How the pandemic transformed the housing market in Georgia
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The pandemic upended America's housing market, delivering wins for homeowners and roadblocks for those still dreaming.
Why it matters: Sky-high home prices, elevated mortgage rates and a shortage of houses for sale are pushing homeownership out of reach for many.
In the past five years, here are five ways the market transformed and what could come next.
1. Home prices skyrocketed
Cheap borrowing costs and remote work unleashed a homebuying frenzy early in the pandemic — and sent prices soaring.
By the numbers: The median U.S. home price in January was $418,000, up around 45% from $289,000 five years ago, according to Redfin.
Zoom in: In Georgia, the median home price in January was $359,000, up 55.4% from $231,000 in January 2020.
- Prices peaked at around $390,000 in June of last year.
- John Ryan, chief marketing officer for Georgia MLS, a real estate listing service, previously told Axios he's not expecting prices to drop much any time this year.
The big picture: A stubborn housing shortfall is keeping prices high, even as buyers have retreated, with 2024 sales hitting a nearly 30-year low.