The median home price in some areas has doubled in the last five years, but experts say there are still options in Brunswick and St. Simons.
BRUNSWICK, Ga. — Securing a place to live at a reasonable cost is increasingly challenging nationwide, largely dependent on one’s income level.
According to the latest data from the Bureau of Labor Statistics, the average weekly salary in Glynn County is $1,072 prior to taxes, amounting to an annual income of $55,744.
However, Glynn County local real estate broker Tom McBride says the average area home price is well above what many people can afford.
“I wish to see more accessible housing options, whether it be townhomes, condos, or attached homes. These could help reduce expenses and bring homeownership closer to reality,” says McBride. “Many people aspire to buy homes, but it currently feels somewhat out of reach.”
Tom McBride, associated with Avalon Properties Group in Brunswick, has been a real estate professional for over two decades, witnessing significant market shifts during this time.
“Home prices have jumped 50 to 100 percent in the past few years, depending on the property and market, while interest rates have surged from 2.5% to between 6% and 6.5%. This combination creates a substantial burden,” McBride explains.
The prices of homes has increased dramatically since 2020, but things are starting to even out a little bit.
“Overall, home prices have decreased by 1% this month,” remarks McBride. “While this isn’t substantial, it might indicate the market is stabilizing, offering people a chance to adjust. Lower interest rates could make housing much more affordable.”
There are several new developments of single family, town homes and apartments popping up throughout Glynn County and the Golden Isles overall, but those options can be costly, especially when looking at the median home prices for the area.
“The median home price for our county, Glynn County that we’re talking about principally here is about $445,000,” says McBride. “St. Simon’s average home price, you know, can be $650,000. In Brunswick, if you break it out, would be more in the low $300,000 range. In the older part of town you can find homes, you know, pretty readily available for $150 to $250,000.”
