Monthly Housing Market Update

Monthly Housing Market Statistics Update for Union, Towns, Fannin & Gilmer Counties in North Georgia Mountains.  Data provided by NEGBOR and presented by Michelle Miller Real Estate at Coldwell Banker High Country Realty.

Information Includes Individual Monthly Statistics on the following categories:

– New Listed Properties

– Average Sale Price

– Number of Sold Properties

– Average Days on Market

*Michelle Miller is a Global Luxury Property Specialist & Certified Luxury Home Marketing Specialist

Monthly Housing Market Update 

Executive Summary by County / December 2022

FANNIN: Fannin’s total of 65 transactions, while about half of last December’s pace, was exactly the same number as November.  Fannin’s average price, at $503,057, was a little lower than November, but a little higher than  December 2021. 

 UNION – Union had 45 closings in December as opposed to 52 in November, and which is 37.5% fewer than December of a year ago.  Union County’s average transaction price had climbed and flew high all year, but retreated as the year ended.  Actually the December average of $248,218 was barely higher than December 2021, but in this market with elevating rates and people hearing the word “recession” in the media constantly, that’s really pretty strong.

TOWNS – Towns tallied 21 transactions in December vs. 28 in November.  Year-over-year Towns County transactions have dropped significantly, but still the total number for 2022 is only 18.5% fewer than in 2021.   Their average price in December ($338,414) was 23% higher than November and 38.5% higher than last December 2021.

GILMER –Gilmer’s November and December were both about 40% slower than last year’s comparable month.  Interestingly, Gilmer was the reverse of Fannin on average price.  December’s average transaction value ($326,815) was significantly higher in December than in November, but was a little less than in December 2021.  All-in-all, Gilmer should be proud in that it finished December with an average price that was 5.5% higher than the year’s average.

Residential:  The average residence sold in November, across our entire MLS area, was valued at $463,338 and in December sold for $465,807.  Not bad for a “recession”.   So, where can your potential clients find price stability? They should look up into these hills.

Rental Statistics for Fannin County / Gilmer County

Information Provided by Fannin County Chamber of Commerce.

FANNIN & GILMER SHORT TERM RENTAL (STR) RANDOM STATS Jan. 2023

Economic Impact in Fannin Co. in 2021 was $272.5 million. The hotel/motel/cabin tax revenues are
already up 17.5% from Nov’21 to Nov’22, so it is expected that the economic impact will come in at least
15% more for 2022; that’s well over $300mm impact –  just in Fannin Co.!

Fannin County Chamber of Commerce wrote recently, “The Coronavirus pandemic actually doubled
overnight visitation from 2019 to 2021. Visitors were drawn to outdoor destinations within driving
distance, and especially to those with vacation rentals.”

I, personally, do not believe the economic impact statistics above include the significant construction impact
just for new rental cabins. The Chamber of Commerce director in Gilmer Co. said she had very recently been
contacted by an investor saying he has plans to construct 15 new cabins in Gilmer Co.

Available units in Nov ’22 for STRs in Fannin was 2,624, up 21% from 2021. (1 yr)
Nights demanded was up 19% and total revenue was up 21.9% .  Available units in Nov ’22 for STRs in Gilmer (including Cherry Log) was 1,515, up 93% from 2020. (2 yrs)

Occupancy rates:

Fannin 2022 = 56%        Gilmer 2022 = 61%
Fannin 2021 = 60%        Gilmer 2021 = 74%

Reduction due to the addition of so many units available.
Huge growth in units available attributed to:

– new units built 

– converted units (residence or second home converted to rental)

– newly reporting units   (prev under the county tax radar, but now counted due to new law in Ga, effective mid-2021, requiring virtual rental company’s like VRBO & AirBnB to report and pay the occupancy taxes)

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