If you are thinking about purchasing a home, now would be the best time to start looking and lock in a rate with your lender. With fall amongst us, the leaves are starting to change colors and the hot temperatures from summer are beginning to cool off. This seasonal feel can get any potential homeowner in the purchasing mood. Not only is the weather nice, but the home prices this time of year are far less competitive than the springtime. This means that you should be offered low, affordable rates by your Newnan mortgage lender and you can take your time when browsing the residential market without feeling rushed to make a decision.
So, to help you begin your home purchasing journey, Jeff Wilmoth with Homestar Financial has listed the most current market update for the Newnan area.
Newnan Market Update
Median Listing Price
According to the statistics listed on Realtor.com, the median listing price for Newnan, Georgia has been on the rise over the past three years. In September 2015, the median listing price was $204,995 and increased 15% the following year to $235,900. By September 2017, the median price was listed as $251,800 and by September 2018, the median listing price jumped up to $264,000. This current price for September 2018 is a 4.8% increase from the year prior and a 28.8% increase since 2015.
Although buying a home in the fall is less competitive than purchasing one in the spring, rates are still continuing to increase annually, overall. This means that you should consider locking in a rate for a Newnan home loan now before they get more expensive.
Median Price Per Square Foot
The median price per square foot has followed a similar increasing pattern at the listing price, over the past three years. In September 2015, the median square footage price was $90 and increase to $97 by September 2016. The following year, the price was $102 per square foot and the current median price is $107. This is approximately a 5% increase from the year prior and an 18.9% increase since 2015.
An increase in price per square foot suggests that the real estate in Newnan is becoming more popular and therefore more valuable. This means that buying a home here would be an excellent financial investment.
For additional information on the residential market update or to begin your Newnan mortgage application, please contact Jeff Wilmoth with Homestar Financial at 404-597-5662.