In Cobb County, the current state of the real estate market is booming. Despite the economic crash and global pandemic from last year, it has strong growth and is expected to continue through the end of 2021.
Still, there are some hiccups that the city has faced such as the growing demand for existing and new homes. It’s not a surprise that most people who are working from home are now wanting to move out from their current location and permanently settle in a more affordable area.
Here are three key housing statistics that affect the real estate market in Cobb County and an analysis of how those stats have changed in Q1 of 2021.
Median Sold Price
When we take a look at the statistics, the median sold price for the first quarter of 2021 was $337,000. This is a large price increase when we compare it to the first and fourth quarter of 2020, each with a median price of $320,000 (five percent) and $285,105 (18.2%).
The drastic increase of the median price by $52,000 between 2020 to 2021 is part of a domino effect from the pandemic towards Cobb County’s real estate market. The economy was struck hard last year, which caused people staying in expensive urban areas to reconsider moving into a more budget-friendly home.
It is projected that the median price will increase more due to the limited availability and bidding wars between homebuyers.
Number of Homes Sold
Next up, we have the total amount of homes sold for the first quarter of 2021. There were 2,818 units sold.
When we take a look back on the first and fourth quarter of 2020, we find that 2,638 units were sold in Q1 of 2020. While in Q4 of 2020, there were 3,592 units sold to homebuyers. Q1 is typically less active than Q4 so this makes sense. The huge demand from buyers also accounts for why more homes were sold compared to Q1 last year.
These numbers are also tied with the available listings for each quarter. Q1 2021 had 3,500 new listings, while Q1 2020 had 3,997 units. The shortage of 497 units this year is a side effect of the huge housing demand from homebuyers, as well as some homeowners choosing to delay listing their home because of the pandemic.
Median Days on Market
When we talk about CDOM (Cumulative Days on the Market), it refers to the number of days a home is on the market, from the first day of a home being listed for sale to the last day when it is sold to the new owner.
In the first quarter of 2021, the CDOM took around seven days. The duration is shorter compared to Q4 2020, which took about nine days. And when we compare this from last year, the CDOM of Q1 2020 was 25 days. The gap between the first quarter of 2020 and 2021 is yet another tell-tale sign of the hunger from buyers to secure a home quickly and the presence of multiple offer and cash buyer scenarios.
Advantages and Disadvantages of These Housing Factors
It’s no surprise that Cobb County real estate will maintain this momentum in 2021.
For homeowners who might be planning to sell their property and move into a new home, this is the right time to put your house on the market. Because of the low supply, it is expected that multiple buyers will offer on any available property in Cobb County.
According to BizJournals, the real estate market’s growth would not be possible without the collaboration between the local and state legislators and the Cobb Association of Realtors.
This is backed up by the fact that real estate agents were deemed as “essential services” last year, thereby making it easier for them to help homebuyers fulfill the dream of having their own home in Cobb County.
However, there are a few indicators that point out why this might put the buyers at a disadvantage. The low housing supply paired with the rising median price is not something to take for granted. Each and every property receives multiple offers .
Also, construction plans for new homes have been scheduled this year and it will help resolve the housing inventory issue.
You can find out more by visiting sites like NewHomeSource.
Through these three key housing factors, we have deduced that the Cobb County market will continue to trend upward. The lingering effects of the pandemic have certainly affected a lot of people’s perception about their lifestyle and home space, especially the fact that most of us are now adjusted to the work from home setup.
Even though the economy is still recovering, homebuyers will try to find a way and gain ownership of a new home. House hunting might get tougher for everybody this year, which puts real estate agents and builders in a tight spot.
All of the data in this article was gathered from multiple sources and may change over time. It is only used to present and inform about the current real estate market update in Cobb County as of April 2021.