Mon, May 20, 2024

Real Talk Real Estate: Spring market update for Augusta, Georgia and the CSRA

Welcome to spring in Augusta, Georgia! As the weather finally begins to warm up, it’s the perfect time to explore the current trends shaping the local real estate landscape. Whether you’re considering buying or selling a home, understanding the market dynamics can help you make informed decisions and achieve your real estate goals. Here’s a closer look at what I’ve uncovered this week in our area.

In the Central Savannah River Area (CSRA), there are currently 1,729 homes listed for sale, with 1,278 homes pending sale or under contract. The average pending home value sits at $299,000, reflecting a diverse range of properties and prices across the region. From Aiken to Thomson, real estate varies significantly from city to city and between counties, offering something for every buyer’s preference and budget.

Despite the availability of homes in the CSRA, affordability remains a concern for many families. With an estimated monthly mortgage payment of $2,330 for a home purchased at $299,000 with a 5% down payment, affordability is a key consideration for prospective buyers. The market is competitive, especially for homes priced at $300,000 or less, leading many individuals into the rental market as an alternative.

In the CSRA, there are currently 832 homes for sale priced at $300,000 or less, compared to only 35 homes listed for rent in the same price range. While the rental market offers affordable options for housing, with 200 homes priced under $2,500, it’s clear that buying remains the preferred choice for many residents.

In Aiken County, new construction is experiencing a surge in popularity. With 480 homes for sale, including 300 new construction properties, Aiken County offers abundant options for buyers seeking new homes. The demand for new construction is evident, with 180 new homes pending sale compared to 150 resale homes.

Over the last six months, 2,920 homes have closed in the CSRA, with an average of 110 days on the market. However, pricing correctly is crucial for achieving a quick sale, especially in a competitive market. Homes priced competitively below market value are likely to attract multiple offers and sell within a matter of weeks, while higher-priced properties may experience longer listing times due to affordability constraints.

The spring real estate market here in the CSRA offers a wealth of opportunities for buyers and sellers alike. Whether you’re looking for affordability, new construction, or a quick sale, working with a knowledgeable real estate agent can help you navigate the market with confidence and achieve your specific goals. As you embark on your real estate journey, remember to consider your unique needs and circumstances, and leverage the expertise of a realtor to guide you every step of the way.

To read more of “Real Talk Real Estate,” click HERE.

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