Insights into Athens' 2024 Real Estate Market Dynamics

By Justin Woodall

Justin is a Christ follower, husband, and father of 3 children. He began selling real estate in 2004 as an individual agent and now leads a team of a highly productive agents serving Athens and the surrounding areas.

Welcome to 2024! Today, let’s dive into the current state of the real estate market in the Athens area and project what we might expect as the year progresses.

At our recent kickoff meeting, we examined various statistics to understand our market’s performance. A notable trend is the decrease in the number of transactions since 2021. The peak was in 2021, with over 5,000 properties sold, which dropped to around 3,800 last year. This decline is attributed to a combination of low inventory and rising interest rates, impacting buyer activity and the number of sales.

Interestingly, despite fewer transactions, the market didn’t experience a significant drop in transaction volume from 2021 to 2023. This trend is due to the continued rise in average sales prices. Contrary to the Great Recession period, where fewer sales led to falling prices, the current market is witnessing rising prices year over year, driven by low inventory.

Another key insight is the increase in the median days on market. While still not exceptionally high, properties are taking a bit longer to sell compared to the frenzy of 2021, where the median days on market were as low as 15 days. This shift towards normalcy is partly due to decreased demand, influenced by higher interest rates, and buyers who secured low rates in previous years opting not to move.

Looking ahead, there’s cautious optimism for 2024, especially with interest rates starting to trickle down. With inventory remaining low, prices are expected to hold steady. We’re hopeful for a robust spring market, but as always, time will tell.

For any specific questions about the market or your real estate needs, please don’t hesitate to call us or send an email. Whether you’re considering buying, selling, or just curious about the market dynamics, we’re here to provide the information and support you need.