The housing market is always changing, and it can be tough to keep up with the latest trends. If you’re curious about what’s happening in Cobb County, Georgia, then you’ll want to read this blog post. Here, we will discuss the number of homes sold, the median sales price, the median Days on Market, and more! We’ll also take a look at the overall economy and see how it’s affecting the housing market. So, if you’re interested in learning more about Cobb County’s housing market, let’s get going!
Number of Homes Sold
The number of single-family home sales in Cobb County, Georgia has decreased in Q1 2023 compared to both the previous quarter and the same quarter last year. There were 1,427 homes sold in Q1 2023, down slightly from 1,597 in Q4 2022 and 2,096 in Q1 2022. This represents a decrease of 11% from the previous quarter and a decrease of 32% from the same quarter last year.
The drop in home sales can be attributed to a variety of factors, most notably high interest rates. While interest rates have started to come down slightly, they are still nearly double their sub-three percent low. This has caused many buyers to pause their home-buying plans and has caused many sellers to hold off on putting their home on the market.
Median Sales Price
The median sales price of single-family homes in Cobb County, Georgia has increased in Q1 2023 compared to both the previous quarter and the same quarter last year. The median sales price of homes in Q1 2023 was $415,900, up from $405,050 in Q1 2022 and $415,000 in Q4 2022. This represents a nominal increase from last quarter and an increase of 2.7% from the same quarter last year.
The increase in median sales price in Q1 2023 might be small, but it still follows the overall upward trend in the median sales price of homes in Cobb County over the past five years. While there have been some dips and plateaus in the median sales price, the general trend has been an increase in home prices over time. For example, there was a significant increase in the median sales price from 2018 to 2019, followed by relatively stable prices through 2020 and 2021. In 2022, there was a noticeable increase in the median sales price, with Q2 2022 seeing the highest median sales price over the past five years at $449,950.
This overall upward trend in the median sales price can be attributed to a variety of factors, including increased demand for housing in Cobb County, limited supply, and local economic growth. As Cobb County continues to grow and evolve, it will be interesting to see how these factors and others continue to influence the local real estate market.
Median Days on Market
The median Days on Market of single-family homes in Cobb County, Georgia has increased significantly in Q1 2023 compared to the previous quarter and the same quarter last year. The median Days on Market of homes in Q1 2023 was 20, up from 17 days in Q4 2022 and 6 days in Q1 2022. This represents an increase of 17.6% from the previous quarter and an increase of 233.3% from the same quarter last year.
The increase in the median days on market of homes in Q1 2023 can be attributed to a variety of factors, including economic uncertainty, rising home prices, and other local and national factors. Rising interest rates has also had an impact on the real estate market, with many people choosing to delay buying or selling a home until the situation becomes clearer.
Looking at the overall trend in the median Days on Market of homes in Cobb County over the past five years, there is a clear downward trend until Q1 2022 when it hit a low of 6 days on the market. However, this trend has reversed in the past year, increasing 15 days since Q2 2022.
Cobb County Unemployment
The unemployment rate in Cobb County, Georgia has been steadily declining since April 2020, when it reached its highest point of 11.4%. This is good news for the local housing market, as a lower unemployment rate means more people are able to find jobs and contribute to the economy.
The current unemployment rate in Cobb County is 2.9%, according to the Federal Reserve. This is significantly lower than the national average of 6.3%, indicating that Cobb County is doing better than most other areas in terms of job growth and economic stability.
The decrease in unemployment has also had a positive effect on the local housing market. Home prices have been steadily increasing over the past few years. This indicates that there is strong demand for housing in Cobb County, which can be attributed to the low unemployment rate and strong job growth.
Overall, it’s clear that the decrease in unemployment has had a positive effect on the local housing market in Cobb County, Georgia. With more people finding jobs and contributing to the economy, home prices have been steadily increasing and demand for housing remains high.
Cobb County GDP
Cobb County, Georgia has seen a steady increase in its Gross Domestic Product (GDP) over the past few years. In 2022, Cobb County’s GDP was estimated to be $62.9 billion, making it the second-highest GDP in the state of Georgia. This impressive growth is due to the county’s strong economy and diverse industries, including manufacturing, health care, retail trade, transportation, and warehousing.
The increased GDP has had a positive effect on the local housing market as well. Home prices have risen steadily since 2018 and are expected to continue to rise in the coming years. The median home price in Cobb County is currently at $415,900. This makes Cobb County an attractive option for those looking to purchase a home in the area.
The increased GDP has also led to more job opportunities for residents of Cobb County. The unemployment rate dropped from 4% in 2020 to 2.3% in 2022 due to an influx of new businesses and industries that have been attracted by the county’s strong economy. This has allowed many people who were previously unemployed or underemployed to find jobs with higher wages and better benefits than they had before.
Cobb County Population Growth
Cobb County, Georgia has seen steady population growth over the past few years. In 2020, the county had a population of 736,006 people. This number increased to 741,000 people in 2022, according to the U.S. Census Bureau. This population growth signals a healthy and vibrant economy that is drawing new residents to the area.
The influx of new residents has also had a positive effect on job opportunities in Cobb County. With more people moving into the area, there are more businesses and industries that have opened up that are looking for employees. This has resulted in an increase in job openings and an overall lower unemployment rate from 4% in 2020 to 2.3% in 2021 according to data from the U.S Bureau of Labor Statistics.
In conclusion, the Cobb County housing market in Q1 2023 reflects a mixture of trends, with a decrease in the number of homes sold, a small increase in the median sales price, and a significant increase in the median days on market. These changes can be attributed to factors such as high interest rates, economic uncertainty, and the ongoing COVID-19 pandemic. Despite these challenges, Cobb County continues to exhibit strong economic indicators, including a low unemployment rate, steady GDP growth, and consistent population growth.
The overall outlook for Cobb County’s housing market remains positive, as the area continues to attract new residents and businesses, bolstering the local economy. Homebuyers and sellers should keep an eye on these trends, as well as the potential impact of interest rates and external factors, to make informed decisions about their real estate investments. With its diverse industries, vibrant economy, and growing population, Cobb County remains an appealing location for those looking to buy or sell a home in the near future.