With how our market’s been acting lately, there’s no better time to be a seller in one of the median price points.
As I’m sure you’ve probably heard, the market has been going gangbusters lately, and I want to share some numbers to help you get a sense of what’s happening.
When you hear news about the market going crazy and prices rising, that’s usually referring to what’s happening in the median price points. Homes in higher price points aren’t selling as quickly, however, and prices at those higher price points aren’t rising as dramatically either. This is because demand isn’t the same for higher-end homes.
These latest numbers, then, represent the activity in our market’s median price point.
In East Athens, there are only 31 single-family homes currently for sale under $200,000, which is a little over one month’s supply of inventory. In the last 12 months, 293 homes have sold in this area. With supply this low and demand still high, it’s naturally caused prices to rise.
In West Athens, there are only 27 single-family homes for sale under $200,000. These homes encompass all age ranges and sizes, too—some are new, some are old, some are large, and some are small. In the last 12 months, 238 homes have sold in this area.
In Oconee County, there are only 11 single-family homes for sale under $200,000. In the last 12 months, 84 homes have sold in this area. I believe there would be more sales in this area if there were more homes on the market. In addition to making prices rise, this low inventory is almost stifling sales.
If you’re thinking about selling your house in this price range, now’s the best time to do it in the last 10 years—maybe even ever.
If you’re a buyer, you have to be ready to act fast and make a strong offer if you see something you like. With inventory as it is, many homes are receiving multiple bids and flying off the shelves quickly. Times may be tough, but if prices continue to rise, you’re much better off acting now.
If you have any questions or are interested in buying or selling a home, don’t hesitate to give me a call or shoot me an email. I’d be glad to help you.