Despite the COVID-19 pandemic and several economic hardships, the housing marking in Georgia stayed relatively stable – with most homes seeing an increase in market value.
The information comes from the year-end report from Georgia MLS brokers and agents. Together, both set single-year records for sales volume and closed transactions for an all-time high since Georgia MLS was started in 1962.
Georgia MLS published a press release recently, highlight a number of key analytics, including:
- In 2020, members produced $39.9 billion in sales volume, for an increase of 18.5%, or $6.18 billion over 2019’s previous record numbers.
- Members also recorded 134,770 closed transactions, for an increase of 8.6% over the previous year’s transactions of 124,104.
Other notable highlights:
- The median sales price for homes sold in 2020 was $250,000, for an increase of $22,100 or 9.7% from 2019’s median price of $227,900.
- The median days on market for residential detached properties in 2020 was 16 days.
- 36% of all residential sold listings went Under Contract within one week.
- Rental listings produced $23.1 million in dollar volume, up 11.7% from 2019.
“In a year of uncertainty, Georgia MLS brokers and agents pivoted to adopt new technologies and innovative service techniques to ensure home buyers and sellers had the confidence to carry out their real estate transactions,” said Georgia MLS CEO, Richard Boone. “The extraordinary success of our members in 2020 confirms the partnership between our MLS and the brokerage community to work together, even more so during the most trying times, to make homeownership happen. This year we look forward to providing our members with additional technologies that will springboard them to an even greater 2021.”