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 | Madison County | Georgia Avg | US Average |
|---|---|---|---|
| Median Home Price | $412,500 | $238,631 | $242,182 |
| Price Trend (Annual %) | 29.1% | 9.0% | 8.2% |
| Median Gross Rent | $950 | $1,306 | $1,342 |
| Rent Trend (Annual %) | 4.3% | 5.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Madison County is about 73% higher than in Georgia. Rent is about 27% lower 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 Madison County, up about 29.1% and 4.3% a year respectively. Home prices are changing faster.
Median rent in Madison County rose about 33.8% between 2015 and 2023, from $710 to $950. Over the same span, rent in Georgia rose about 48.7%.
Affordability
On average, housing unit costs 7.0 yearly household incomes in Madison County.
Buying the median-priced home in Madison County costs roughly 36.2 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 Madison County. The price-to-rent ratio in Georgia is about 15.2.
| Metric | Madison County | Georgia Avg | US Average |
|---|---|---|---|
| Median Home Price | $412,500 | $238,631 | $242,182 |
| Median Household Income | $58,588 | $74,683 | $78,145 |
| Price-to-Income Ratio | 7.0 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Madison County rose about 212.7%, while median household income rose about 46.1% 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 | Madison County | Georgia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 66.6% | 58.4% | 58.2% |
| Rental Rate | 21.5% | 31.0% | 31.3% |
| Vacancy Rate | 11.9% | 10.6% | 10.6% |
| Median Tenure (years) | 17.0 | 14.0 | 15.0 |
| Median Year Moved In | 2009 | 2012 | 2011 |
Madison County has a homeownership rate of 66.6%, higher than the Georgia average of 58.4%. Its housing vacancy rate is 11.9%, compared with 10.6% in Georgia.
Housing Stock
| Metric | Madison County | Georgia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.81 people | 2.64 people | 2.54 people |
| Median Structure Built Year | 1989 | 1989 | 1978 |
| Median Number of Rooms | 5.8 | 5.9 | 5.5 |
The typical housing unit in Madison County was built around 1989. On average, 2.8 people live in a home with about 5.8 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Madison County, Georgia.
What is the median home price in Madison County, Georgia?
The median home price in Madison County, Georgia is $412,500, higher than the Georgia average of $238,631.
What is the average home price in Madison 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 Madison County, Georgia?
The median gross rent in Madison County, Georgia is $950 per month, lower than the Georgia average of $1,306.
What was the median gross rent in Madison County in 2020?
In 2020, the median gross rent in Madison County, Georgia was $744 per month.
What is the price-to-rent ratio in Madison County, Georgia?
The price-to-rent ratio in Madison County, Georgia is about 36.2, meaning it would take roughly 36.2 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 Madison County.
Are home prices or rent rising faster in Madison County, Georgia?
Both home prices and rent are rising in Madison County, up about 29.1% and 4.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Madison County, Georgia?
66.6% of households in Madison County, Georgia own their home, higher than the Georgia average of 58.4%.
What is the vacancy rate in Madison County, Georgia?
The housing vacancy rate in Madison County, Georgia is 11.9%, higher than the Georgia average of 10.6%.