November 2025 Real Estate Market Update for Athens, GA
By Scott Talley, Owner/Broker – 5Market Realty
Scott Talley is the owner and broker of Five Market Realty in Athens, GA, known for producing authoritative real estate market reports and guiding clients through the Athens-area housing market with clarity and expertise.
Summary
The Athens and Oconee County real estate markets continued to stabilize through the first ten months of the year. New listings remain consistent with last year, days on market have risen to historically normal levels, and home price appreciation has flattened to a more sustainable rate of around 2.5 percent. Total transactions remain low, mirroring national trends caused by affordability challenges and the lock-in effect. However, early signs point to a shift toward a healthier and more active 2026 market. Mortgage rates have trended down nearly a full point this year, the spread between the 10-year treasury and mortgage rates has shrunk to its lowest level in years, and buyer activity is increasing. National data shows turnover at a 30-year low but also indicates that easing rates and normalizing prices will bring more sellers and buyers back into the market. Locally, our team at Five Market Realty captured roughly 15 percent of Athens and Oconee transactions in October, demonstrating strong demand and strong representation for our clients.
Athens and Oconee Real Estate Market Update: First Ten Months of the Year
Introduction
Hey there, I’m Scott Talley, owner and broker at Five Market Realty here in Athens, Georgia. Every month I share a market update so buyers, sellers, property owners, and past clients can stay informed on what is happening in Athens-area real estate. If you follow us on YouTube or our website, you know these updates help you make better decisions, and if Athens real estate interests you, be sure to subscribe so you never miss a new update or new listing.
Today, I’m looking at the first ten months of the year for both Athens and Oconee County. Then, I’ll tie in national trends using data from Keeping Current Matters. What I really want to get to is the shift we’re seeing and why I believe there may finally be light at the end of the tunnel for the real estate slowdown we’ve been in since 2022.
“We believe we’re starting to see a shift in the market and a light at the end of the tunnel for what’s been happening in real estate.”
Let’s dive in.
The Four Market Indicators I Track Every Month
Since 2020, I’ve consistently tracked four key data points for Clarke and Oconee counties: new listings, days on market, average sold price, and total number of sales. These allow us to see meaningful year-over-year trends and detect changes early.
Year-to-Date Market Overview for Clarke and Oconee Counties
New Listings Remain Stable
New listings are just under 1,900 year to date, which is down only 2.3 percent from last year. This matches the trend we’ve seen all year: inventory levels have stayed predictable, even if they are lower than historic norms.
Days on Market Rise to More Normal Levels
Days on market jumped 21 percent from 44 days to 56 days.
“This increase brings us back to historic norms. The ultra-low days on market we saw before were not normal or sustainable.”
This shift benefits buyers and shows the market is resetting to healthier behavior.
Average Sold Price Growth Slows to 2.5 Percent
Average sold price is up 2.5 percent compared to last year. In last month’s update, I showed the annual appreciation trend, which confirmed price growth has finally cooled to a sustainable historical norm. After several years of unusually high appreciation, this moderation is welcome news for buyers.
Total Sales Match 2023 Levels
Total sales reached 1,279, exactly the same number as 2023. We remain about 8 percent below last year.
“2023 was our lowest transaction year in a long time, and 2025 is tracking nearly identical to that same pace.”
The low transaction count has defined the past two years, but we’ll explain shortly why this may change heading into 2026.
October Market Snapshot: Trends Continue
The month of October follows the same pattern as the full year: new listings down nearly 13 percent, days on market up 16 percent to 62 days, and total sales matching October 2023 exactly at 95. The 15.4 percent increase in average sold price is likely an outlier driven by a handful of high-end sales. The year-to-date 2.5 percent appreciation is far more representative of actual market movement.
Inventory Levels Are Tracking Toward a More Normal 2026
As of early November, we had roughly 410 homes on the market, nearly identical to the 414 homes available at the same time last year. Historically, inventory drops sharply into January, then builds through spring and early summer. If we follow past patterns, I believe we could see inventory rise above 500 homes next year, which would be a major step toward a more normal market cycle.
Mortgage Rates From 2000 to Today: A Return to Normal
To better illustrate mortgage rate behavior, I charted the average annual mortgage rate from 2000 to today. The early 2000s showed what I consider a healthy market range for interest rates. Rates then dropped significantly after the 2008 mortgage crisis and fell to historically low levels in 2020 and 2021 during Covid. Today, mortgage rates have returned to levels similar to the pre-crisis early 2000s.
“People became accustomed to historically low rates that were never meant to be the norm. Today’s rates are actually aligned with long-term market behavior.”
Mortgage Spread at Its Lowest Point in Years
Keeping Current Matters shows that the spread between the 10-year treasury and mortgage rates has compressed to just above 2 percent, down from highs near 3.5 percent. A lower spread means mortgage rates can move down more efficiently as treasury yields decline.
Real Estate Has Been in a Recession Since 2022
It is no secret that our industry has been in a recession since interest rates jumped a full percentage point overnight in 2022, causing transactions to fall sharply.
“It’s been painful, but it was needed, and I believe we’re finally starting to come out of it.”
National data reinforces this.
National Transaction Volume at a 30-Year Low
Redfin reports that only 28 out of every thousand homes, or 2.8 percent, changed hands this year. That marks the lowest turnover rate in 30 years. Locally, we have experienced similar stagnation, driven primarily by affordability issues and the lock-in effect. Homeowners with rates below 4 or 5 percent had little motivation to move.
Why 2026 Could Look More Normal
Despite low turnover, several leading indicators suggest improvement:
- Mortgage rates have declined nearly a full point this year.
- Inventory in our MLS has started to rise above 1,000 homes.
- Lower rates and more choices are attracting buyers back into the market.
- More homeowners now hold rates above 6 percent, easing the lock-in effect.
One of my recent buyers spent three months looking at several homes and secured a mortgage rate around 6 percent.
“It’s not that bad out there if you need a home. Rates are trending down and buyers have more options.”
Mortgage Rates Trending Downward
Freddie Mac data shows rates started the year above 7 percent and have fallen to approximately 6.1 percent by the end of October. This is a meaningful shift toward a more stable and predictable mortgage environment.
More Homeowners Now Carry Rates Over 6 Percent
The share of mortgages with interest rates above 6 percent has risen to a 10-year high. While challenging for those homeowners, it reduces the lock-in effect and helps increase market mobility. Historically, it was common for 15 to 30 percent of homeowners to have rates above 6 percent.
Purchase Applications Up 20 Percent Year Over Year
The Mortgage Bankers Association reports that purchase applications are now 20 percent higher than a year ago. This aligns with what we experienced in our office in August, September, and October, where activity increased significantly compared to typical fall patterns.
Home Prices Vary Widely by Market
Some markets are still seeing price increases, such as Cleveland and Columbus, while others, including Atlanta, have seen prices decline by about 3 percent. This variation is normal and necessary.
“We didn’t have an interest rate problem. We had a price problem.”
Price moderation is helping restore affordability.
Home Price Forecasts for 2025
Major analysts including NAR, Wells Fargo, Fannie Mae, Moody’s, and the Mortgage Bankers Association forecast modest appreciation next year. The average projected home price growth across all forecasts is 1.7 percent. This level of appreciation is healthy and supports a sustainable market recovery.
Five Market Realty Represented 15 Percent of Local Transactions in October
Even in a slow market, our boutique firm of 15 to 20 agents represented approximately 15 percent of all closings in Athens-Clarke and Oconee County in October.
“Our small but mighty team continues to deliver strong results for our clients.”
If you are planning a move in 2025, now is the time to start planning your strategy.
Final Thoughts
Thank you for sticking with me through this full breakdown. If you’re considering buying or selling next year, reach out to anyone on our team at Five Market Realty. We can help you prepare 60 to 90 days in advance and make informed decisions as the market continues to evolve.
A big weekend is ahead here in Athens with Texas coming to town. Go Dawgs, horns down, and be sure to subscribe on Youtube for future updates.
If you’re considering buying, selling, or investing, or are in the market for luxury properties in Athens, GA, the team at 5Market Realty is here to guide you through current conditions.
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