Newnan Market Update – November 2016
As a Newnan mortgage professional, I am committed to helping my clients achieve their financial goals no matter what they are. Whether it’s purchasing a new home or refinancing a mortgage, I am always available to help.
One way that I’m able to ensure that I am fully prepared to offer my clients great service is by studying and analyzing the latest housing market trends pertaining to the local area.
In October 2016, the number of active listings in the Newnan area experienced a 3% drop compared to October 2015, going from 803 units to 781. This was also a 4% decrease compared to September 2016.
The median sale price for a home in Newnan was $215,000 in October 2016. This was a jump from the October 2015 median sale price of $186,600 but just below September’s median of $216,500.
We also saw 224 units sold in the area in October 2016. This was a 4% jump compared to October 2015 when there were 216 homes sold. An identical change happened month-over-month as well with 216 units sold in September 2016, also a 4% hike.
According to Trulia August 2016 registered 556 home sales, the highest-selling month in Newnan since at least December 2011.
Three bedroom homes are by far the most common type of home sold our area. In October 2016, there were 18 3-bedroom home sales compared to just one 2-bedroom and one 4+ bedroom home sold. This has been a trend that we’ve seen happen over the years as 3-bedroom homes have significantly outsold 2 and 4+ bedroom homes since 2011.
We have also seen a rise in the number of rentals. In October 2016 there were 194 units rented. This was the most any month in 2016 had and 56 more than September 2016 recorded, per Trulia. Also increasing was the median rent price, coming in at $1,419 in October 2016. This was also the highest out of any month in 2016 after edging May 2016’s median rent of $1,400.
Newnan is an attractive place to buy for many aspiring homeowners. Its proximity to Atlanta and local businesses are big factors in pulling in professionals while its laid-back community make it a great fit for families.
Will sales rise again next month? How much will the median sale price for a home increase by the end of the year? These are questions that are yet to be answered as we must monitor the market as we enter the final months of 2016.
Whether it’s a Newnan mortgage or Atlanta mortgage you’re seeking, I can help you secure the type of loan you need.
I have many resources throughout my website that you can use to help gain a greater understanding of the mortgage process. From mortgage calculators to a mortgage glossary, nearly everything you need can be found here!
Contact me today to learn more about how I can help you and your family get the right loan!