Here’s what you need to know about what’s happening in our market.

The metro Atlanta housing market has been dynamic throughout the year, and as we approach the holiday season, it's essential to be well-informed. Let's delve into key insights that will make you the savviest person in the room at your year-end gatherings.

1. Home prices are on the rise. The median sales price in metro Atlanta now stands at $438,000, marking a 6.9% increase from the previous year. While we observed a slight dip in June, the market has rebounded since September. The scarcity of inventory and an influx of buyers aiming to close deals before December are driving this upward trend.

2. Low inventory is driving price surge. Inventory remains a significant factor shaping the market. To put it in perspective, in October, before the pandemic, there were 15,190 homes on the market. Fast forward to this October, and we find ourselves with just 8,969 homes—a stark contrast that emphasizes the ongoing challenge of low inventory. This scarcity is a primary driver of the continued rise in home prices.

3. Days on market. For sellers, the current median days on market is 13—a timeframe slightly higher than a few months ago but consistent with the previous October. This statistic suggests that well-priced and appealing homes can be expected to sell within two weeks. However, there is another segment of listings that linger on the market due to overpricing, with an average of 115 days.

“It’s a tale of two markets, emphasizing the importance of realistic pricing.””

The market presents a dichotomy—homes selling quickly for 100% or more of the asking price in approximately two weeks, and others taking over three months at around 96% of the asking price. It's a tale of two markets, emphasizing the importance of realistic pricing.

If you're a buyer entering the market in February, you'll benefit from low inventory and decreased competition. For sellers considering listing until the end of January, you'll face less competition but a pool of motivated buyers.

As we head into 2024, pent-up demand is expected to drive a busier spring market compared to 2023. Buyers who've been awaiting favorable interest rates may realize that waiting longer won't offset the increasing home prices.

 If you have any questions, don’t hesitate to reach out by phone or email.