Is Shannon, GA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Shannon has remained a Seller's Market.
Key Takeaway
Shannon is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Shannon, GA
How much do homes in Shannon, GA cost?
Median Sold Price
$205,000
$162/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Shannon have sold for 16.3% less than they did a year ago.
Summary: The median home sold price in Shannon was $205,000 in May 2024, down 16.3% from last year, and the median price per square foot was $162.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $90K | $77.5K | -13.9% |
| 2 Bedrooms | $130K | $170K | +30.8% |
| 3 Bedrooms | $249.5K | $238K | -4.6% |
| 4 Bedrooms | $308K | $385K | +25.0% |
| 5+ Bedrooms | $695K | $425K | -38.8% |
Summary: Shannon housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 13.9%, 2 bedroom homes increased by 30.8%, 3 bedroom homes decreased by 4.6%, 4 bedroom homes increased by 25%, and 5+ bedroom homes decreased by 38.8%.
Median Sold Price Compared To Nearby Cities
| Armuchee | $268K | $283.7K | +5.9% |
| Shannon | $245K | $205K | -16.3% |
Housing Supply in Shannon, GA
How many homes are available in Shannon, GA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 19 | 19 | 0.0% |
Summary: The Shannon real estate market had 19 homes for sale in May 2024, the same as April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 1 | 2 | +100.0% |
| 3 Bedrooms | 10 | 8 | -20.0% |
| 4 Bedrooms | 4 | 6 | +50.0% |
| 5+ Bedrooms | 4 | 3 | -25.0% |
Summary: The Shannon housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 100%, 3 bedroom homes decreased by 20%, 4 bedroom homes increased by 50%, and 5+ bedroom homes decreased by 25%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 5 | 7 | +40.0% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Shannon, you may be able to get a good deal. 71.4% of homes here sold below asking price last month.
Summary: A total of 7 homes were sold or pending in Shannon in May 2024, up by 40.0% month-over-month. Of the 7 sold homes, 71% were sold under asking, 29% were sold at asking, and 0% were sold over asking.
Days on Market for Shannon, GA
How long does it take to sell a home in Shannon, GA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 34 Days | 18 Days | -46.4% |
Summary: Homes in Shannon had an average of 18 days on market in May 2024, down by 46.4% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Shannon are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 7 homes were sold in Shannon; 71% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
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