Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Cherokee County | Georgia Avg | US Average |
|---|---|---|---|
| Median Home Price | $416,366 | $238,631 | $242,182 |
| Price Trend (Annual %) | 9.2% | 9.0% | 8.2% |
| Median Gross Rent | $1,703 | $1,306 | $1,342 |
| Rent Trend (Annual %) | 7.0% | 5.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Cherokee County is about 74% higher than in Georgia. Rent is about 30% higher than the Georgia average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Cherokee County, up about 9.2% and 7.0% a year respectively. Home prices are changing faster.
Median rent in Cherokee County rose about 68.5% between 2015 and 2023, from $1,011 to $1,703. Over the same span, rent in Georgia rose about 48.7%.
Affordability
On average, housing unit costs 3.9 yearly household incomes in Cherokee County.
Buying the median-priced home in Cherokee County costs roughly 20.4 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Cherokee County. The price-to-rent ratio in Georgia is about 15.2.
| Metric | Cherokee County | Georgia Avg | US Average |
|---|---|---|---|
| Median Home Price | $416,366 | $238,631 | $242,182 |
| Median Household Income | $105,606 | $74,683 | $78,145 |
| Price-to-Income Ratio | 3.9 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Cherokee County rose about 85.2%, while median household income rose about 57.4% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Cherokee County | Georgia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 73.8% | 58.4% | 58.2% |
| Rental Rate | 21.5% | 31.0% | 31.3% |
| Vacancy Rate | 4.6% | 10.6% | 10.6% |
| Median Tenure (years) | 14.0 | 14.0 | 15.0 |
| Median Year Moved In | 2012 | 2012 | 2011 |
Cherokee County has a homeownership rate of 73.8%, higher than the Georgia average of 58.4%. Its housing vacancy rate is 4.6%, compared with 10.6% in Georgia.
Housing Stock
| Metric | Cherokee County | Georgia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.75 people | 2.64 people | 2.54 people |
| Median Structure Built Year | 1999 | 1989 | 1978 |
| Median Number of Rooms | 6.7 | 5.9 | 5.5 |
The typical housing unit in Cherokee County was built around 1999. On average, 2.8 people live in a home with about 6.7 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Cherokee County, Georgia.
What is the median home price in Cherokee County, Georgia?
The median home price in Cherokee County, Georgia is $416,366, higher than the Georgia average of $238,631.
What is the average home price in Cherokee County, Georgia?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Cherokee County, Georgia?
The median gross rent in Cherokee County, Georgia is $1,703 per month, higher than the Georgia average of $1,306.
What was the median gross rent in Cherokee County in 2020?
In 2020, the median gross rent in Cherokee County, Georgia was $1,304 per month.
What is the price-to-rent ratio in Cherokee County, Georgia?
The price-to-rent ratio in Cherokee County, Georgia is about 20.4, meaning it would take roughly 20.4 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Cherokee County.
Are home prices or rent rising faster in Cherokee County, Georgia?
Both home prices and rent are rising in Cherokee County, up about 9.2% and 7.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in Cherokee County, Georgia?
73.8% of households in Cherokee County, Georgia own their home, higher than the Georgia average of 58.4%.
What is the vacancy rate in Cherokee County, Georgia?
The housing vacancy rate in Cherokee County, Georgia is 4.6%, lower than the Georgia average of 10.6%.