Georgia Ranks #27, Hottest Real Estate Markets of 2024

Staff Report From Georgia CEO

Friday, February 23rd, 2024

While 2023 marked a notably more subdued year for real estate compared to the preceding years, recent signs suggest market conditions could be heating up again—though some geographies are seeing more activity than others.

To determine the locations with the hottest real estate markets in 2024, researchers created a composite score equally weighting the following metrics:

  • One-year change in median sale price (Dec 2022–Dec 2023)

  • Share of homes that sold above asking (2023)

  • Median number of days on the market (2023)

  • Average sale-to-list percentage (2023)

  • Share of listings with price drops (2023)

These are the key takeaways from the report for Georgia:

  • As of December 2023, the median home sale price in Georgia was $357,100, representing an increase of 5.2% from one year prior.

  • 25.9% of Georgia homes sold over their asking price last year, after spending a median 36.7 days on the market.

  • Based on these and other key metrics included in the complete analysis, Georgia's housing market ranks 27th out of 49 U.S. states in the ‘Hottest Real Estate Markets of 2024’ report.

After more than two years of stiff competition and fast-rising prices, the U.S. residential housing market experienced a rapid cooldown throughout the latter half of 2022 and the early months of 2023. Despite recent signs that market conditions could be heating up again, 2023 marked a notably more subdued year for U.S. real estate compared to the preceding years.

After a nearly 50% surge in home prices during the first two years of the pandemic, many buyers now find themselves unable to afford property. Inflation in other sectors has made it more difficult to build up the savings needed to buy a home. On top of this, higher interest rates have increased borrowing costs, limiting budgets for many buyers—especially first-time buyers without existing equity or sizable down payments. These combined factors significantly decelerated market activity.

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