Market Update for Newnan – Spring 2021

It seems April has come and gone as we head into the spring housing market. Generally, this is a busy time of year for the housing market. However, this time last year was less ideal due to the pandemic that took hold last spring. Things are looking up though for Newnan and its surrounding areas. Our Atlanta mortgage lender team is here with the latest market figures and news. 

Housing Market – April 2021

In Newnan, the average home value is currently is $252K, up 10.3% compared to this time last year, when the pandemic was in full swing. The average sales price is $290K, up 13.1% from this time last year. 1.6% more homes are coming onto the market since then as well. Homes are currently spending around 8 days on the market compared to this time last year when homes were sitting on the market for an average of 27 days. So, Newnan has a pretty hot and competitive seller's market, with a lot of homes getting multiple offers

In East Newnan, things are a bit cooler, but still a seller's market. The average value of homes here is $275K, up 11.6% from this time last year. The average sales price is $253K, down 15.8% from this time last year. Homes are spending an average of 34 days on the market with about 1% of these selling for under their listing price.

In Woodsmoke, the average home value is $252K, up 10.3% from last year. The average sale price is $290K, up 13.1% from last year. Homes here aren't staying on the market long, with quite a few getting snapped up in 8 days.

Coweta County

For Coweta as a whole, things seem to be looking up. We are continuing to see a rise in home prices due to the high demand and low supply of housing. New constructions are more expensive now as a result of the sharp rise in building material cost.

The average value of homes for the county is $263K, up 10.2% from this time last year. The average sales price of homes is $310K, up 10.9% compared to this time last year, with homes lasting an average of 12 days on the market, as opposed to the 47-day average we saw last year when the pandemic hit.

What's Ahead

One of the problems we have been seeing are buyers who seem to be settling for whatever they can get because homes are snapped up fast and buyers are making these split decisions out of fear of losing out. This can mean buying a home that isn't really right for your needs. Buyers have been searching for a home for so long and are growing tired of losing out on multiple bid homes. While this is a great market for sellers to have their homes sell fast, it's not great for buyers. So we may see some sellers hesitating now to put their home on the market because they can't find a new home themselves.

Another continuing trend that we saw when the pandemic hit, is more people working from home. A lot of families are starting to see that they need to upgrade to more room as a result of needing a space for their office. Families are looking for homes with greener spaces and more room. It looks like the seller's market will stay until more inventory that is affordability comes onto the market.

If you are considering buying a home and need advice on the best mortgage for your situation, give our Atlanta mortgage lender team a call today!