Here at 5Market Realty, we create videos about the current Athens area real estate market. In this video for the 3rd Quarter of 2024, we specifically discuss shifts in the market with housing inventory.
Video SUMMARY
Hello, I’m Scott Talley, Owner/Broker of 5M Realty. In my latest update on the Athens, GA real estate market, I discuss the current trends and changes I have observed. I have transitioned my updates from monthly to quarterly reports to provide a clearer picture of the market dynamics over a longer period. I want to ensure I deliver actionable market intelligence in each update.
The data indicates a significant increase in new listings, which are up by 13% year-to-date, alongside a notable jump in September. I have also noticed that the average days on the market have increased by approximately 7%, while sold prices have risen by about 8%.
When I compare the third quarter of 2024 to the same period in 2023 and 2022, new listings have increased by 12%. However, the average days on the market have risen to 48, reflecting a 17% increase from the previous year. Despite the frustrations this may cause buyers, I find that sold prices remain elevated, partly due to the sale of high-end homes, which influences overall market values.
“This is a return to a more normal market, which is good.”
-Scott Talley, 5Market Realty
I have seen a significant rise in the inventory of homes in Clarke and Oconee counties, with 396 homes currently for sale, marking a 57% increase from the previous year. I view this shift as a return to a more balanced market rather than a record-breaking inventory. The absorption rate, which measures how quickly homes are sold relative to those available, remains steady at around three and a half months, indicating a balanced market rather than a buyer’s or seller’s market.
I emphasize that while the market is stabilizing, prices remain highly specific to different areas. For instance, the average price per square foot varies significantly across neighborhoods, with some areas experiencing prices as high as $400 per square foot. I also note that the recent changes in commission structures due to a settlement have not significantly impacted the market, as compensation for buyer agents remains standard across listings.
Overall, I see the Athens real estate market showing signs of normalization—with increased inventory and stable prices—providing opportunities for both buyers and sellers to navigate the current landscape effectively.
If you have questions or need help, contact me and I’ll be in touch!
Thank You,
Scott Talley
Owner/Broker 5M Realty