Prices continue to soar in Forsyth County as number of homes for sale dwindles

Michelle Hall

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Still a seller's market for real estate in Forsyth County(Photo/Getty Images)

(Forsyth County, GA) It’s no secret the Forsyth County housing market has skyrocketed in the past couple years. List prices are often just a suggestion and bidding wars start as soon as a “for sale” sign appears in the front yard. Historically, late spring and early summer are hot times to buy a house and so far, 2022 is proving to be on track. The difference this year is there's not a lot to choose from.

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The spring housing market in Forsyth County has not been as abundant as years past(Photo/Michelle Hall)

Seller’s market vs. buyer’s market

“In Forsyth County specifically, there’s a lot of competition,” said Compass Realtor Toni Roberts. “Because we are in such a strong seller’s market with low inventory and super high demand, most homes right now are selling anywhere from 5-20 percent over list price.”

A seller’s market happens when there is less than a six-month supply of homes for sale. Conversely, a buyer’s market is when the housing market is saturated with more than six months’ worth of listings.

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Home for sale in the 30040 zip code of Forsyth County(Photo/Michelle Hall)

Spring house hunting is often about buying in a certain school district

One reason this time of year sees a lot of action is that families are making plans for the near future and deciding whether they want to make any changes in their neighborhoods or schools. According to an article featured on Quickenloans.com, buying in a good school district is a good investment, even if homebuyers don’t have children, because it increases property value. With the Forsyth County School District ranked third in the state by niche.com, homebuyers have excellent schools to choose from throughout the county.

Real estate agents in Georgia are not permitted to advise clients on choosing a home based on a school district or neighborhood because it is a violation of the Fair Housing Act. Instead, agents can only encourage buyers to do their due diligence in researching where they want to live.

Websites like GreatSchools.org, Trulia.com, and Realtor.com, have resources for helping buyers choose an area based on a school district.

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This 4 bedroom 3 bathroom house in the Forsyth County zip code 300028 is on the market for $625,000(Photo/Gretchen Evans)

Location, location, location

The next deciding factor when choosing a house is, of course, location.

“When we were searching for where to live in Georgia, we kept hearing about Cumming,” said new Forsyth County homeowner Kelly Murphy toured at least 83 houses in three states. “After a while, we visited and found that Cumming had all the accommodations of a big city but the community that you find in a small town. It was the perfect place for us to put down roots.”

What location is considered the most in demand when it comes to searching for homes in Forsyth County? Believe it or not, it’s not the lake.

“I would say the South Forsyth area, 30041 zip code, home values seem to be a little higher than the rest of the county,” Roberts said.

Being close to Georgia 400 and getting easier access to the airport makes the southern portion of Forsyth County desirable to homeowners commuting to Atlanta. Roberts says the next most sought after area is the western part of the 30040 zip code.

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Home for sale in the 30040 zip code of Forsyth County(Photo/Michelle Hall)

Forsyth County home prices soaring

Roberts has found that the average family looking to purchase a single-family home in Forsyth County is starting at a price point in the $400,000-$500,000 range. In the last year home values have gone up an average of 20 percent in Forsyth County, according to Realtor.com.

“About two years ago we were seeing the average price of a single-family home in Forsyth County being around $350k. That same home is probably closer to $500k now,” Roberts said.

Here’s a look at the Forsyth County real estate market by the numbers, according to First Multiple Listing Service, Inc. (FMLS) data collected by 400 North Association of Realtors:

· Total active listings in March 2022: 291 (12.9 percent decrease from 2021)

· Median sales price in March 2022: $560,000 (31.8 percent increase from 2021)

· 0.7-month inventory supply in March 2022 (6.1 percent decrease from 2021)

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Home for sale in the 30040 zip code of Forsyth County(Photo/Michelle Hall)

Risk for buyers during a seller’s market

That 0.7-month supply means if no other homes were to go on the market, the inventory in Forsyth County would run out in less than a month.

The lack of listings is forcing buyers to take bigger risks like bidding over the asking price and forgoing home inspections and other contingencies.

“We were outbid on so many homes, we put an offer on one about every month, or more,” Murphy explained about her multiple attempts to purchase a home in Forsyth County. “We got some accepted but then the inspections were bad! We lost a lot of money on the last one because certain things were not disclosed to us. It was a chaotic and long process.”

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Kelly Murphy stands in front of her new home in Forsyth County(Photo/Michelle Hall)

Hope for homebuyers?

Real estate agents have said with the shortage of house listings in Forsyth County, this hasn’t been your typical spring market. Roberts is confident, however, this won’t be the case forever.

“People thinking about selling may continue to put homes on the market,” Roberts said. “We see listings all year long.”

If you have a news tip, email michelle.hall@newsbreak.com

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Cumming, GA
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