As we come to the end of the first month in a new year, many are wondering how the continuing pandemic crisis will affect the housing market in the months ahead. Some areas are seeing more people moving away from higher density areas into suburban neighborhoods, where infection rates are less. Our Newnan mortgage lender team is here to share the current trends we are seeing in the housing market so far.

Housing Market for January 2021

Looking at Coweta County as a whole, we are seeing an average home price of $312K, which is up 17.7% since this time last year. An average of 370 homes was sold over the past month, and most homes are spending an average of 31 days on the market.

In Newnan, the average home price is $293K, up 11.5% from this time last year. Around 215 homes have sold over the past month, up 11.5% compared to January of 2020. Homes here are spending an average of 19 days on the market. The market is leaning a bit more towards a seller's market right now, with some homes getting multiple offers and selling for 1% above their asking price. Homes in hotter areas have gotten 3% over the asking price and have been snapped up in as little as 3 days.

Over in Sharpsburg, the average sale price is $330K, up 13.2% from last year. Homes here are spending an average of 34 days on the market, with some getting multiple offers and selling a bit above their list prices. Hot homes here stay an average of 4 days on the market and are selling at their list price or a bit over.

In Peachtree City, the average sale price is $372K, up 1.2% from last year. Homes here spend an average of 22 days on the market and it's a bit more competitive here, with homes getting multiple offers. However, some homes are selling for 2% below their asking price. The hotter homes are going for around their asking price and only spend an average of 4 days on the market.

Grantville is on the cooler side of the market, with the average home selling for $224K, up 25.8% from last year at this time. Most homes spend an average of 56 days on the market and go for close to their asking price. Hotter homes tend to spend 6 days on the market and sell for their asking price in most cases.

A Look Ahead

Depending on your area, the market can swing either way, with a lot of areas being balanced between a seller's and buyer's market. Looking at the area of Atlanta, it is expected that there will be a 6.7% rise in home prices in the months ahead. Atlanta inventory is experiencing a shortage though, which is what will push prices up and bring it closer to a seller's market in many areas.

A lot is still uncertain given that we are still dealing with the COVID pandemic a year on. We've seen many people lose their jobs, making it harder for them to qualify for a mortgage. And we have seen a lot of sellers pull their homes off the market because they aren't getting the prices that they want right now. Newer sellers may choose to hold off putting their homes up for sale until this pandemic is over or at least under control.

For now, it looks like the market will stay sluggish for a bit longer. Mortgage rates are lower at this time, which may make it easier for some to qualify for a mortgage and invest in property while it's still somewhat cheaper.

If you want to see what the current mortgage rates are, give our Newnan mortgage lender team a call today!