Current home values in Georgia

Home values have been rising throughout Georgia and are up 8.4% from a year ago.

Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $413,779, Realtor says.

Real estate agents say would-be homebuyers in some parts of the country are starting to overcome the obstacles caused by COVID-19 and are going virtual house hunting to take advantage of today's bargain mortgage rates and the low monthly house payments they provide.

Here's how that works in Georgia: Let's say you want to buy a mid-priced home using a 30-year fixed-rate mortgage at the current average interest, which is a low 3.33%, according to mortgage company Freddie Mac.

A 30-year mortgage for a $413,779 home at 3.33% would give a typical Georgia homebuyer a monthly payment of $1,455, assuming a 20% down payment.

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How the Georgia housing market stacks up

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Older couples can still enjoy spending time downtown cities in Georgia

The state's median home value is higher than the U.S. median of $248,948, which is up 5.1% from a year ago.

While the coronavirus is expected to continue hanging over the U.S. economy like a dark cloud, Zillow forecasts that U.S. home values will rise 5.1% over the next year, while in Georgia, they're predicted to rise 5.7%.

Homes right now are going on the market in Georgia at a median price of $115 per square foot, versus $134 per square foot nationwide.

Are you looking to buy? Take a look at today's best mortgage rates where you live.

Georgia home prices over the last 10 years

Year Avg. Price
2020* $205,934
2019 $190,025
2018 $176,792
2017 $161,325
2016 $149,850
2015 $139,867
2014 $130,858
2013 $118,925
2012 $111,550
2011 $119,083
2010 $131,833
2009 $141,558

*2020 price average through March 31, 2020.

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How much for an average-sized home?

Here's what a 2,500-square-foot home in Georgia is worth now, and how that's changed over the last decade, based on the Zillow Home Value Index.

Year Avg. Price
2020* $286,338
2019 $260,000
2018 $240,000
2017 $222,500
2016 $207,500
2015 $190,000
2014 $180,000
2013 $165,000
2012 $150,000
2011 $157,500
2010 $180,000
2009 $190,000

*2020 price average through March 31, 2020.

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