It's not your imagination - home prices are soaring in Madison GA

By
Real Estate Agent with Coldwell Banker Lake Country 284620

Madison, Georgia is one of the finest small towns in the South. With a commitment to historic preservation, arts and culture, and an award-winning public charter school system - it's no surprise that Madison shows up regularly on "best of" lists.

We just hosted 750+ visitors with the Georgia Trust Fall Ramble, a chance to see some of our finest private homes and enjoy chef-prepared dinners.

But is it an affordable place to live?

That depends on your perspective and your budget!

I've recently been appointed to a new Housing Committee whose mission is to learn more about factors that are driving up local housing costs, and to recommend policy choices that can set the stage for our future.

Since 2019, the median price of homes sold in Morgan County has risen from $282,500 to $468,000.  That's a whopping 67% change over 5 years - well ahead of wage growth and inflation.

In 2019, the interest rate for a 30-year mortgage averaged 3.9%. Today rates are hovering close to 8%. Here's how that translates to a monthly payment for the buyer who put 20% down on a median priced home:

2019 - $1,066

2023 - $2,747

In my view, Morgan County is in danger of losing one of the things we value most - a community with housing for people at all stages of life and a broad range of incomes. 

It matters when young couples can find homes to raise a family, and the grandparents can be there to attend school programs and games. It matters when we see one another in grocery stores, and serve on committees together, and go to church together.

Simply put - the people who serve our community as teachers, deputies, and health care workers, and the people who are the most valuable assets of our bevy of small businesses should have a place to live in our community.

Our history tells us that has nearly always been so. But in the last 5-10 years we have been drifting away from that tradition.

Our mission is not a simple one. Many factors contribute to rising housing costs. We will need investments in infrastructure. And we will need to build consensus around the notion that economically diverse communities are healthy and happy communities.

I'm glad the dialogue has begun, and delighted to have a seat at the table.

 

 

 

Posted by

******************************

facebook horse-and-home-georgia  Jeanne Dufort on Zillow

 Are you thinking dreaming about a place that will nuture your soul, bring your family together, or give you a chance to give back?  Whatever your dream, I'm committed to helping you explore how Georgia's Lake Country fits in. Located midway between Atlanta and Augusta, the lake country offers two recreational lakes, plus wonderful historic small towns with a commitment to sustainable agriculture. Lets talk.

Jeanne Dufort

2010 Realtor of  the Year

Lake Country Board of Realtors

horse and home logo

            Find Madison and Lake Oconee real estate news on Google+

Comments (3)

Ed Silva, 203-206-0754
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

That is a significant appreciation in value over a 4-year period. It's great for sellers but highly restricts the nature of the buyer you get . 

Oct 23, 2023 11:24 AM
Jeanne Dufort

It really is. One thing we can all see - intense competition for any home priced below $400K, and especially below $300K. Which increases the "affordability crisis" because sellers can be very picky about which offer they choose.

Oct 23, 2023 11:33 AM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good evening Jeanne,

So glad you have a seat at the table in Morgan County Hosing Committee. This is a significant rate of appreciation over 4 years and you are right wages have not kept up! Inflation however is out of sight for some many families where their trips to the grocery store are double from last year! Their budgets are shot!!!

Oct 23, 2023 04:14 PM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Jeanne Dufort home prices are continuing to go up around here as well, and no end in sight.

Oct 23, 2023 04:20 PM