HOUSING UPDATE - OCTOBER 2021
Whether you are looking to move up, downsize or buy an investment home in Northeast Georgia, knowing the market and these numbers can help you make confident and informed decisions. I live at Lake Lanier (a Gainesville GA native), manage and own long term and short term rentals. My own experiences buying, selling, renovating and renting properties, along with over 33 years representing buyers and sellers, ensure you are getting expert guidance and advice in navigating your decisions in buying or selling real estate.
PROSPECTIVE BUYERS BECOME RENTERS
With housing pricings soaring and record-low inventory throughout much of the country, many prospective buyers have opted to rent for the time being, only to find conditions much the same in the rental market. Competition for rental properties is very strong: the national median rent has increased 11.4% since January 2021, and rent growth this year is surpassing the average growth over the same months from 2017 - 2019 in 98 out of the 100 largest cities in the nation, according to Apartment List.
According to First MLS, only 11 homes are available in Hall County as of today, October 6, ranging from $1595 to $4500 monthly.
SALES AND PRICES UP WITH INVENTORY DOWN
For the 12-month period spanning 2020 through August 2021, sales in the state of Georgia were up 11.9 percent overall. The price range with the largest gain in sales was the $300,000 and above range, where they increased 41.1 percent.
The overall Median Sales Price in Georgia was up 16.6 percent to $280,000, while Hall County's Median Sales Price, year to date through August 2021 is $338,000 compared to $279,900 as of August 2020, up 20.8% while Average Sales Price, Year-to-Date is $403,994, compared to $325,082 as of August 2020, up 24.3%. The property type, state-wide, with the largest price gain was the Single Family Homes segment, where prices increased 16.3 percent to $285,000. The price range that sold the quickest, state-wide was the $200,000 to $299,000 range at 27 days average.
Market-wide, inventory levels were down 27.1 percent. Overall, statewide, that amounts to 1.4 months supply for Single Family homes and 1.3 months supply for the Townhouse/Condo segment. For Hall County as of August 2021, we had 1.4 months of supply compared to 2.1 months of inventory in August 2020, a decrease of 33.3%.
As to Hall County sales, overallList to Sales price ratio as of August 2021 showed to be 100.9% up from 98.5% in August 2020 for Hall County (up 2.4%).
To learn about key metrics in Hall County and all surrounding counties, please visit my website, KimWaters.com. New listings, months supply of inventory, inventory count of homes for sale along with median sales prices for single family homes and townhouse and condos can be found there. Also, information on the percentage change in median sales price, average sales price and list to sales price ratios for each of those counties can be found here.
Contact me for a consultation if you are considering a move or investing in real estate.