As of December 11, 2024, the condominium market in Roswell, GA, particularly for units priced under $300,000, exhibits the following characteristics:
LOW INVENTORY:
There are currently 14 condominiums listed for sale under $300,000 in Roswell.
MEDIAN SALES PRICE:
The median sale price for homes in Roswell is approximately $650,358, reflecting a 7.3% increase over the past year.
Any listing under $300k is well under the median sales price for condos. Often, these condos are listed too high (initial list price) and go through a price reduction while the seller tests the waters with the inflated price. Once corrected, they get an offer and go under contract rather quickly.
DAYS ON MARKET (before a contract is placed on the property)
Condos in Roswell have a median time of 36 days on the market, indicating a longer selling period compared to previous months. That is a very short period of time considering that many of them have one price reduction.
SALES VOLUME:
The number of homes sold in Roswell has decreased by 43.1% month-over-month, with 91 homes sold in November 2024 compared to 160 in October 2024.
PRICE TRENDS:
General market trends in Roswell indicate that approximately 49% of homes sold below the asking price, 15% at the asking price, and 36% above the asking price in November 2024.
These metrics suggest a moderately competitive market for condominiums under $300,000 in Roswell, with a balanced pace of sales and a variety of available listings.
CRYSTAL BALL PREDICTIONS OF 2025
Predicting the future involves evaluating current market trends, economic conditions, and broader real estate dynamics. I call it, "reading the tea leaves".
Here are some educated predictions for 2025:
1. INVENTORY LEVELS
- Prediction: Inventory for condos under $300K may remain tight. With rising construction costs (both labor and materials) and limited development of affordable housing, the supply of lower-priced condos is unlikely to increase significantly. Buyers in this price range will likely face continued competition for available units, especially in good locations like Roswell Springs.
2. PRICE TRENDS
- Prediction: Modest price appreciation is expected, likely in the range of 3-5% year-over-year. Demand for affordable housing in desirable areas like Roswell is high, and the lower end of the market tends to attract first-time homebuyers and investors, putting upward pressure on prices.
3. DAYS ON MARKET
- Prediction: The average days on market for condos in this price range might decrease slightly if interest rates stabilize or decrease, as more buyers enter the market. In 2025, rates are expected to be lowered in mid-to-low 6% range with an estimated 4 rate reductions.
4. SALES VOLUME
- Prediction: Sales volume might decline slightly as affordability challenges persist. Rising interest rates, even if they plateau, may reduce the purchasing power of buyers in the under $300K category, limiting transaction activity.
5. MARKET COMPETITION
- Prediction: The market for condos under $300K will remain competitive. This price range is highly attractive, and multiple-offer situations are likely to continue, particularly for well-maintained or updated units in desirable locations within Roswell.
6. BROADER ECONOMIC INFLUENCES
- Prediction:
- Interest Rates: If the Federal Reserve pauses or reduces rate hikes, it could make borrowing more accessible, driving increased demand in this segment.
- Job Market: With Roswell being part of a thriving metro Atlanta area, a strong local job market will support housing demand, including for more affordable condos.
- Inflation and Costs: Persistent inflation might make it challenging for buyers to save for down payments, which could suppress activity in this price bracket.
- Hyper-Locality: “Location, Location, Location.” Real estate remains to be a commodity, but a hyper-local one. It does take the right location, but condition matters (as does upgrades both small & large). The basics matter like being clean, painted, and free of most issues.
Many sellers new to the market, take these variables for granted and cut corners on their way into the market.
7. SHIFTS IN BUYER DEMOGRAPHICS
- Prediction: Younger professionals and retirees may dominate this market as they look for affordable options with lower maintenance costs compared to single-family homes.
8. ADVICE FOR BUYERS AND SELLERS
- For Buyers: Act quickly and decisively when finding a property that fits your needs. Be prepared for competition and ensure pre-approval (and more importantly pre-underwritten) for financing.
- For Sellers: Position your property attractively with updates or staging (not to mention, marketing). Paint, clean, and fix things that are broken. In other words, put your best foot forward! Demand is strong in this price range, properties priced competitively are likely to sell quickly.
These predictions hinge on economic stability and broader market conditions, and they should be revisited as new data emerges throughout 2025 market.
Note: In Roswell Springs, my wife and I own 4-units (both individually and/or co-own) and I also sit on the Board as Vice President of the Roswell Springs HOA. So, I not only have vested interest in this particular property, but also in the surrounding area (not to mention, the local real estate market in general). I watch it closely as I am invested in it.
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