A look at Coweta County Real Estate in 2024

By JESS BARRON, Lindsey’s Inc. Realtors

2024 was another interesting and fluid year for Coweta County real estate. I have heard many people say it was a down or bad year, but was it really? Let us look at the data for Coweta County from the Georgia Multiple Listing Service (GAMLS).

The inventory of new listings was not just up, but up dramatically. In fact, new listings increased as much as 40 and 45 percent in some months, year-over-year from 2023. This provided more selection for prospective buyers.

Pending and closed sales were flat. These sales were down some months and up other months in 2024. Many real estate agents and sellers were able to feel and notice this last year.

One of the most interesting trends in real estate last year is the increased supply of real estate listings but no significant decrease in sales price. Sales price, year-over-year, was flat. The average sales price was slightly up some months and slightly down other months. Local real estate prices are holding. If you know the effects of supply and demand in an economy, the flat prices indicate that demand is still very strong, despite an increase in supply. Higher interest rates (compared to the last few years) make this trend even more intriguing. At the time I am writing this, interest rates are pushing seven percent. Despite higher borrowing costs for buyers, there is still strong demand in the local market.

Days on market, or the time it takes for a home to sell, were up considerably. Some months the days on market increased as much as 30 and 45 percent year-over-year. Homes are taking longer to sell. This is another positive trend for those looking to purchase.

From my point of view, 2024 was a strong year. There were a few trends that I noticed.

1. 1. New construction did well in 2024. New home builds make up a large portion of the local market locally and sold consistently.
   2. There seemed to be an increased number of estate sales, or sales where the seller’s property is in an estate due to death or decline in health. The large baby boomer population is getting older and their real estate assets are being sold.
   3. Many middle-aged and older buyers were active in the market, but it appeared that the first-time buyer group was not very active. This could be largely due to the high interest rates and prices. Many young buyers simply cannot afford to purchase a decent home.

Jess Barron is an Associate Broker with Lindsey’s Inc. Realtors and former President of the Newnan-Coweta Board of Realtors.