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What happened in the Atlanta metro real estate market in 2016? Where does it stand now? First, let’s look at the numbers to recap last year.
Sales were up by 10% in 2016 compared to 2015. While the median sales price continued to increase, it only rose by 4%, which was a slower appreciation rate than the 7% increase we saw in 2015 and the 12% increase we saw in 2014.
Currently, we’re still seeing a depletion of inventory in many metro areas. However, 2016 was the first year in many years that we also saw inventory increasing in certain pockets, which had a considerable effect on the lessening of the median sales price increase.
So which metro areas are still in a seller’s market? Remember, a seller’s market is defined as a market that has less than five months of inventory. Here are the areas still favoring sellers and the specific price points where the market shifts into a more balanced mode:
For Alpharetta and majority of East Cobb, anything up to $700,000 (meaning inventory is more plentiful above the $700,000 price point in this area and therefore a more balanced market).
For Buckhead and the rest of East Cobb, anything up to $800,000.
For Midtown, anything up to $2 million.
For Decatur, anything up to $1 million.
For Smyrna and Sandy Springs, anything up to $550,000.
All in all, this could be a great market for move-up buyers or anyone who wants to sell their home in any of the price points below the ones I’ve just listed.
If you’re thinking of buying or selling in our market or would like more specific information regarding your home, please feel free to give me a call. I’d be happy to help!