State of Market - Cobb County June 2023
June 2023 - Cobb County Stats
As you can see in the chart below, year over year for both the month of June and YTD thru June, inventory and sales are down considerably, well over 20% for both Detached (single family homes) and Attached (townhomes/condos).
In addition, median sales prices are up approximately 2% for Detached while Attached prices are up approximately 8%. The percentage of list to actual sales price remains close to 100%. Lastly, the inventory of available Deatched homes is down 25% from 2022 to 2023 for June while investory of Attached homes actually increased 21%.
The analysis: even with higher interest rates, it remains a seller's market. Low investory and consistent demqnd is keeping prices steady. We are at, or close to the peak of interest rates. Once rates begin to fall, we should see a flow of buyers back into the market which may drive demand faster than inventory growth. This could lead us back to multiple offers and price premiums.
If you are considering buying now is the time. Even with interest rates expected to drop over the next 12 months, price appreciation will out pace the benefit of a low rate. Buy now and refi when rates are better. Contact us for assistance.