The residential real estate market remains solid in Rome and Floyd County with the Georgia Multiple Listing Service reporting 98 sales in November with a median price of $184,950.
The November sales figure was up a strong 16% from sales in the same month a year ago.
The median sales price represents the midpoint, with an equal number of higher and lower sales. The average sales price in November — the total value divided by the number of sales — was $218,283.
Home sales by total value amounted to $21.43 million in November, up 24.3% from the $17.24 million sales total in November a year ago.
At the end of November there were only 194 homes actively listed on the market, an indication that the inventory of existing homes remains very tight locally. Another 121 homes were under contract at the end of November but the sales had not closed.
At the end of November a year ago, there were more than 330 homes on the market with another 92 that were under contract.
Year-to-date figures show that 1,124 homes had been sold in Rome and Floyd County through the end of November. For the entire 11 month period, the median sales price is reported at $164,500.
The number of sales is up by just eight as compared to the same 11-month period a year ago. The median sales price is up significantly from $150,000 last year.
Garden Lakes Realty President Mark Brewster said the relatively strong local economy has helped keep the housing market strong.
“There are a lot of solid businesses here that have kept people employed. Combine that with record low interest rates ... it’s a great market to buy a house,” Brewster said. “Construction numbers are probably not where we want to seem them, but right now you can buy a lot more than you can build so that helps the resale market as well.”
The Rome Floyd Building Inspection Department reports that it issued 30 permits for new single-family home construction during the month of November. That compares to just two new permits issued by the office during November 2019.
Year-to-date, the inspection office had issued 246 permits for new homes, compared to 243 through the same 11 month period of time last year.
Floyd County Commission Chair Scotty Hancock told members of the Rome-Floyd County Development Authority he hopes there will continue to be a strong focus on improving the housing stock across the community in 2021. He noted that the availability of quality affordable housing is critical to recruiting new jobs.