Residential housing continues to be a sellers’ market in Floyd County, with the price of homes sold in July averaging $228,044. That’s an increase of almost $20,000 from July a year ago.
However, the July sales average was down from June’s $284,834.
Justin Pollard, a broker at Realty One Insight Group, said that one or two big sales could have easily skewed the numbers in June.
The Georgia Multiple Listing Service reports that 126 units were sold in July, right on par with the 124 that were sold in July of 2020.
At the end of July, there were 172 active listings with 155 of them new listings during the month.
Howard Alexander, owner of Howard Realty, said he’s never seen a situation like the Rome market is in now.
“To make a decent living, an agent needs to list between 15 and 20 homes,” Alexander said. “We don’t have one listing per agent in this market now.”
The monthly sales report shows the median price of homes sold in July — which means there was essentially the same number of sales higher and lower — was $197,500.
Pollard said most of the homes he’s got listed right now are in the $220,000 to $230,000 range.
Rome’s Special Committee on Housing has won approval from the City Commission to offer incentives to promote construction of new homes that sell for $250,000 and below, or rent for $1,200 a month and below.
“I think $200,000 to $250,000 is the main area where homes are selling very quickly and the average workforce buyer can purchase still, given the current interest rates,” Pollard said. “It’s not unusual for a home to go on the market one day and get multiple offers within days.”