With all of the ups and downs in real estate over the past several years, one thing has remained constant – homes in Coweta and Fayette Counties hold or increase their value at a higher rate than homes outside of our two counties.

   To see what that really means, we can look back at the past several years.

   In 2021 the area was experiencing a seller’s market as a result of interest rates that were still extremely low and the inventory of houses for sale was low as well. However, even though it was technically a buyers market, the low interest rates made it affordable for buyers to get into the home they wanted, even if they ended up paying over the asking amount. So it was actually a good market to be both a buyer and seller.

   As 2022 began, 30 year mortgage rates were still below 4% but they began to rise quickly. At the same time there were more homes available on the market – over 3,300 properties listed in Coweta and over 2,500 properties listed in Fayette according to Georgia MLS. By the end of 2022 interest rates had risen to above 7%. During this time the median price of homes sold in Fayette County was $478,500, while the median sold price in Coweta was $399,900.

In 2023 the combination of interest rates above 7% and the high cost of construction materials meant that fewer homes were available on the market. 2,924 homes in Coweta were put on the market, 13% fewer than the previous year. At the same time, 2,074 homes in Fayette county were put up for sale, 18% fewer than 2022. But the value of the homes continued to climb – with the median sold prices in Fayette and Coweta being $470,000 and $410,000 respectively. That represents an increase of over 4% in home values for both counties.

   So what does that mean moving forward into 2024 and beyond? According to Dorrie Love of Love Real Estate Group, “Interest rates should “normalize” between 5-6% and allow buyers to feel more confident about purchasing a home this year. The only thing that could cause a change would be the Presidential election. One never knows how the markets and FED will respond depending on how the election turns out. But Fayette and Coweta Counties will continue to be sought out destinations for people moving to the Atlanta area due to the schools, affordability, and quality of life we have here in our region.”

   As we navigate the real estate landscape of Fayette and Coweta Counties in 2024, the region remains a highly desirable destination for homebuyers. The combination of a strong community, excellent schools, and a thriving real estate market positions both counties as a place where individuals and families can find not just a house, but a true home.