As your local Fayetteville mortgage lender, Jeff Wilmoth with Homestar Financial Corporation is always up to date with the current market trends. Being familiar with past listing prices can help predict where future housing prices are going to head. The residential market is constantly changing, so doing your research and buying at the right time can save you hundreds, if not thousands of dollars.
To help prepare you for the home buying process, Jeff Wilmoth has listed the May 2018 market update for Fayetteville, Georgia.
Median Listing Price
According to Realtor.com, the median listing price in Fayetteville has constantly been increasing over the past three years. In May 2015, the median price was listed as $269,000 and rose almost 2% the following year to $273,900. By May 2017, the listing price was $310,000, which is approximately a 13% increase from the year prior. The current 2018 median listing price is $337,000, which is an 8% increase from 2017, and a 25% increase over the past three years.
This suggests that the real estate value is going to continue to increase year after year. If you are in the market for a Fayetteville mortgage, now would be the best time to buy before the rates get more expensive.
Median Price Per Square Foot
In 2015, the median price per square foot was $92 and rose to $97 by the following year. In May 2017, the median price was $103 per square foot and rose 5.8% the next year to $109. The current median price per square foot being $109, which is about a 16% increase over the past three years, states that Fayetteville is becoming more valuable in real estate and therefore more popular.
Median Days On The Market
An increase in popularity means that homes are selling at a much faster rate. In May 2015, the median days on the market was 88 days, and the current median amount of time homes are listed for has decreased to 70 days.
For more details on the current residential market, or to get started on your Fayetteville mortgage application, please contact Jeff Wilmoth with Homestar Financial at 404-597-5662.