June 2020 Marietta Housing Market Report
Mid June 2020 Marietta Housing Market Report
Surprisingly, the real estate market in the Marietta High School District has held up considerably well despite the restrictions to normal life, employment, and the local economy as a result of the Coronavirus pandemic.
Both locally and nationally we continue to see upward pressure being applied to home pricing due primarily to the lack of available homes for sale (inventory). There is currently only 2.9 months of inventory in the Marietta High School district. This is a VERY strong seller’s market because there is more demand from buyers than there is supply of homes for sale.
The average sales price of homes that sold was $319,000. This is an increase of 5.6% over last year. I also like to look at the average price per square foot to get an even better idea of home appreciation. As of June 19, the multiple listing services were showing an average of $140/square foot for homes in the Marietta High School district. This is a 3.6% increase over where were were at this time last year.
It appears that April was the trough after the slowdown created due to Shelter in Place in March. Analyst are predicting that we will recover faster than expected this summer and continue to have an appreciating market well into 2021 and potentially 2022. With interest rates hovering around 3% (and sometimes less) buyers are out in force trying to scoop up homes when they can find them. We are consistently seeing multiple offer situations on homes priced under $300,000 in Cobb County. This is making it difficult and frustrating for buyers who are looking for these entry level homes.
As the Marietta community starts opening up again and the economy starts to rev its mighty engine, home sales are expected to be strong. If you, or a friend are considering a move we would be happy to give you a more detailed analysis of your home’s value, current market conditions in your specific price range and location.
Detailed Charts and Graphs
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