Our Newnan mortgage lender team has been keeping an eye on the housing market ever since the Covid-19 pandemic began. It's been a bit tough to predict exactly how the market will be impacted over the next few months, but we are seeing some shifts since things began back in March. The areas of Newman and Atlanta couldn't be more different right now in the market. Let's take a look!
Newnan and Atlanta Market Update
In Newnan, the market is a very hot seller's market right now. Atlanta, on the other hand, is a cool buyer's market. We've seen median home values in Newnan for the month at $227,525, which is up by 5.5% from this time last year. In Atlanta, median home values are at $299,308, up by 3.4% since the past year.
Median list prices in Newnan are $116 per square foot and $235 per square foot in Atlanta. In the Sandy Springs and Roswell Metro areas, these figures average $133 per square foot. Newnan's median list price of homes on the market is $296,400 and median sold figures are at $240,900. In Atlanta, the median list price is $319,000 and $275.300 for median sold prices. Newnan's median rent prices in Newnan are at $1,500 and at $1,795 in Atlanta. Roswell Metra and Sandy Springs are at $1,500. Some are predicting that there will be a 1.2% drop average home values at this time next year.
Mortgage Delinquencies and Foreclosures
One area that will see a big impact over the coming months is mortgage foreclosures and delinquent payments. Atlanta's delinquency rate is at 0.9% and Newnan is at 0.8%, both of which are lower than the 1.1% national average. The percentage of negative equity in homes for Newnan is 6.9%, and 8.8% for Atlanta. The Roswell Metro and Sandy Springs areas are currently at 7.6%. So far, Newnan and Atlanta have not seen foreclosures over the past 30 days.
The average time homes stay on the market once listed in Newnan is 75 days, whereas Atlanta home spends on average 106 days on the market. Newnan has seen 187 homes being sold in the past month with 1.5% of these homes sold under their list price
Home Values in Surrounding Cities:
- Ashview Heights $55,700
- Tyrone - $278,900
- West View - $68,300
- Winston - $171,800
- Mozley Park - $63,900
- Hunter Hills - $49,100
- Palmetto - $101,500
- Sharpsburg - $227,900
- Whitesburg - $113,000
- Peachtree City - $313,700
- Moreland - $173,500
- Grantville - $113,700
- Florida Heights - $54,500
- Luthersville - $82,700
- Center Hill - $44,700
- Dixie Hills - $41,700
As we move into the third month or the pandemic, it will be interesting to see how further changes will impact the market. We've seen real estate agents, sellers, and buyers adapting to social distancing guidelines and finding new ways to show homes virtually. The months ahead will see if this helps things pick up in the market. If you have questions about mortgages and current rates, give our Newnan mortgage lender team a call today!