The real estate market in Cobb County has slowed down, with the Board of Tax Assessors predicting a modest 2% increase in the 2025 tax digest, a significant drop from earlier expectations. This slowdown could affect local property values and county revenues.
According to the Cobb County release, Stephen White, the county’s former Chief Assessor and current Support Services Director, compared the market’s performance, saying, "Two years ago, I told you the county's real estate market was traveling at 55 miles an hour; last year, I said it was going 35, and this year, we’re at 20 miles an hour." This analogy highlights the market's deceleration, as shown by fewer property reassessments and slower increases in home values.
The tax digest includes all taxable property in Cobb County, including residential, commercial, and personal property. This assessment is crucial for determining property taxes and funding essential services like education, safety, and infrastructure. However, the growth of the digest is limited by a floating homestead exemption that locks in property values for homeowners, reducing potential tax revenue increases.
Data from White and his successor, Chief Appraiser Christine Stinchcomb, shows that the average home sales price has only increased by $20,000 over the past year, with the average home now costing nearly $500,000. White explained in the same release, "Just two years ago, the average price of a home in Cobb County increased by $50,000; this year, it’s only $20,000—so things are changing." Additionally, the inventory of homes for sale has risen, and the average time houses spend on the market has increased from a week in 2020 to just over a month in 2024, indicating a less competitive market.
White noted in the Cobb County release, "Residential property values are still increasing, just not at the rapid pace we saw coming out of the pandemic," suggesting the market is adjusting rather than experiencing a downturn.
