If you’re following the real estate market in Augusta, GA, you know it’s been an eventful year.
From shifting demand to fluctuating interest rates, buyers and sellers alike are navigating a
changing landscape. Here’s a snapshot of the latest trends, insights, and what I expect to see
as we move toward the end of 2024.
Unfortunately, interest rates have continued to rise over the past year, putting a bit of a squeeze
on affordability. Nonetheless, our area remains attractive to both local buyers and newcomers,
thanks to the area’s quality of life and still relatively affordable housing options compared to
larger metropolitan areas. Demand is especially strong for homes in established neighborhoods
with convenient access to downtown Augusta and Fort Eisenhower, which continues to draw
both military families and civilian employees.
Retrieved from: https://www.mortgagenewsdaily.com/mortgage-rates/30-year-fixed
While higher interest rates have slowed the market slightly, our area is still hot compared to
national averages. Homes priced well and in good condition are selling fast, sometimes within
days of being listed.
The biggest challenge for buyers, especially first-time homebuyers, is inventory. There’s a
shortage of affordable, entry-level homes across the CSRA, creating stiff competition for the
limited options that do hit the market. Some sellers are hesitant to list their homes due to high
interest rates, as they’re likely holding onto lower-rate mortgages themselves. This “golden
handcuff” effect means fewer homes are circulating on the market, and buyers still may face
bidding wars, particularly for homes in desirable neighborhoods.
Sellers, if you’re considering listing, know that the market is on your side. Well-priced homes in
good condition are still selling, and even though buyers are facing financing challenges, demand
is still strong for well-maintained properties.
Retrieved from: https://www.redfin.com/city/22937/GA/Evans/housing-market#demand
With the limited inventory of existing homes, new construction is playing a crucial role in
meeting demand, particularly in areas like Aiken, Grovetown and Graniteville, which are
experiencing rapid growth. Several new developments are underway, offering a range of
housing options from townhomes to single-family homes. Buyers should be prepared to wait a
little longer for new construction as build times average around 6-12 months, and prices for new
builds are higher than resale homes due to increased material and labor costs.
Additionally, spec builders are offering incentives, such as covering some closing costs or
providing upgrade packages, to attract buyers as they adapt to the current market conditions. If
you’re open to a new build in a community development, now could be a great time to explore
those options.
While home prices in the CSRA are still appreciating, the rate of growth has slowed compared
to the frenzied 15-20% pace of the last couple of years. On average, prices are up 4-5% from
last year, which represents a more sustainable growth rate. This is encouraging news for buyers
hoping to gain equity over time without paying record-high prices seen in 2021 through early
2023.
However, sellers can still expect to see a return on investment. Homes in popular
neighborhoods like Summerville, River Island, and Bartram Trail are maintaining strong values,
as these areas are particularly desirable for their amenities, school districts, or proximity to key
locations.
The rental market in Augusta and the CSRA remains strong, thanks to consistent job demand
and industry growth. Investors are taking note, particularly those seeking long-term buy-and-
hold properties in neighborhoods close to employment hubs. For those considering short-term
rentals, neighborhoods near the Augusta National Golf Club are attractive due to the influx of
visitors for the Masters Tournament each April, though keep in mind there are lots of areas
where short-term homes have also flourished for medical staffing.
Retrieved from: https://www.rent.com/georgia/augusta-apartments/rent-trends
Flipping will be popular again as Hurricane Helene will produce new opportunities to purchase
storm damaged homes at fractional values. We have hundreds of homes that will not be rebuilt
as owners liquidate to avoid costly repairs and find new residences quicker.
Regardless of who you are or where you fall in the real estate world, the CSRA remains a
wonderful place to call home. Offering a unique combination of affordability, growth, and quality
of life that continues to attract a variety of buyers and investors. Creating a sustainable market
for Augusta and its surrounding counties.
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