When are home prices coming down?
Lake Oconee Real Estate Market Update - Q3 2021 *
Buyers are asking when prices will come down and sellers are asking how long this super-hot market will continue. This year has been like no other in recent history when it comes to demand, price increases and inventory shortages in many real estate markets.
In the third quarter of 2021, available inventory continued very low with a countrywide housing shortage estimated at over 5 million homes, pushing up home prices nationwide around 20% as compared to a year earlier. Here at the lake, inventory remains tight with about a 6-week (very low) supply this month. This
very low availability of inventory has begun to impact the numbers of homes sold while continuing to push up sale prices.
ARE PRICES COMING DOWN SOON? Not likely in the near term: buyer demand is still exceptionally strong for this area, mortgage rates remain very attractive and available inventory is still quite low.
Bottom line – we remain in a seller’s market – but there are still good values out there every day!
These key trends were all clearly evident in the third quarter of 2021, continuing trends we’ve seen all year.
STATISTICS ARE FOR THE FIRST 9 MONTHS OF 2021 AS COMPARED TO THE SAME TIME PERIOD IN 2020.
A few KEY STATS for the six county LAKE OCONEE MARKET AREA for
2021 THIRD QUARTER:
• NUMBER OF HOMES SOLD decreased 14% over the prior-year period
• MEDIAN SALES PRICE increased 22% to $440,000
• MEDIAN DAYS ON MARKET (DOM) DECREASED 49% to 42 days
Greene County Update
Increased demand coupled with tight inventory pushed units sold down and median prices up.
Buyers still prefer “MOVE-IN READY” newer homes, lakefront and gated communities.
A few key GREENE COUNTY stats on SINGLE FAMILY HOME SALES:
• HOMES SOLD decreased 7% with MEDIAN DAYS ON MARKET dropping to 47 DAYS
• MEDIAN SALE PRICE for ALL SF homes increased 2% to $580,000
• For lakefront homes with a private dock the MEDIAN SALE PRICE INCREASED 66% YTD
to $1,300,000 – which was ABOVE MEDIAN LIST PRICE OF $1,297,000
Special Note: Highest home sale price in 3Q 2021 was $8,700,000, lakefront in Reynolds Main
Putnam County Update
Single family home sales saw similar trends as in Greene County with buyers prioritizing newer or updated homes and always a preference for on-water property.
A few key PUTNAM COUNTY stats on SINGLE FAMILY HOME SALES:
• HOMES SOLD decreased 11% with MEDIAN DAYS ON MARKET dropping to 43 DAYS
• MEDIAN SALE PRICE for ALL SF homes increased 31% to $421,500
• For lakefront homes with a private dock the MEDIAN SALE PRICE INCREASED
11% to $574,900
Special Note: Highest home sale price in 3Q was $3,500,000, lakefront in Reynolds Great Waters