How's The Housing Market? March 2023 Market Report
In Cobb County this month we have seen a slight drop in Average home prices by roughly $1k, while our number of new listings has continued to increase from 827 in February to 867 in early March.
Some other interesting data is reflected in the number of homes sold. In February the figure was 401, so we have seen only a slight increase in the number of home sold in the county, with Months of inventory decreasing from 1.6 to 1.5 and average days on the market remaining steady at 42. One other thing to note is that our year over year increase is still increasing, even as our month to month has gone down.
Friends, our market is still incredibly strong! The interest rates for home mortgages have gone down slightly into the mid to high 5% range for folks with good credit. While that is a good bit higher than it was prior to our current economic rate increases, the truth is, that rate is still lower than it was during the last big market downturn, where 7 & 8% mortgages were more the norm.
Interest rates will continue to fluctuate, so having the information from a trusted Mortgage professional will help you determine if these rates and this market are right for you.
The graphics below show how our West Cobb Cities of Powder Springs, Marietta, Smyrna, Acworth, and Kennesaw compare. You will also be able to check back and compare future monthly entries to see what the market appears to be doing.
Did you know that I have a list of Trusted Lenders that would be happy to answer all of your Loan Questions?
Don’t hesitate to call, Text or Email! I’d enjoy catching up with you and helping you get all your loan questions Answered.