60.0% of Austell home sales in October followed a price cut

AUSTELL, Ga. Price cuts did a lot of the work in Austell in October. Of 25 homes sold, 60.0% had dropped their asking price at least once, well above the 12-month share of 38.3%.

With 25 closings, one month is a small sample here. The 12-month figures are the better guide to price.

The October median sale price was $300,000, up 1.7% from a year earlier.

Sales below list made up 40.0% of the total, and the median sale came in at 100.0% of the final list price.

Homes that sold in October spent a median 48 days on the market, slower than the 12-month median of 29 days.

With 118 active listings as of 1:20 p.m. ET Nov. 14, Austell had 4.7 months of supply at October's closing pace, which our published bands read as balanced. On the 12-month sales pace the figure is 3.5 months, which falls in the seller-leaning (under 4 months) band.

Across the trailing 12 months, 407 closings produced a median price of $315,000, up 2.4% from $307,500 in the prior 12 months.

Sellers listed 41 homes in October, down 8.9% from 45 a year earlier, while buyers signed 25 contracts, down 32.4% from 37.

Countywide, Cobb County closed 591 sales at a $425,000 median, up 1.0% from a year earlier.