April Market Update

As we enter the second quarter, housing demand and prices in metro-Atlanta continue to rise. This means that sellers are still in a spectacular position to capitalize on this period of high demand and low inventory.

To illustrate the current market dynamics, let’s take a look at where we are compared to this point last year. In March of 2020 the world was in lockdown. Even during lockdown, home inventory was 55% higher than it is today. That split, however, is different for each home type. Compared to last year, condominium inventory is down a nominal amount and townhomes are down 38%. The biggest drop in inventory comes from single-family homes, which are down 60%. So, while inventory levels are certainly lower, it really depends on which home type as to how drastic the drop is.

Along with these lower inventory levels has come a substantial increase in demand, leading to a sharp rise in price. Demand for homes has increased by such a large amount that the average home is only on the market for ten days; a number that barely fluctuates between condos, townhomes, and single-family homes. Fortunately for buyers though, interest rates are still extremely low, allowing for more buying power in the increasingly competitive Atlanta market.

By the numbers:

Metro-Atlanta March 2021 vs. March 2020

Avg. Sale Price: +16% YoY

Months of Supply: -59% YoY

Homes for Sale: -55% YoY

Pending Sales: +24% YoY

Closed Sales: +3% YoY

Source: FMLS 3/2020-3/2021, Metro-Atlanta, All Price Points and Product Types.

If you have been thinking about selling your house or need assistance in your home search, we are here to help. For more information about market specifics or to speak to one of our seasoned advisors, visit evatlanta.com. And follow us on Facebook for daily updates on all things Atlanta.