We are seeing a significant shift in the local real estate market in Coweta County. Listing supply is up and demand has decreased from the intense peak of just a few years ago. Prices are even cooling, some. On the day that I am writing this article, there are 803 residential properties for sale in Coweta County per the Georgia Multiple Listing System (GAMLS). This is a significant increase from just a few years ago when there were about 200 homes for sale on average. New listings have increased at least 27 percent, or more, each month in the first quarter of 2025 from the first quarter of 2024. Many homeowners are hoping to catch the hot sellers' market of the last few years. Other sellers are tired of waiting for interest rates to cool down and are ready to list their property and purchase a new one. More on this later.

Pending sales and closed sales have decreased year over year in the first quarter of 2025. We are seeing less showings, traffic and activity with our listings. Properties are still selling but not as quickly, and with less demand, as they were the last few years. The average days on market, or time it takes a property to go under contract, is 58 days in 2025. The average days on market has increased 13% or more each month from the month of the previous year. Homes are taking longer to sell. The months supply of listings is 5.2 in 2025. This is much healthier than the sub three months supply of the last few years.

Despite all these market conditions, prices have remained relatively flat. The average sales price increased in January and February and then slightly decreased in March. With all the recent volatility in the economy and stock market, real estate values have stayed strong. We are seeing many buyers paying cash right now as investors are moving cash and assets into real estate from stocks.

With mortgage rates at and around seven percent and prices staying flat, lower income and first-time buyers are having a difficult time purchasing real estate. Many economists are predicting mortgage rates to decrease but how much? We are seeing family member assist and co-sign with younger borrowers to help them buy. There is hope, however. I am seeing sellers concede on price and provide closing costs credits to buyers. Several builders in our market are offering up to $20,000 in closing cost credits to buyers. This will help buyers with their downpayment. This market shift will be very interesting to keep an eye on in 2025. I expect the market to continue to soften. Hang in there buyers!