Augusta GA Real Estate Market Update: Homes That Sell Versus Homes That Sit

The Augusta real estate market is showing two very different stories right now: homes that sell and homes that sit.

Buyers are still active, and some homes are moving within a couple of months. At the same time, other properties are staying on the market for three to four months or longer.

This is not entirely new. We have been seeing this pattern across much of the Augusta metro for about the past year.

The difference today is that buyers have more choices, and that makes pricing, condition and overall value even more important.

The Numbers Tell the Story

Looking at year-over-year days on market gives us a useful comparison.

This time last year:

• Closed homes averaged 75 days on market

• Active listings averaged 97 days on market

This year:

• Closed homes are averaging 62 days on market

• Active listings are averaging 102 days on market

That is an important distinction.

Homes that actually sell are moving about 13 days faster than they were a year ago.

Meanwhile, the homes that are still waiting for a buyer have been on the market about 5 days longer.

So the Augusta market is not simply slowing down. Buyers are still buying. They are just being more selective about which homes they choose.

What Buyers Are Comparing

When buyers have several homes to choose from, they have less reason to overlook a property that feels overpriced, needs significant work or does not compare well with the competition.

Buyers are looking at:

• Asking price

• Property condition

• Updates and improvements

• Seller concessions

• Financing options

• Monthly payment

• How the home compares with similar properties nearby

That means sellers need to think about more than simply putting a home on the market and waiting.

What This Means for Augusta Area Sellers

A home generally needs to do one of two things in this type of market.

It needs to stand out as one of the best homes available at its price, based on condition, presentation and overall value.

Or it needs to be priced low enough to account for repairs, updates or improvements that a buyer may need to make after closing.

This is also why a small price reduction may not have as much impact as a seller expects.

If mortgage rates rise at the same time, a buyer’s monthly payment may not improve very much even after the asking price is reduced.

That means dropping the price by a few thousand dollars may not solve the problem if the home still does not compare well with the competition.

More Homes Mean More Competition

Inventory under $300,000 increased again this week.

⬆️ Columbia County: 258 homes under $300,000, up 2 from last week

⬆️ Richmond County: 561 homes under $300,000, up 6 from last week

More inventory can be good news for buyers because it gives them additional homes to compare.

For sellers, it means your property needs a clear reason for a buyer to choose it over another option.

Things to Do Around Augusta This Week

There is also a lot happening around the Augusta area this week.

The biggest event is Arts in the Heart of Augusta, September 18 through 20.

The festival brings together art, live music, dance, performances and food representing 20 countries.

I will be there Friday from 4:30 to 9:00 p.m. at the Dispatch area, so stop by and say hello if you are attending.

Win a 4-Pack of Arts in the Heart Badges

I am also giving away a 4-pack of Arts in the Heart badges that are good for the entire weekend.

Check out my Saturday giveaway post on social media (Facebook and Instagram) for details on how to enter.

Other events happening around the Augusta area this week include:

• Food Truck Friday at Evans Towne Center Park

• S.E.E.D. STEM Festival at USC Aiken

• Foreigner at Bell Auditorium

• Free Sunday at the Morris Museum of Art

• A free showing of Raiders of the Lost Ark at the Miller Theater

There is plenty to do whether you are looking for live music, art, food, science or a family outing.

Quote of the Week

“You may encounter many defeats, but you must not be defeated.” -- Maya Angelou

Thinking About Buying or Selling in the Augusta Area?

The market is still moving, but strategy matters.

For sellers, that means understanding how your home compares with the competition before choosing a price or making a price adjustment.

For buyers, it means there may be more opportunities to compare homes, negotiate terms and find a property that fits both your needs and your budget.

If you are considering a move in Augusta, Evans, Grovetown, Martinez, Hephzibah, North Augusta, Aiken or the surrounding CSRA, I can help you look at the local numbers and decide what makes sense for your situation.

Schedule a conversation:
https://calendar.app.google/FMWQ8SvcfSTVrJsE8

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