Gray, GA—31032
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Gray, GA
As of Oct '25, the median home price in Gray, GA is $271,000, with a year-over-year change of 1.6%. This indicates that home prices in Gray, GA are increasing. According to Zillow, the 1-year price projection is 1.7%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $271,000 | 1.6% |
| Single Family | $271,000 | 1.5% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | N/A | N/A |
3 Bed | $268,000 | 2.3% |
4 Bed | $342,000 | 2.4% |
| 5 Bed | $391,000 | 2.4% |
% of Housing Stock
Rental Trends — Gray, GA
As of July '25, Rentcast reports the average rent in Gray, GA is $895, with a year-over-year rent change of -58.6%. Per bedroom, the median rent as of July '25 in Gray, GA is 1-bedrooms: $895. The most common rental property sizes in Gray, GA are 2-bedroom and 3-bedroom, accounting for 42.5% and 35.9% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $895 | $895 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $895 | $895 |
| 2 Bed Rent | N/A | N/A |
| 3 Bed Rent | N/A | N/A |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Gray, GA
As of Oct '25, Realtor.com reports that the median days on market for a home in Gray, GA is 77. This is a increase of 37.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 14.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $367,000 | 7.0% |
Listing Count | 59 | 8.0% |
| Listings as % of Homes | 0.5% | 8.0% |
Days on Market | 77 | 37.0% |
Demographics — Gray, GA
As of the latest ACS Survey released in 2023, Gray, GA has a population of 13,800, which has decreased by -9.0% over the past 5 years. Gray, GA is a moderately popular place for families, as children make up 21.1% of the population. The area has a poorly educated workforce, with 19.5% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 5.7% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 13,800 | -9.0% |
% Under 18 | 21.1% | -18.5% |
% Seniors | 19.4% | 22.8% |
% WFH | 5.7% | 111.1% |
% w/ College Degree | 19.5% | -13.3% |
As of the latest ACS Survey released in 2023, Gray, GA is a predominantly white area, with 76.9% of the population identifying as white. The white population has grown by 2.0% in the last 5 years. The second most common race or ethnicity in Gray, GA is black, making up 18.4% of the population. Foreign-born residents account for 1.7% of the population in Gray, GA, and this percentage has increased by 112.5% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 76.9% | 2.0% |
% Black | 18.4% | -11.5% |
% Hispanic | 1.6% | -20.0% |
% Asian | 0.5% | 150.0% |
% Foreign Born | 1.7% | 112.5% |
Mortgage and Risk — Gray, GA
According to HUD data as of 2023, there were 296 mortgage originations in Gray, GA, of which 68.0% of loans were conventional mortgages. The average loan-to-value was 69.0%, with 31.0% above 90% LTV (very high). This implies large mortgage risk in Gray, GA. Investor activity is low, as 7.0% of loans were by investors. 13.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 296 |
% Conventional Loans | 68.0% |
% Government Loans | 32.0% |
% Investor Loans | 7.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 13.0% |
Loan Activity
Rentals and Section 8 — Gray, GA
Gray, GA lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 77 |
Total Units Section 8 | 77 |
% Rentals under Section 8 | 10.2% |
% Occupied Section 8 | 74.4% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $105 | $895 | $1,000 |
| 2 Bedroom | N/A | N/A | $1,160 |
| 3 Bedroom | N/A | N/A | $1,400 |
| 4 Bedroom | N/A | N/A | $1,540 |
Affordability — Gray, GA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.4 |
| Median Home Price | $271,000 |
| Median Household Income | $73,600 |