Cherokee county Market Update October 2023

Local Real Estate Market Update: Canton, Georgia | December 2023

If you’re a homeowner in Cherokee County, Georgia or planning on becoming one, I’m going to be sharing an update on the latest real estate market trends from December 2023. I will provide some hidden opportunities whether you’re thinking about buying or selling.

Here’s what you’ll learn in this video:

 

  • Insight on which TWO cities have affordable housing for first time homebuyers, households   that want to downsize, AND investment opportunities.  
  • Trending interest rates in January,  2024
  • Average sales price for homes in Canton, Georgia 

High Level Market Overview

Alright, overall in December there were 2.2 months of supply for residential homes available in Canton, Georgia, keeping things in a sellers market, which is down from last month by .1%.

So, what does that mean? Months of supply tells you how many months it would take for all the homes currently on the market to sell, given the average sales volume. 4-6 months of inventory indicates a more balanced market, less than 4 months means there is not a lot of inventory available which can drive up prices. More than 6 months of supply means there are a lot of properties available for buyers to choose from, which can drive prices down.

Average Price

  • The average sales price for a home in Canton, Georgia is $539,108. That average price is down from 13.2% compared to last month. So prices are finally starting to decrease, and we are still seeing a lot of properties having a price reduction after they come on the market. 

Days on Market

On average In Canton, Georgia in December, it was taking 32 days for a residential detached property to sell. Which is up 6 days compared to the previous month. And it is down 34.7% from last year in December 2022 when average days on market were 49. So just know if you’re planning to sell your home, On average, they are selling fairly quickly when priced correctly.

Interest Rates

Okay if you are thinking about buying real estate in the near future, at the time of this video, mortgage rates are dropping!!! Which is exciting news. Rates are trending down into the 6’s, and with buydown points you can get into the 5’s making it more affordable.

Market Trends Insight

Right now, If you are a first time home buyer, looking to downsize, or looking for a property to rent out, Jasper and Woodstock Georgia seem to have more affordable prices in their area ranging in the low to mid 300’s for move-in ready homes.

 

Either way one important thing to understand is that macro level market statistics really mean nothing. What’s happening in Cherokee County can be completely different than what’s happening in another county or even other cities in Cherokee County. There are different micro markets everywhere.

 

How to get in touch

So, the bottom line is whether you’re buying or selling, your situation is unique, and a general market update should be taken with a grain of salt. If you want an accurate market analysis of your home or you’re thinking of buying and want to know where hidden opportunities may lie, you can either request a free non-obligation market evaluation HERE and scroll to the bottom of the page, or book a call with me to have a no pressure conversation about your options HERE I’ll always give you the straight good so that you’re informed to make the best decision that’s right for you. Otherwise feel free to check out my other blogs and I’ll be back next month with an updated report.

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