2022 Coweta County Real Estate Market Report
By JESS BARRON, Lindsey’s Inc. Realtors
So far, 2022 is off to a hot start in the local real estate market. We are seeing properties sell in a matter of days for well over the asking price. The supply of listings is low and the demand to purchase in Coweta County is still high.
As of February 24th, 2022, there are only 160 homes for sale in Coweta County per the Georgia Multiple Listing Service (GAMLS). At the time I am writing this article, there is less than a one-month supply of listings per GAMLS. A six-month supply is a good rule of thumb for moderate price appreciation. A one-month supply will push up prices rapidly. A lack of choices for homes is causing buyers to pay well over list price as they battle against other buyers making offers on the same property.
A rise in interest rates is expected to cool the market this year. Looking back at January of 2021 compared to January 2022, there are some significant changes. The number of new listings decreased by 15%. The number of residential properties under contract lessened by 68%. The number of closings fell by 28%. Despite these decreases, the average sales price in Coweta County rose 21%, from $316,000, in January of 2021, all the way to $383,000 in January of 2022.
The local land market has done well but it is not nearly as strong as the residential market. There are currently 148 land listings for sale in Coweta County. This includes land lots in subdivisions, acreage tracts, raw land, etc. There is a strong supply of land listings with an 8.8 month supply per GAMLS.
The year-over-year land statistics are similar to the residential home statistics. New listings were down 56% from January 2021 to January 2022. Pending land sales decreased by 64%. Closed sales increased by 15%. The average sales price improved a staggering 108% year over year.
With the recent developments between Russia and Ukraine, there is major concern that the real estate market may have reached its peak and will soon decline. We shall see. Coweta County is a nice little pocket with a lot of positives going for us. However, we are not immune to the problems of the world that will eventually trickle down and affect us.
Jess Barron is an Associate Broker with Lindseys, Inc. Realtors and former President of the Newnan-Coweta Board of Realtors.
