To sum up the Macon market in one line: buyers have a bit more negotiating room, but high interest rates are taking a significant portion of that advantage.

If you're wondering whether to continue renting or start looking for a home, it might be helpful to follow the numbers in order.

Let's clarify the reference points. The rental and interest rate data is from October, while the listing statistics are from the latest month I checked, which is September.

I couldn't find the October listing statistics and median sale prices. So instead of estimating nonexistent numbers, I will refer to the September asking prices.

First, let's look at home prices. According to Realtor.com statistics posted by the St. Louis Federal Reserve's FRED, the median asking price in the Macon metropolitan area for September is $239,945.

This is down $3,805 or 1.6% from $243,750 a year ago. However, compared to $221,250 in September 2024, it is still $18,695 higher.

So, it's premature to say that home prices have dropped. It seems more accurate to view this as a pause after two years of increases.

What has changed is the number of listings. Active listings in September were 1,029, which is an increase of 88 from 941 a year ago.

In September 2024, there were 854 listings, so the options have steadily expanded.

The speed of sales has also slowed down. The median days on the market in September was 73, longer than 67 days in August and 66 days a year ago.

There were 308 listings that reduced their prices, which is 29.9% of all listings, so it's not a small number.

However, it would be misleading to interpret this as sellers suddenly becoming desperate. A year ago, 288 out of 941 listings, or 30.6%, also reduced their prices.

Now, regarding interest rates. According to Freddie Mac, as of October 29, the 30-year fixed rate is 7.24%, and the 15-year fixed rate is 6.60%.

The 30-year fixed rate was 7.40% on October 8 and 15, then dropped to 7.32% on the 22nd. Still, it remains a heavy number when it comes to monthly payments.

Assuming a 10% down payment on the median asking price, I calculated that borrowing $215,950 at a 30-year fixed rate of 7.24% would result in a principal and interest payment of $1,472 per month.

This amount does not include property taxes and homeowners insurance, and the down payment of $23,995 is separate.

The rental data varies by source. RentCafe reports the October average at $1,210, which is a 3.97% increase from $1,164 a year ago.

By bedroom count, the averages are $1,068 for one bedroom, $1,243 for two bedrooms, and $1,375 for three bedrooms.

In contrast, Zumper's October figures show an overall average of $1,075. The one-bedroom average is down 16% to $800, and the two-bedroom average is down 5% to $950.

Even though it's the same month, one source shows increases while the other shows decreases. This indicates that the sample sizes and calculation methods differ, so please don't rely solely on one source when negotiating a lease renewal.

Now, let's consider whether to buy a home. The difference between renting a three-bedroom for $1,375 and the mortgage payment of $1,472 is only $97, but when you add taxes and insurance, the gap widens.

The biggest issue this month is property taxes. Two measures to expand the homestead exemption for those aged 65 and older will be on the ballot on November 3. HB 1537 targets school taxes, while HB 1538 targets county taxes.

The sample ballot states that both measures are the same. For those aged 65-74, $17,000 of the assessed value will be exempt, $32,000 for those aged 75-84, and full exemption for those aged 85 and older.

According to 13WMAZ, as of 10:36 PM on the 3rd, with 26 out of 31 precincts reporting, the approval rates were 80.70% and 79.79%, respectively. For the final confirmed results, please check with the election office.

In Georgia, the assessed value is 40% of the market value. An exemption of $17,000 corresponds to a market value of $42,500.

The applicable year, application process, and income requirements were not specified on the sample ballot. Don't assume it's automatically applied; it's advisable to check with the county tax office first.

You should also consider the tax rate. City data indicates that the millage rate decreased from 20.331 to 9.575, and there was a schedule for adoption on September 9, but I couldn't confirm the final tax rate.

Recently, there was news about the Macon-Bibb Planning Commission's study on housing demand projections for 2050. A report from 41NBC highlighted key goals such as easing the burden of home purchases, improving housing conditions, and expanding supply capacity, but no specific figures were provided.

Here's a summary of what to check. If you're a renter, compare the actual asking prices of a few similar units in your complex and nearby before renewing your lease.

If you're considering buying, start by looking at homes that have been on the market for more than 73 days and those with a history of price reductions. Get loan estimates that include property taxes and insurance.

Personally, I would choose to continue renting and select a property with favorable conditions rather than rushing to buy. Taxes and loans vary based on individual circumstances, so be sure to confirm with your tax advisor and loan officer.