Local Real Estate Market Update

2023 is off to an interesting start. While national headlines and media outlets report and forecast doom and gloom, the Coweta County real estate market is holding strong. Residential real estate prices are practically unchanged, while listing inventory and the number of transactions decreased significantly.

According to the Georgia Multiple Listing Service (GAMLS), the number of homes for sale was down 15% in January and 20% in February year-over-year. Pending sales (properties under contract) were down 28% in both January and February. Closings were down 48% in January and 34% in February.

All of this sounds bad but there are several positives. Realtors are seeing a healthier market in 2023. While it is still a seller’s market, we are seeing less multiple-offer situations and buyers have a greater chance of securing a home. Active listings (homes for sale) were up 36% in January and 33% in February. Buyers have a much better selection of properties to choose from than they did a year ago.

Despite a large supply of homes to choose from and decreased demand, home prices are holding strong. The average sales price in Coweta County was up two percent in January and only down two percent in February. Homes are taking longer to sell: The average days on market was up to 59 days in January and 54 days in February. These are 31% and 86% increases year-over-year.

In March, I have seen a dramatic increase in both buyer and seller activity. As of March 27th, there are 408 homes for sale in Coweta County. We were well under 200 homes for sale during the peak of a seller’s market the last two years. I have had many different types of buyers put properties under contract in the last few weeks; millennial first-time buyers, cash buyers from the baby boomer generation, builders, investors and commercial developers.

From my perspective the market is healthy. I only expect conditions to improve as we enter the spring and the summer, the busiest times of the year in real estate. Inflation, interest rates, the stock market and the Federal Reserve’s decision making are all things to keep an eye on. All these factors will influence our real estate market in 2023.

Jess Barron is an Associate Broker with Lindseys, Inc. Realtors and former President of the Newnan-Coweta Board of Realtors. ■

FRANK BARRON Associate Broker 770-231-9535 FrankB@LindseysRealtors.com

1948-2023

“Serving All of Newnan and Coweta County Since 1948” www.LindseysRealtors.com

JESS BARRON, GRI Associate Broker 678-857-9350

JessB@LindseysRealtors.com

14 Jackson Street, Newnan, GA 30263 • 770-253-6990

MLS #20005781

24+/- ACRES ON POPLAR ROAD AT YEAGER ROAD INTERSECTION. Already zoned C-6 with water and sewer. Ideal for multiuse development. $7,000,000 for all or will consider subdividing front 5 acres for $500,000 per acre and back 19+/- acres for $250,000 per acre. Frank / Chip.

MLS #10120310

HURRY ON THIS 14.41+/- WOODED ACRE TRACT ON US HWY 29 approximately 5 miles north of Newnan! 819.25’ Road frontage. Small pond. Ideal for development, church, school, estate size lot or possible subdivision. $599,900. Frank / Chip.

MLS #10136808

BEAUTIFUL 7.42+/- ACRES IN NEWNAN with open fields, pecan trees, hardwoods and pines, big 50x31 barn with horse stalls. Large rustic farmhouse sold ‘as is’. House recently rented for $950/month. Several great home sites on this property. Build your dream home and have your own private farm with easy access to Newnan and Franklin. $217,000 Jess/Tom.

Serving

1948 2023

MLS #10119008

GREAT OPPORTUNITY IN HISTORIC NEWNAN! Level Residential Lot within walking distance to Atkinson Elementary and Newnan High School. Build your dream home! $85,000. Jess.

VACANT LOTS IN ASHLEY WOODS SUBDIVISION. Subject to Covenants and Restrictions of record. Nicely wooded lots. Possible basement lot. Lots 15, 16 & 17 are listed and priced individually at $29,900 each. Frank.

Serving

LOTS/LAND

3 VACANT LOTS IN ASHLEY WOODS. Subject to Covenants & Restrictions of record. Nicely wooded lots. No HOA. Possible bsmt lots. Lots 15, 16 & 17 are available for $29,900 each. Frank.

LOTS/LAND

2 WOODED VACANT LOTS in West Coweta on East Coggins Road. Easy access to Newnan, Franklin or Carrollton. $60,000 per lot. Frank/Jess.

LOTS/LAND

12 CHOICE BUILDING LOTS in Grantville. Easy access to I-85, Atlanta, Newnan, LaGrange and Columbus. Sold ‘as is’. $420,000 Bulk Sale Only. Frank/Jess.

CHOICE 10.13 ACRES ZONED COMMERCIAL (C-2) ON HWY 74 (SENOIA ROAD). Adjoins Georgia World of Beverages. 579’ frontage on Hwy 74 and additional frontage on Landrum Road (385’+/-). $3,500,000. Frank

COMMERCIAL

NEW POPLAR ROAD COMMERCIAL LISTING. 24+/- ACRES zoned C-6 (multiple uses) commercial. Water and sewer already in place. $7,000,000. Will subdivide. Frank/Chip. COMMERCIAL FOR LEASE

SOLD! SOLD!

RESIDENTIAL LOT ON BERRY AVENUE IN TOWN. All utilities available. $29,900 Frank.

AMLAJACK 255.5+/- ACRES WITH HALF MILE FRONTAGE ON I-85 between 2 industrial parks. $17,890,600. Frank.

FOR LEASE – 3,200 s/f upstairs office space - $750 per month (Owner/Agent) Frank.