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• Since the start of the COVID-19 pandemic, supply and demand dynamics have sent home prices surging by nearly 38% nationwide and about 35% in Georgia.
• But location matters in the U.S. housing market, and in some parts of Georgia, list price increases have been far more modest than in others.
• Also: 2 Dividend Legends To Hold Forever

The COVID-19 pandemic was a public health crisis of a scale and magnitude unlike any other in modern American history. Even though more than a year has passed since the end of the COVID-19 national emergency, the U.S. is still grappling with many of the pandemic’s economic knock-on effects — most notably, a surge in housing costs. According to data from Realtor.com, the median list price among all homes on the market in the U.S. was $439,950 in July 2024, up nearly $121,000 from the beginning of the pandemic in March 2020.

Due to pandemic-related work restrictions, in addition to supply chain issues, new-home construction has not kept pace with demand in recent years, exacerbating an already decades-old housing shortage. According to estimates from The Pew Charitable Trusts, closing the gap would require between 4 to 7 million new homes. Now, with mortgage rates at historic highs, many homeowners who are locked in at lower rates are reluctant to sell, further limiting housing inventory.

The surge in home prices has been driven not only by supply constraints, but also rising demand. The shift to remote work, in addition to social distancing rules, confined millions of Americans to their homes during the pandemic — and resulted in a spike in home sales. In October 2020, the sales volume of new, single-family homes topped 1.03 million, a high not seen in nearly a decade and a half.

Few parts of the country have been spared from surging home prices. In Georgia, the median list price among all homes on the market was $399,925 in July 2024, up 35.4% — or $104,480 — from the start of the pandemic. (Here is a look at the most affordable housing market in each state.)

Notably, when it comes to the housing costs, location matters — and in some parts of Georgia, housing prices have climbed much faster than average. In others, meanwhile, increases have been far more modest. Of the 32 metropolitan and combined statistical areas in the state with available data, median list prices have increased anywhere from 16.7% to 98.7% since the start of the pandemic. In these same communities, a typical home now costs anywhere from $53,100 to $210,000 more than it did in March 2020. (Here is a look at the 23 cities where most homes are selling for less than $125,000.)

It is important to note that the cities reporting the most significant increases in home prices are not necessarily the most expensive cities in which to buy a home. For example, of the eight metro areas in Georgia where most homes were listed for over $400,000 in July 2024, only one ranks among the 10 cities on this list with the largest price increases.

This is how home prices have changed since the pandemic in every city in Georgia. Cities are ranked by the percent change in the media list prices from March 2020 to July 2024.

Why It Matters

Since the start of the pandemic, limited supply and rising demand have fueled a surge in home prices. Now, with mortgage rates at their highest levels in over a decade, many would-be sellers are staying out of the market, further exacerbating a long-standing inventory shortage. Historically, homeownership has been a reliable means of building wealth — but rising prices and elevated borrowing costs have priced millions of Americans out of the market. Still, location matters in the real estate business, and some parts of Georgia have borne the brunt of rising prices, while others have been largely shielded.

32. Brunswick, GA

• Change in median list price since start of pandemic: +16.7% (+$64,450)
• Median home list price: $449,425 in July 2024; $384,975 in March 2020
• Median list price per square foot: $248 in July 2024; $187 in March 2020
• Size of a typical listed home: 1,953 sq. ft. in July 2024; 2,053 sq. ft. in March 2020

31. Cornelia, GA

• Change in median list price since start of pandemic: +25.4% (+$87,750)
• Median home list price: $433,750 in July 2024; $346,000 in March 2020
• Median list price per square foot: $201 in July 2024; $129 in March 2020
• Size of a typical listed home: 2,322 sq. ft. in July 2024; 2,446 sq. ft. in March 2020

30. Toccoa, GA

• Change in median list price since start of pandemic: +26.0% (+$64,175)
• Median home list price: $311,175 in July 2024; $247,000 in March 2020
• Median list price per square foot: $187 in July 2024; $119 in March 2020
• Size of a typical listed home: 1,770 sq. ft. in July 2024; 1,978 sq. ft. in March 2020

29. Rome, GA

• Change in median list price since start of pandemic: +26.2% (+$60,475)
• Median home list price: $291,225 in July 2024; $230,750 in March 2020
• Median list price per square foot: $172 in July 2024; $103 in March 2020
• Size of a typical listed home: 1,724 sq. ft. in July 2024; 1,987 sq. ft. in March 2020

28. Atlanta-Sandy Springs-Alpharetta, GA

• Change in median list price since start of pandemic: +28.9% (+$95,050)
• Median home list price: $424,500 in July 2024; $329,450 in March 2020
• Median list price per square foot: $200 in July 2024; $136 in March 2020
• Size of a typical listed home: 2,206 sq. ft. in July 2024; 2,427 sq. ft. in March 2020

27. Waycross, GA

• Change in median list price since start of pandemic: +32.2% (+$53,100)
• Median home list price: $217,825 in July 2024; $164,725 in March 2020
• Median list price per square foot: $122 in July 2024; $77 in March 2020
• Size of a typical listed home: 1,674 sq. ft. in July 2024; 2,157 sq. ft. in March 2020

26. Augusta-Richmond County, GA-SC

• Change in median list price since start of pandemic: +33.1% (+$78,405)
• Median home list price: $314,950 in July 2024; $236,545 in March 2020
• Median list price per square foot: $158 in July 2024; $107 in March 2020
• Size of a typical listed home: 2,081 sq. ft. in July 2024; 2,234 sq. ft. in March 2020

25. Bainbridge, GA

• Change in median list price since start of pandemic: +39.2% (+$73,825)
• Median home list price: $262,250 in July 2024; $188,425 in March 2020
• Median list price per square foot: $143 in July 2024; $97 in March 2020
• Size of a typical listed home: 1,854 sq. ft. in July 2024; 2,057 sq. ft. in March 2020

24. Milledgeville, GA

• Change in median list price since start of pandemic: +39.3% (+$96,300)
• Median home list price: $341,250 in July 2024; $244,950 in March 2020
• Median list price per square foot: $177 in July 2024; $112 in March 2020
• Size of a typical listed home: 2,030 sq. ft. in July 2024; 2,108 sq. ft. in March 2020

23. Columbus, GA-AL

• Change in median list price since start of pandemic: +42.6% (+$77,482)
• Median home list price: $259,450 in July 2024; $181,968 in March 2020
• Median list price per square foot: $131 in July 2024; $90 in March 2020
• Size of a typical listed home: 1,905 sq. ft. in July 2024; 2,062 sq. ft. in March 2020

22. Thomasville, GA

• Change in median list price since start of pandemic: +43.8% (+$109,525)
• Median home list price: $359,450 in July 2024; $249,925 in March 2020
• Median list price per square foot: $180 in July 2024; $119 in March 2020
• Size of a typical listed home: 2,199 sq. ft. in July 2024; 2,066 sq. ft. in March 2020

21. Savannah, GA

• Change in median list price since start of pandemic: +44.3% (+$135,060)
• Median home list price: $439,948 in July 2024; $304,888 in March 2020
• Median list price per square foot: $221 in July 2024; $132 in March 2020
• Size of a typical listed home: 2,053 sq. ft. in July 2024; 2,296 sq. ft. in March 2020

20. Cordele, GA

• Change in median list price since start of pandemic: +44.7% (+$97,250)
• Median home list price: $314,750 in July 2024; $217,500 in March 2020
• Median list price per square foot: $130 in July 2024; $86 in March 2020
• Size of a typical listed home: 1,947 sq. ft. in July 2024; 2,262 sq. ft. in March 2020

19. Athens-Clarke County, GA

• Change in median list price since start of pandemic: +47.2% (+$148,479)
• Median home list price: $463,350 in July 2024; $314,871 in March 2020
• Median list price per square foot: $217 in July 2024; $137 in March 2020
• Size of a typical listed home: 2,245 sq. ft. in July 2024; 2,458 sq. ft. in March 2020

18. Warner Robins, GA

• Change in median list price since start of pandemic: +47.7% (+$102,525)
• Median home list price: $317,450 in July 2024; $214,925 in March 2020
• Median list price per square foot: $147 in July 2024; $98 in March 2020
• Size of a typical listed home: 2,118 sq. ft. in July 2024; 2,221 sq. ft. in March 2020

17. LaGrange, GA-AL

• Change in median list price since start of pandemic: +54.6% (+$96,250)
• Median home list price: $272,450 in July 2024; $176,200 in March 2020
• Median list price per square foot: $156 in July 2024; $90 in March 2020
• Size of a typical listed home: 1,726 sq. ft. in July 2024; 2,029 sq. ft. in March 2020

16. Jesup, GA

• Change in median list price since start of pandemic: +55.7% (+$100,250)
• Median home list price: $280,125 in July 2024; $179,875 in March 2020
• Median list price per square foot: $152 in July 2024; $97 in March 2020
• Size of a typical listed home: 1,895 sq. ft. in July 2024; 1,939 sq. ft. in March 2020

15. Valdosta, GA

• Change in median list price since start of pandemic: +57.7% (+$103,850)
• Median home list price: $283,750 in July 2024; $179,900 in March 2020
• Median list price per square foot: $155 in July 2024; $97 in March 2020
• Size of a typical listed home: 1,865 sq. ft. in July 2024; 1,906 sq. ft. in March 2020

14. St. Marys, GA

• Change in median list price since start of pandemic: +58.7% (+$155,575)
• Median home list price: $420,475 in July 2024; $264,900 in March 2020
• Median list price per square foot: $199 in July 2024; $131 in March 2020
• Size of a typical listed home: 2,168 sq. ft. in July 2024; 2,061 sq. ft. in March 2020

13. Cedartown, GA

• Change in median list price since start of pandemic: +60.0% (+$105,025)
• Median home list price: $279,925 in July 2024; $174,900 in March 2020
• Median list price per square foot: $164 in July 2024; $93 in March 2020
• Size of a typical listed home: 1,784 sq. ft. in July 2024; 1,915 sq. ft. in March 2020

12. Gainesville, GA

• Change in median list price since start of pandemic: +61.8% (+$210,000)
• Median home list price: $549,900 in July 2024; $339,900 in March 2020
• Median list price per square foot: $216 in July 2024; $134 in March 2020
• Size of a typical listed home: 2,623 sq. ft. in July 2024; 2,667 sq. ft. in March 2020

11. Hinesville, GA

• Change in median list price since start of pandemic: +63.0% (+$113,292)
• Median home list price: $293,225 in July 2024; $179,933 in March 2020
• Median list price per square foot: $152 in July 2024; $95 in March 2020
• Size of a typical listed home: 1,907 sq. ft. in July 2024; 1,827 sq. ft. in March 2020

10. Tifton, GA

• Change in median list price since start of pandemic: +63.9% (+$116,500)
• Median home list price: $298,675 in July 2024; $182,175 in March 2020
• Median list price per square foot: $149 in July 2024; $90 in March 2020
• Size of a typical listed home: 1,897 sq. ft. in July 2024; 1,994 sq. ft. in March 2020

9. Jefferson, GA

• Change in median list price since start of pandemic: +68.7% (+$194,830)
• Median home list price: $478,573 in July 2024; $283,743 in March 2020
• Median list price per square foot: $191 in July 2024; $118 in March 2020
• Size of a typical listed home: 2,565 sq. ft. in July 2024; 2,500 sq. ft. in March 2020

8. Dalton, GA

• Change in median list price since start of pandemic: +69.6% (+$139,175)
• Median home list price: $339,075 in July 2024; $199,900 in March 2020
• Median list price per square foot: $180 in July 2024; $106 in March 2020
• Size of a typical listed home: 1,903 sq. ft. in July 2024; 1,910 sq. ft. in March 2020

7. Moultrie, GA

• Change in median list price since start of pandemic: +71.3% (+$137,300)
• Median home list price: $330,000 in July 2024; $192,700 in March 2020
• Median list price per square foot: $157 in July 2024; $90 in March 2020
• Size of a typical listed home: 2,273 sq. ft. in July 2024; 2,122 sq. ft. in March 2020

6. Americus, GA

• Change in median list price since start of pandemic: +71.7% (+$117,975)
• Median home list price: $282,475 in July 2024; $164,500 in March 2020
• Median list price per square foot: $140 in July 2024; $71 in March 2020
• Size of a typical listed home: 2,084 sq. ft. in July 2024; 2,050 sq. ft. in March 2020

5. Dublin, GA

• Change in median list price since start of pandemic: +79.6% (+$119,000)
• Median home list price: $268,450 in July 2024; $149,450 in March 2020
• Median list price per square foot: $128 in July 2024; $80 in March 2020
• Size of a typical listed home: 1,998 sq. ft. in July 2024; 1,965 sq. ft. in March 2020

4. Statesboro, GA

• Change in median list price since start of pandemic: +84.9% (+$161,300)
• Median home list price: $351,200 in July 2024; $189,900 in March 2020
• Median list price per square foot: $178 in July 2024; $101 in March 2020
• Size of a typical listed home: 2,001 sq. ft. in July 2024; 2,098 sq. ft. in March 2020

3. Calhoun, GA

• Change in median list price since start of pandemic: +86.5% (+$168,211)
• Median home list price: $362,611 in July 2024; $194,400 in March 2020
• Median list price per square foot: $182 in July 2024; $100 in March 2020
• Size of a typical listed home: 1,918 sq. ft. in July 2024; 1,964 sq. ft. in March 2020

2. Douglas, GA

• Change in median list price since start of pandemic: +95.8% (+$141,300)
• Median home list price: $288,750 in July 2024; $147,450 in March 2020
• Median list price per square foot: $147 in July 2024; $78 in March 2020
• Size of a typical listed home: 1,939 sq. ft. in July 2024; 2,031 sq. ft. in March 2020

1. Vidalia, GA

• Change in median list price since start of pandemic: +98.7% (+$150,025)
• Median home list price: $302,000 in July 2024; $151,975 in March 2020
• Median list price per square foot: $143 in July 2024; $83 in March 2020
• Size of a typical listed home: 2,227 sq. ft. in July 2024; 2,062 sq. ft. in March 2020

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