Real Estate Market Update: What to Expect in March
As spring approaches, the Georgia real estate market is heating up with high demand, low inventory levels, and rising prices. If you're a buyer or seller in Georgia, it's essential to stay informed about the current market trends and what to expect in March 2023.
According to the Georgia Association of Realtors, the median sales price for homes in the state has risen by 3% over the past year, reaching $330,700 in February 2023. This increase in prices is driven by high demand from buyers looking to take advantage of low-interest rates and secure their dream homes. However, with low inventory levels, buyers are facing stiff competition, often needing to act quickly to make offers and secure their desired properties.
One trend to keep an eye on in the Georgia real estate market this March is the impact of new construction. As the demand for homes continues to outstrip supply, many builders are ramping up construction to meet the needs of buyers. This increase in supply could help to ease some of the competition in the market and provide more options for buyers. However, new construction homes tend to be more expensive than existing homes, which could contribute to further price increases in the market.
Another factor to consider in the Georgia real estate market this March is interest rates. After hitting historic lows in 2020, mortgage rates have started to rise, with the average rate on a 30-year fixed mortgage reaching 6% in February 2023. It is important to note that this is a more "normal" level for interest rates and we do not expect them to fall drastically in the near future.
Overall, March is shaping up to be a busy and competitive month in the Georgia real estate market. Whether you're a buyer or seller, it's crucial to work with an experienced real estate agent who can help you navigate the market and make informed decisions. By staying informed about the latest trends and leveraging the expertise of a knowledgeable agent, you can make the most of the opportunities available in the Georgia real estate market this March.