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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Shannon is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in Shannon, GA

How much do homes in Shannon, GA cost?

Median Sold Price

$205,000

$162/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

-$40,000(-16.3%)

Key Takeaway

Homes in Shannon have sold for 16.3% less than they did a year ago.

Summary: The median home sold price in Shannon was $205,000 in May 2024, down 16.3% from last year, and the median price per square foot was $162.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $90K$77.5K
-13.9%
2 $130K$170K
+30.8%
3 $249.5K$238K
-4.6%
4 $308K$385K
+25.0%
5+ $695K$425K
-38.8%

Summary: Shannon housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 13.9%, 2 bedroom homes increased by 30.8%, 3 bedroom homes decreased by 4.6%, 4 bedroom homes increased by 25%, and 5+ bedroom homes decreased by 38.8%.

Median Sold Price Compared To Nearby Cities

Armuchee
+5.9%
Shannon
-16.3%

Housing Supply in Shannon, GA

How many homes are available in Shannon, GA?

Number of Homes For Sale

Apr 2024May 2024CHANGE
19190.0%

Summary: The Shannon real estate market had 19 homes for sale in May 2024, the same as April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 00
0.0%
2 12
+100.0%
3 108
-20.0%
4 46
+50.0%
5+ 43
-25.0%

Summary: The Shannon 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 100%, 3 bedroom homes decreased by 20%, 4 bedroom homes increased by 50%, and 5+ bedroom homes decreased by 25%.

Number of Homes Sold

Apr 2024May 2024CHANGE
57+40.0%

Asking Price vs. Sold Price

5 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

0 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Shannon, you may be able to get a good deal. 71.4% of homes here sold below asking price last month.

Summary: A total of 7 homes were sold or pending in Shannon in May 2024, up by 40.0% month-over-month. Of the 7 sold homes, 71% were sold under asking, 29% were sold at asking, and 0% were sold over asking.

Days on Market for Shannon, GA

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

Average Sale Time

May 2023May 2024CHANGE
34 Days18 Days-46.4%

Summary: Homes in Shannon had an average of 18 days on market in May 2024, down by 46.4% compared to last year.

Breakdown of Home Sale Times

5 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 7 homes were sold in Shannon; 71% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 0% 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 17 Days Ago

Newest Listings in Shannon, GA

Nearby Markets to Shannon, GA

What housing markets are near Shannon, GA?