Is Suwanee, 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, Suwanee has remained a Seller's Market.
Key Takeaway
Suwanee is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Suwanee, GA
How much do homes in Suwanee, GA cost?
Median Sold Price
$601,951
$211/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Suwanee have sold for 7.6% more than they did a year ago.
Summary: The median home sold price in Suwanee was $601,951 in May 2024, up 7.6% from last year, and the median price per square foot was $211.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $385K | $373.4K | -3.0% |
| 3 Bedrooms | $452K | $500K | +10.6% |
| 4 Bedrooms | $550K | $572.4K | +4.1% |
| 5+ Bedrooms | $750.7K | $829.7K | +10.5% |
Summary: Suwanee housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 3%, 3 bedroom homes increased by 10.6%, 4 bedroom homes increased by 4.1%, and 5+ bedroom homes increased by 10.5%.
Median Sold Price Compared To Nearby Cities
| Duluth | $443.8K | $499K | +12.4% |
| Suwanee-Duluth | $461.6K | $515K | +11.5% |
| Suwanee | $559.3K | $601.9K | +7.6% |
| Sugar Hill | $427.8K | $458.4K | +7.1% |
| Buford-Sugar Hill | $451.5K | $483K | +7.0% |
Housing Supply in Suwanee, GA
How many homes are available in Suwanee, GA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 408 | 460 | +12.7% |
Summary: The Suwanee real estate market had 460 homes for sale in May 2024, a 12.7% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 1 | 1 | 0.0% |
| 3 Bedrooms | 104 | 114 | +9.6% |
| 4 Bedrooms | 129 | 139 | +7.8% |
| 5+ Bedrooms | 174 | 206 | +18.4% |
Summary: The Suwanee 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 remained the same, 3 bedroom homes increased by 9.6%, 4 bedroom homes increased by 7.8%, and 5+ bedroom homes increased by 18.4%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 132 | 119 | -9.8% |
Asking Price vs. Sold Price
41 Homes Were Sold
Under Asking
19 Homes Were Sold
At Asking
56 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Suwanee, you could pay more than the asking price. 48.3% of homes here sold above asking price last month.
Summary: A total of 119 homes were sold or pending in Suwanee in May 2024, down by 9.8% month-over-month. Of the 116 sold homes, 35% were sold under asking, 16% were sold at asking, and 48% were sold over asking.
Days on Market for Suwanee, GA
How long does it take to sell a home in Suwanee, GA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 16 Days | 15 Days | -7.8% |
Summary: Homes in Suwanee had an average of 15 days on market in May 2024, down by 7.8% compared to last year.
Breakdown of Home Sale Times
106 Homes Were Sold
Under 30 Days
11 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Suwanee are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 119 homes were sold in Suwanee; 89% of homes were sold within 30 days, 9% of homes were sold within 30 to 90 days, and 2% of homes were sold over 90 days.
Listings identified with the FMLS IDX logo come from FMLS and are held by brokerage firms other than the owner of this website. The listing brokerage is identified in any listing details. Information is deemed reliable but is not guaranteed.