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June 21, 2024
By: Jennifer Floyd
The real estate market in Covington and Newton County, Georgia, has seen some interesting trends recently. While there has been a slowdown in home sales, there are still opportunities for both buyers and sellers to make the most of the current market conditions. Despite the rise in interest rates over the past couple of years, homeownership remains an attainable goal.
Current Market Insights
1. Home Prices:
As of May 2024, the median home price in Newton County is around $310,040, reflecting a 3.3% increase from the previous year. Covington, specifically, has seen a median listing price of $339,900, up by 2.1% year-over-year (via Redfin).
2. Inventory Levels:
The inventory of homes for sale has increased by 14.2%, providing more options for buyers. However, homes are spending more days on the market compared to the previous year, with an average listing age of 44 days (via Redfin).
3. Sales Trends:
: There has been a decrease in the number of homes sold, with fewer transactions compared to last year. This trend indicates a more balanced market, giving buyers more negotiating power (via Redfin).
Encouragement for Buyers
1. Be Prepared:
With more inventory available, take your time to explore different options. Get pre-approved for a mortgage to strengthen your position when you find the right home.
2. Negotiate Wisely:
Use the increased days on market to your advantage. Sellers may be more willing to negotiate on price and closing terms.
3. Consider Long-Term Value:
Focus on homes that meet your long-term needs and have potential for appreciation, especially in well-established neighborhoods.
4. Interest Rates:
While rates have risen, with the right financial planning and support, you can still secure a mortgage that fits your budget.
Tips for Sellers
1. Price Competitively:
Given the slower market, setting a competitive price is crucial. Overpriced homes are likely to stay on the market longer.
2. Enhance Curb Appeal:
Invest in small upgrades and curb appeal to make your property stand out.
3. Be Flexible:
Be prepared to negotiate and consider offering incentives, such as covering closing costs, to attract buyers.
Despite the rise in interest rates, the Covington and Newton County real estate market remains viable for both buyers and sellers. By staying informed and strategic, you can navigate these trends effectively and make the most of the opportunities available.
For more information on mortgage options and local market trends, contact me today.
Tonya Presley Burnett
VP, Mortgage Servicing Director
c: (770) 385-3577
e: tonyaburnett@newtonfederal.com
NMLS: 430694
Newton Federal
3175 Hwy 278
Covington, GA
30014
