Georgia Housing Market Finishes Strong In 2020

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

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