Real Facts about Athens Georgia Real Estate as provided by the Athens Georgia Area Association of REALTORS® with market update from Hank Bailey.
The Athens Georgia Area Association of REALTORS® has teamed up with the National Association of Realtors® to give Athens Georgia area regional residents the facts about homeownership and information about the local real estate market. Would-be homeowners who are uncertain about their home buying plans can learn more about the options available to them and the long-term benefits of owning a home through a new advertising campaign that will provide current, relevant housing data to help them make an informed decision. Over the past 30 years, the median price of existing homes has increased an average of more than 6 percent every year, and home values nearly double every 10 years, according to historical data from NAR’s existing-sales series. A Federal Reserve study has shown that the average homeowner’s net worth is 46 times the net worth of the average renter. Despite this and other research, some potential home buyers are being kept on the sidelines as they react to national media reports about the housing market.
“Nobody buys a home in the national real estate market,” said NAR President Dick Gaylord. “All real estate markets are local, and buyers and sellers who are thinking about making a move should consult with a Realtor? in their local market to learn about conditions specific to the area. It’s also advisable to look beyond the immediate horizon – real estate has proven itself to be a good long-term investment and a safe, secure way to build long-term wealth.”
According to the Multiple Listing Service of the Athens Georgia Area Association of REALTORS®, Athens Georgia real estate prices prove to remain on a steady rise in the Athens regional area unlike much of what in reported in the media for the nation. In Oconee County, the average residential sold price was $279,615 in 2005. In 2007, the Athens, GA MLS reports that the average sold price rose to $321,207. In Clarke County the Athens, GA MLS residential reports show that the average residential sold price in 2005 was $184,119. In 2007, that average rose to $189,934. Madison County has also had a strong increase in prices with an average residential sold price in 2005 at $159,753 and increasing to $164,758 in 2007. In addition, the Athens, GA MLS shows that Oglethorpe County prices held strong with an increase from 2005 at an average price of $149,263 to $160,472 in 2007.
Market Update; In the Q4 Real Estate Market Report, Zillow.com, it was reported that the market declined 11.6% from a year ago. In 2008 the average residential sales price in Clarke County, through the Athens, GA MLS was $189,017. A modest decrease from the previous year’s $189,934. In Oconee County, where the average residential sales price rose in 2007 to $321,207, in 2008 sales prices rose again to $322,378.
If you are looking to purchase a home in the Greater Athens area, please feel free to use this link to Search the Athens MLS! While on the Georgia MLS you can search for homes, create a User account to save favorite property searches, email property searches to friends and family, or request more information!