Greater Augusta Real Estate Market Update

June 2024: Home Sales Slow As More Homes Come to Market

Nationally, home sales have been constrained by higher mortgage rates as the year has persisted. Some bright news has come in the form of more new listings hitting the market, but it hasn’t been enough to bring the market into balance. We see that in the greater Augusta housing market, where the market trends that started the year have persisted into the summer months. 

Note: The greater Augusta metro covers Richmond County, GA, and Aiken County, SC. It includes the suburbs across the river in South Carolina–North Augusta and Aiken.  

Augusta Real Estate Market Update for Summer 2024

As of June 2024, the Augusta, GA, housing market had a median list price of $309,350 but a median sold price of $299,500. This is similar to what the Augusta-Richmond County area reported in 2023. It brings the price per square foot to $134.

Homes are lingering on the market here, with an average of around 116 days on the market. That’s much longer than the national average of 45. Usually, the winter months report a more extended time until sale, while spring and summer sales activity is more brisk.

Aiken Real Estate Market

Across the mighty Savannah River, the Aiken area housing market had a brisk sales pace. The $302,500 median sold price of homes was up 6.4% from May 2023, while closed sales were also more than last year. More homes are coming to the market, to the tune of 13%. The properties listed around Aiken had fewer days on the market than Augusta but were still higher at 73 days on market.

On the bright side, the whole region remains affordable to buy a home. The national average house price in Q2 2024 was $495,000, but median home prices in this part of Georgia and South Carolina are well below that.

Current trends across the economy suggest higher interest rates will linger for the rest of 2024, although some experts project a slight decrease. Potential homeowners will find their buying power will increase. This could encourage a more competitive market across the Augusta region. Partner with a local real estate agent who can give you the latest on the Augusta-Richmond County housing market.

Starting 2024: Homes On Market Longer in Augusta

The year in real estate ended nationwide with a slowdown in sales. Did that play out in the greater Augusta real estate market? Recent figures show how the real estate activity adjusted with high mortgage rates still dominating in what is normally a slower time of year for sales. 

Augusta real estate

The data release from the Realtors of Greater Augusta shows that December 2023 ended the year with a median sold price of $275,000. List prices were higher at a median of $309,900. Augusta real estate remains more affordable than the national median of $382,000 for the same month. 

The market had 514 homes sold, and another 500 homes were pending. In total, the month began with 1,997 active listings. 

Like much of the nation, homes are staying on the market longer. For greater Augusta, that amounted to 124 days. Note that the association’s data covers Richmond, Columbia, Burke, and Jefferson Counties in the metro area.

Aiken Real Estate

Across the Savannah River, the Aiken Association of Realtors reported more recent numbers. Here, the Aiken County real estate market reported a January 2024 median sale price of $269,000. Year-over-year (YOY), that was a 2.3% increase. 

The local days on the market keep growing, as homes for sale lingered on the market for 65 days, or 20% longer than last year. Housing inventory is also growing, up almost 28% to 247 units. It’s being helped by an increase in new listings, which was 23.4% more YOY. 

The increasing choices on the market will encourage prospective buyers looking on the South Carolina side of the border or for equestrian living. Aiken now reports a 3.7-month supply of inventory. 

Moving forward

The big story for Augusta real estate will continue to focus on the need for more homes. Whether that happens will depend on whether mortgage rates stabilize and lower, as it could encourage more homeowners to list their homes for sale. Meanwhile, Augusta area median listing price continues tracking under the national trends. Housing affordability could encourage more people to move here. 

August 2023: Home Prices Down Year-Over-Year

Nationally, real estate sales activity is typically slower in August, but does that hold true in the Augusta, GA, metro? Recent figures continue this market’s trend towards stable price appreciation amid high inflation and mortgage rates. Here’s what the Augusta real estate market’s recent update shows.

The greater Augusta metro covers Richmond County, GA, and Aiken County, SC. It includes the suburbs across the river in South Carolina–North Augusta and Aiken.  

Augusta real estate

Data from the Realtors of Greater Augusta showed the median list price for metro area homes was around $300,000 in August 2023. The homes that sold had a median price of $275,000. Both figures are well below the national median price of $430,000 for existing real estate.

Overall, local market housing prices were trending down, reporting 5.9% below the prior year and 4.4% down month-to-month. But by looking at the past year’s sales activity, Augusta’s real estate prices have been stable overall. This mirrors the nationwide trend towards stabilizing home prices.

As of September 1, 2023, the Augusta real estate market had 1,853 listings. Homes were on the market for an average of 105 days. Like many markets nationwide, Augusta reported fewer listings year-over-year.

Aiken real estate

Market conditions across the Savannah River show similar trends. Aiken’s real estate market reported a median sale price of $294,000 in September 2023, a 1.6% drop month-to-month. For August 2023, the median list price was $297,500, a 6.4% decline from the prior year. Local homes were selling for close to their list price as summer ended. 

Aiken homes were on the market for approximately 51 days as of August 2023. That’s from the list date to the close or off-market date. Homes were on the market for fewer days than in August 2022, showing demand despite the higher cost of buying real estate in the current market.

Augusta and its nearby cities remain an affordable market. Consistent growth has been slow and steady, which can be good news for potential buyers. The low cost of living is another bonus, and the area’s median home values play into that.