How's the real estate market in Madison Georgia?
Not a day goes by when I'm not asked that question - at the grocery store, in a local restaurant, or on the phone with a buyer or seller. Most of us are invested in real estate, or know someone who is planning to buy or sell in the near future.
The quick answer is: Improving, especially at the lower price points.
Single family home sales increased 22% in 2013, driven mainly by the increase in the median home price from $137, 325 to $158,750, plus a 5.6% increase in the number of homes sold.
Inventory of affordable homes continues to run short, and the average days on market for homes priced below $200,000 dropped from 73, compared to 114 a year ago.
Home sales increased 33% for homes priced from $200,000 to $350,000, but average days on market remained steady at 113.
Above $350,000, the market continues to be sluggish, with just 16 homes sold in 2013 and 78 listed - its definitely a buyers market.
Expansion of local business, like the Mannington Mills expansion that will add 200 jobs, and the $1 Billion dollar Baxter International facility under construction that will add 1500 jobs, promises that the market will continue to recover and potentially grow significantly in the next 3-5 years.
The Madison, Georgia area has a small and diverse real estate market - with a mix of historic homes, lakefront homes, farms, and a few subdivisions. Buyers and sellers would be wise to consult a local market expert like me to understand how current market trends apply for their search.
If you'd like to learn more about market trends in the Madison Georgia area - please contact me today.