-year. The current number of active listings in Georgia is 39,469, a rise from 27,258 new listings that were added in July 2021 (Source: Realtor.com).
Georgia's economy expanded by 10.4 percent in 2021 following the 6.8 percent contraction of 2020, with an output surpassing pre-COVID-19 levels by late 2021. The Georgian economy is expected to slow to 3.5% in 2022 because of the Russian invasion of Ukraine, after promising double-digit growth in 2021, according to a new Asian Development Bank (ADB) report.
Inflation is forecast to slow to 7% in 2022 and 4% in 2023. The current account deficit is projected to widen to equal to 10% of GDP in 2022 with a forecast rise in oil prices before narrowing to 7.5% in 2023. Exports are projected to increase by 12.1% in 2022 and 14.9% in 2023. As economic sanctions cut growth in the Russian Federation, remittances are forecast to decrease to $1.8 billion in 2022 and $1.7 billion in 2023.
Georgia remains one of the fastest-growing states in the U.S. Its 10-year growth rate of 14.4% is more than 1.5 times that of the U.S. population growth rate. The state will add more people in the years to come; population projections forecast a 17.7% increase in Georgia's population by 2030.
Georgia is predicted to remain a top-ranked state and relocation destination. The flood of new inhabitants will increase competition and limit housing availability, making Georgia real estate even tighter. According to YouGov, Georgia is ninth on the list of all US states sorted from best to worst, according to Americans.
YouGov asked people to choose the better of two states in a series of head-to-head matchups. States were rated based on their “win percentage”, that is: how often that state won the head-to-head matchup when it was one of the two states shown. Georgia Two other destinations for warm weather and ocean coastlines landed in ninth and tenth place, respectively: Georgia (58%) and Texas (58%).
Georgia Housing Supply Graph
Real Estate Market Statistics in Georgia & MSA Forecast [July 2022 to July 2023]
|Zillow Home Value Index||$319,431|
|Home Value Change YoY||+25.6%|
|Average Rent Price Change YoY||+39.73%|
|Available Housing Inventory For Sale||39,469 Active Listings|
|Is Georgia a Buyer’s or Seller’s Market||Seller’s Market|
|Atlanta MSA One Year Home Values Forecast||+5.5%|
|Augusta MSA One Year Home Values Forecast||+3.7%|
|Savannah MSA One Year Home Values Forecast||+4.7%|
|Columbus MSA One Year Home Values Forecast||+2.2%|
|Albany MSA One Year Home Values Forecast||+1.5%|
|Douglas MSA One Year Home Values Forecast||+2.6%|
|Cedartown MSA One Year Home Values Forecast||+6.3%|