Facts about Homeownership and Information about the Athens area real estate market
Over the past 30 years, the median price of existing homes has increased an average of more than 6 percent every year, and home values nearly double every 10 years, according to historical data from the National Association of Realtor’s existing-sales series. A Federal Reserve study has shown that the average homeowner’s net worth is 46 times the net worth of the average renter. Despite this and other research, some potential homebuyers are being kept on the sidelines as they react to national media reports about the housing market.
“Nobody buys a home in the national real estate market,” said NAR President Dick Gaylord. “All real estate markets are local, and buyers and sellers who are thinking about making a move should consult with a Realtor? In their local market to learn about conditions specific to the area. It’s also advisable to look beyond the immediate horizon – real estate has proven itself to be a good long-term investment and a safe, secure way to build long-term wealth.”
According to the Multiple Listing Service of the Athens Area Association of REALTORS®, home prices prove to remain on a steady rise in the Athens area unlike much of what in reported in the media for the nation. In Oconee County, the average residential sold price was $279,615 in 2005. In 2007, the MLS reports that the average sold price rose to $321,207. In Clarke County the MLS residential reports show that the average residential sold price in 2005 was $184,119. In 2007, that average rose to $189,934. Madison County has also had a strong increase in prices with an average residential sold price in 2005 at $159,753 and increasing to $164,758 in 2007. In addition, the MLS shows that Oglethorpe County prices held strong with an increase from 2005 at an average price of $149,263 to $160,472 in 2007.