According to the latest data on the Cobb County real estate market, there were 582 new listings of Residential Detached properties in January 2023, which is a 25.2% decrease compared to January 2022. This suggests a decline in seller confidence, potentially due to rising interest rates and the uncertainty of the pandemic.
Pending sales of Residential Detached properties also decreased by 29.8%, and closed sales decreased by 38.9% compared to last year, indicating a slower market for Residential Detached properties. The average number of days on the market until sale increased by 95.5%, indicating a more buyer-friendly market. The median sales price increased slightly by 0.7% to $395,000, while the average sales price increased by 1.1% to $450,526. However, the percent of list price received decreased by 3.2% to 97.4%, indicating that buyers are negotiating harder for lower prices.
The inventory of homes for sale increased by 30.5%, and the months supply of inventory increased by 66.7%, indicating a potentially oversaturated market for Residential Detached properties.
On the other hand, there were 272 new listings of Residential Attached properties in January 2023, which is an 11.5% increase compared to January 2022. Pending sales of Residential Attached properties decreased by 13.8%, and closed sales decreased by 30.6% compared to last year. The average number of days on the market until sale increased by 95.0%, indicating a more buyer-friendly market for Residential Attached properties. The median sales price increased by 8.3% to $329,900, and the average sales price increased by 7.3% to $358,453. However, the percent of list price received decreased by 2.7% to 98.3%.
The inventory of homes for sale increased by 101.9%, and the months supply of inventory increased by 166.7%, indicating a potentially oversaturated market for Residential Attached properties as well.
Overall, the Cobb County real estate market is experiencing a slowdown in sales, particularly for Residential Detached properties, potentially due to rising interest rates and the uncertainty of the pandemic. However, prices remain relatively stable, and buyers have more negotiating power in both Residential Attached and Residential Detached markets.