Housing Market in Gainesville GA – November 2024

What You Need to Know About the Housing Market in Gainesville, GA – November 2024

As we approach the end of 2024, the housing market in Gainesville, GA, is showing some interesting trends. For potential buyers and sellers, understanding the latest market data is essential in making informed decisions. Whether you’re looking to buy, sell, or simply stay updated, here’s what you need to know about the Gainesville real estate market in November 2024.

Gainesville Housing Market Overview

The housing market in Gainesville, GA, has experienced notable shifts over the last year, reflecting broader trends in the U.S. housing market. In November 2024, Gainesville’s housing market is showing a slight increase in home prices while the number of homes sold has decreased a bit. These shifts provide both opportunities and challenges for buyers and sellers.

Median Sold Price: $399,952
The median price for homes sold in the last 12 months in Gainesville is $399,952, with a cost of $201 per square foot. Compared to October 2023, this represents an increase of $13,490 (+3.5%). This modest rise suggests that while the market is cooling slightly, homes are still appreciating in value, especially for well-maintained properties.

Median Sold Price by Bedroom Count

Here’s a breakdown of how median home prices have changed over the past year based on the number of bedrooms:

• 1 Bedroom:
  October 2023: $250,000
  October 2024: $260,000 (+4.0%)
• 2 Bedrooms:
  October 2023: $248,500
  October 2024: $275,500 (+10.9%)
• 3 Bedrooms:
  October 2023: $334,900
  October 2024: $349,500 (+4.4%)
• 4 Bedrooms:
  October 2023: $458,000
  October 2024: $477,700 (+4.3%)
• 5+ Bedrooms:
  October 2023: $549,400
  October 2024: $597,500 (+8.7%)

As you can see, properties with more bedrooms, particularly 2-bedroom homes and larger homes, have seen significant increases in price, with 2-bedroom homes seeing a rise of over 10% in the last year. This could be a sign of demand for more space, particularly for families or buyers seeking homes with home offices.

Number of Homes for Sale and Market Activity

There has been an increase in the number of homes available for sale in Gainesville. From 740 homes in September 2024, the number of homes for sale increased by 9.9% to 813 homes in October 2024. This increase in available inventory provides more options for buyers, which could lead to less competition and a bit of relief for those looking for a new home.

However, the number of homes sold has decreased. In September 2024, 152 homes were sold, but this dropped by 8.6% to 139 homes sold in October 2024. This could be a reflection of fewer buyers in the market, which is consistent with the national trend of cooling housing markets due to higher interest rates and economic uncertainty.

Homes Sold Below, At, and Above Asking Price

In Gainesville, the sale price relative to the listing price is an important factor for both buyers and sellers to consider. Here’s the breakdown of homes sold in relation to their asking prices:

• 94 Homes were sold under asking price
• 23 Homes were sold at asking price
• 17 Homes were sold over asking price

This shows that the market is still somewhat competitive, with some homes still attracting above-asking offers, though most homes are selling for less than the asking price.

Tips for Buyers

For buyers, the Gainesville housing market presents a good opportunity to find a home at a competitive price, especially if you’re considering homes priced near or below the median. With slightly fewer homes being sold, there may be less competition for properties, but it’s important to act fast when you find something that fits your needs. The increase in inventory is favorable for buyers, giving you more choices than in previous months.

Tips for Sellers

For sellers, the market remains relatively strong, with median prices up from last year. However, it’s essential to price your home realistically. Homes priced too high may sit on the market longer, especially given that fewer homes are selling over asking. Buyers are becoming more discerning, so staging your home, making necessary repairs, and using a strong marketing strategy can help you stand out in a competitive market.

Conclusion: Should You Buy or Sell in Gainesville, GA, in November 2024?

The Gainesville, GA, housing market in November 2024 offers opportunities for both buyers and sellers, but with some challenges. Buyers can benefit from increased inventory and more negotiating power, while sellers can still see favorable prices with the right approach. Homes are appreciating in value, especially those with more bedrooms, but market conditions may not be as competitive as they were in the spring and summer months.

If you’re ready to make a move in Gainesville, GA, reach out to me for personalized advice and guidance. Whether you’re looking to buy, sell, or simply want to learn more about the market, I’m here to help you navigate the process. Let’s get started today!