Is McDonough, GA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing McDonough is a seller's market

Buyer's
Market

Difference Since May 2023

Since last year, McDonough has remained a Seller's Market.

Key Takeaway

McDonough is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in McDonough, GA

How much do homes in McDonough, GA cost?

Median Sold Price

$364,305

$155/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

-$4,977(-1.3%)

Key Takeaway

Homes in McDonough have sold for 1.3% less than they did a year ago.

Summary: The median home sold price in McDonough was $364,305 in May 2024, down 1.3% from last year, and the median price per square foot was $155.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 -$206.5K
N/A
2 $225K$251.5K
+11.8%
3 $299K$299.9K
0.3%
4 $385K$374.3K
-2.8%
5+ $476K$485K
+1.9%

Summary: McDonough housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 11.8%, 3 bedroom homes increased by 0.3%, 4 bedroom homes decreased by 2.8%, and 5+ bedroom homes increased by 1.9%.

Housing Supply in McDonough, GA

How many homes are available in McDonough, GA?

Number of Homes For Sale

Apr 2024May 2024CHANGE
779907+16.4%

Summary: The McDonough real estate market had 907 homes for sale in May 2024, a 16.4% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 11
0.0%
2 2728
+3.7%
3 263304
+15.6%
4 282339
+20.2%
5+ 206235
+14.1%

Summary: The McDonough housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 3.7%, 3 bedroom homes increased by 15.6%, 4 bedroom homes increased by 20.2%, and 5+ bedroom homes increased by 14.1%.

Number of Homes Sold

Apr 2024May 2024CHANGE
132153+15.9%

Asking Price vs. Sold Price

58 Homes Were Sold
Under Asking

53 Homes Were Sold
At Asking

34 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in McDonough, you may be able to get a good deal. 40% of homes here sold below asking price last month.

Summary: A total of 153 homes were sold or pending in McDonough in May 2024, up by 15.9% month-over-month. Of the 145 sold homes, 40% were sold under asking, 37% were sold at asking, and 23% were sold over asking.

Days on Market for McDonough, GA

How long does it take to sell a home in McDonough, GA?

Average Sale Time

May 2023May 2024CHANGE
39 Days45 Days+14.6%

Summary: Homes in McDonough had an average of 45 days on market in May 2024, up by 14.6% compared to last year.

Breakdown of Home Sale Times

85 Homes Were Sold
Under 30 Days

47 Homes Were Sold
In 30 - 90 Days

21 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in McDonough are selling fast, if you're buying plan to act quickly.

Summary: During May 2024, 153 homes were sold in McDonough; 56% of homes were sold within 30 days, 31% of homes were sold within 30 to 90 days, and 14% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 12 Days Ago

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