Despite the dip during the March/April lockdown, the Georgia housing market roared back in the second half of 2020, with a marked increase in activity and prices. Record low mortgage rates coupled with consumers looking for larger spaces drove buyer activity, setting the stage for a seller’s market, which resulted in the return of multiple bid situations throughout the state. Inventory was tight throughout the year, with lower seller activity preventing a build up of homes for sale.
Here are key indicators from the Georgia REALTORS® 2020 Housing Market Annual Report:
- New Listings decreased five percent to 185,081
- Pending Sales were up 11 percent to 158,513
- Closed Sales were up nine percent to 153,355
- Inventory levels shrank 46 percent to 20,947 units
- The Median Sales Price increased 10 percent to $252,541
- The Average Sales Price increased 10.5 percent to $302,332
- Days on Market decreased seven percent to 51 days
- Months Supply of Inventory was down 50 percent to 1.6 months
Georgia Luxury Realty 