Rome Georgia Housing Trends: A Comprehensive Analysis

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Stay updated on Rome, Georgia's housing trends. Get insights on prices, market shifts, and sales data for informed real estate choices.
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The housing market in Rome, Georgia faces some tough economic impacts. Especially those looking to invest in a new home. This article discusses housing trends for both buyers and sellers. As well as the implications these trends can have on your decisions.

Rome’s Current Housing Market Status

Rome is currently a Seller’s Market. Homes in Rome are in high demand, which leads to higher prices and faster sales. Since last year, this trend has remained consistent, indicating a stable market condition.

Key Insights on Housing Prices

  • The median sold price for homes in Rome as of September 2023 is $221,970, which translates to $142 per square foot. This is an 11% increase from the previous year.
  • When we break down the prices by bedroom count:
    • 1 Bedroom homes saw a decrease of 60.5%.
    • 2 Bedroom homes increased by 53.1%.
    • 3 Bedroom homes rose by 11.6%.
    • 4 Bedroom homes went up by 12.6%.
    • Homes with 5 or more bedrooms surged by 27.5%.

Housing Supply Dynamics

  • As of September 2023, there are 323 homes available in Rome, marking a 2.9% increase from August 2023.
  • In terms of bedroom count:
    • 1-bedroom homes remained stable.
    • 2-bedroom homes also showed no change.
    • 3-bedroom homes saw a decrease of 3.2%.
    • 4-bedroom homes increased by 12.2%.
    • Homes with 5 or more bedrooms rose by 15.2%.

Sale Dynamics

  • 76 homes were sold or pending in September 2023, a decrease of 24% from the previous month.
  • Out of these, 59% were sold below the asking price, 21% at the asking price, and 20% above the asking price.

Time on Market

  • On average, homes in Rome were on the market for 28 days in September 2023, which is a 7.7% increase from the previous year.
  • Out of the homes sold in September 2023:
    • 71% were sold within 30 days.
    • 22% took between 30 to 90 days.
    • 5% took more than 90 days.

Conclusion

In Rome, Georgia, sellers are benefiting from a good housing market. Prices are going up and homes are selling fast. Buyers should prepare to act fast and may need to be flexible with their budgets. To work in this market, you need a reliable real estate agent you can trust.

FAQ

  1. Is Rome, GA a buyer’s or seller’s market?
    • Rome is currently a Seller’s Market.
  2. How much has the median home price increased over the past year?
    • The median home price has increased by 11% from the previous year.
  3. How long does it typically take to sell a home in Rome?
    • On average, homes in Rome were on the market for 28 days in September 2023.
  4. How many homes were available for sale in September 2023?
    • There were 323 homes available for sale.
  5. What percentage of homes sold below the asking price in September 2023?
    • 59% of homes sold below the asking price.
  6. How has the housing supply changed from August 2023 to September 2023?
    • There was a 2.9% increase in the number of homes available.
  7. Are homes with more bedrooms seeing a higher price increase?
    • Yes, homes with 5 or more bedrooms saw the highest increase at 27.5%.
  8. Is it a good time to sell a home in Rome, GA?
    • Given the current market conditions, it is a favorable time for sellers.
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