Glynn County Housing Market – May 2024

Glynn County Housing Market Update: Navigating Paradise in May 2024

Dreaming of a life on Georgia’s breathtaking coast? Glynn County, encompassing charming towns like Brunswick and idyllic barrier islands like St. Simons, offers an unparalleled coastal lifestyle. But for potential homebuyers, navigating the Glynn County housing market requires understanding current trends. This analysis, based on data through May 2024, sheds light on what to expect. Thanks to the Georgia Association of REALTORs® for this report!

Contact me for a full copy of this report and other counties in Georgia.

May 2024 Glynn County Housing Stats

Market Overview: A Seller’s Advantage with Signs of Stabilization

The Glynn County housing market is shifting to a balanced seller-buyer market. Inventory levels for both single-family homes and townhouses have surged compared to May 2023. Single-family home inventory is up a staggering 116.7%, while townhouses have seen a 124% increase. This rise in inventory, however, comes alongside a significant jump in new listings, indicating a potential stabilization in the market.

Demand Trends: Balancing Growth and Affordability

While the seller’s advantage persists, there are signs of a shift in demand. Pending sales for single-family homes have seen a modest increase of 8.9% year-to-date, but are down 12.4% year-over-year. However, closed sales show a decrease of 10.1% YTD, suggesting a potential slowdown in the market’s blistering pace. This could be attributed to rising mortgage rates impacting affordability for some buyers.

Price Points: Steady Growth with Nuances

Despite the potential demand shift, home prices in Glynn County continue to climb. The median sales price for single-family homes has grown by 10.7% YTD, reaching $422,000. However, the average sales price for single-family homes paints a different picture, with a more significant increase of 19.6% to $656,255. This suggests a rise in higher-priced properties entering the market.

Townhouses, on the other hand, show a contrasting trend. The median sales price for townhouses has risen moderately by 13.3% to $449,900, while the average sales price has seen a larger increase of 16% to $697,035 indicating some higher priced outliers.

Competition and Negotiation:

With still somewhat-limited inventory, competition for desirable properties remains high. Buyers can expect to act quickly and potentially offer above asking price to secure their dream home in some price points. However, the increase in inventory suggests there may be more room for negotiation compared to the peak market frenzy.

Days on Market: A Shortened Wait

Days on market for single-family are exactly the same as May of 2023, but are down YTD by 9.7%. Townhomes and condos are now at 45 DOM compared to 31 DOM for May of 2023 for a 45.2% increase. This signifies a continued sense of urgency among buyers but also suggests properties are being evaluated more thoroughly before a purchase decision.

Market Outlook: A Balancing Act

The Glynn County housing market in May 2024 presents a complex picture. While a seller’s advantage persists, rising inventory and potentially shifting demand indicate a potential for stabilization. Price growth might moderate, with the luxury market potentially experiencing a different trajectory than more affordable segments.

Tips for Homebuyers:

Get Pre-Approved: Having a pre-approval letter demonstrates your serious intent and financial capacity, making your offer more attractive to sellers.
Work with a Local Realtor: A knowledgeable local realtor can guide you through the intricacies of the Glynn County market, identify hidden gems, and help you navigate the competitive landscape.
Be Prepared to Move Quickly: Don’t hesitate if you find the right property. Act decisively and be prepared to potentially offer above asking price.
Consider All Costs: Factor in additional costs beyond the purchase price, such as property taxes, homeowners insurance, and potential flood insurance if required.

Tips for Sellers:

Price Strategically: Work with your realtor to determine the right price point that attracts qualified buyers without leaving money on the table.
Stage Your Home: A well-maintained and staged home creates a positive first impression and can lead to a faster sale.
Consider Market Conditions: While it’s a seller’s market, the increasing inventory suggests a potential shift. Be prepared to adjust your strategy as the market evolves.

Conclusion:

Glynn County offers an idyllic coastal lifestyle. The housing market, while competitive, shows signs of potential stabilization. Understanding current trends and partnering with a local realtor are crucial for both buyers and sellers to navigate this dynamic market successfully.

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