June Market Update

To get a clear understanding of the current state of the market, it is important that we compare today’s market trends against more than just the previous 12 months. In doing so we are able to build a clear image of changes in market conditions and future market trends, without skewed data stemming from the heigh of COVID. 

Single Family Homes:

• Current Median Price: $380,000
  • Up 31% over May 2020
  • Up 30% over May 2021
  • Average Days on Market: 5 days
  • Months’ Supply: 0.9 months

The market for single-family homes is unlike anything we have seen in the past 20+ years of real estate. With increasingly high demand and less than one month of supply in the metro Atlanta area, this segment of the market will continue to be vastly undersupplied. While resale homes may join the market and builders will continue working to meet demand, there will continue to be a shortage of supply for many years to come. Because of these continuing trends, expect to see additional price increases, although at a slower pace than they have been for the past 18 months. 

Townhomes:

• Current Median Price: $325,630
  • Up 30% over May 2020
  • Up 26% over May 2021
  • Average Days on Market: 7 days
  • Months’ Supply: 0.9 month

Like the single-family home market, townhomes have seen a significant increase in price, fueled by the extreme lack of inventory and soaring demand. While many new townhomes will be brought to market over the next several years, supply will not be able to meet demand for quite some time.

Condominiums:

• Current Median Price: $248,000
  • Up 8% over May 2020
  • Up 8% over May 2021
  • Average Days on Market: 12 days
  • Months’ Supply: 1.6 months

In response to COVID, a temporary shift in the condo market occurred in 2020, leading to a spike in inventory and dip in prices. However, this segment of the market has quickly recovered, with demand already surpassing pre-pandemic levels. As supply continues to dwindle, and few new condo projects on the horizon, the current 1.6 months of inventory is expected to drop.

For more information, please do not hesitate to reach out today via www.evatlanta.com.