The Gist: As American homeowners vie for limited properties and face climbing prices and mortgage rates, some states are turning into sellers’ hotspots. Georgia, in particular, has made its mark as a prime hub for property sales, clinching the spot for the eighth-highest rate of new home listings nationwide.
What Happened? In a study carried out by luxury real estate experts Los Feliz, Georgia was found to have an impressive influx of new homes hitting the market. From January 2020 to June 2023, about 653,708 new homes were listed in the state. Despite a year-on-year dip in the number of new listings, Georgia still holds its ground with an average of 16,338 new homes per 100,000 households.
By The Numbers:
- Florida led the pack with a staggering 1.7 million new property listings during the same period, translating to 20,665 listings per 100,000 homes.
- Idaho came in second, boasting 19,427 new home listings per 100,000 properties.
- South Carolina followed closely in third place, with a total of 377,328 new listings since January 2020, or 18,406 homes per 100,000 households.
- Nevada and Utah completed the top five with 18,406 and 18,162 new home listings per 100,000 households, respectively.
Local Lens: Back in Georgia, prospective homeowners have a robust selection of properties to choose from. Despite the declining trend of new listings, Georgia’s market remains active, with an average of 16,338 new properties per 100,000 households.
Why It Matters: The real estate market, particularly the rate of new property listings, provides an invaluable glimpse into economic trends and population movement. High rates of new listings could signal a thriving housing market, economic growth, or even a shift in the residential population. For Georgia, the steady stream of new listings offers plenty of choices for local homebuyers, potentially drawing more people to the state.
What’s Next? Given the ever-fluctuating nature of the property market, future trends remain to be seen. Will Georgia’s rate of new property listings continue to remain high? Only time will tell. In the meantime, Georgia’s property market continues to provide fertile ground for both sellers and buyers alike.
A spokesperson from Los Feliz added, “While the number of new property listings have fallen since a rise in market activity last year, an average of 412,327 new property listings are still available to American buyers each month.” “Some buyers are choosing to bite the bullet and sell while inflation rates are sky-high, while others are searching for housing in lesser populated areas to help survive the ongoing cost-of-living crisis.”
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