Summer’s End Market Update

August of 2022 proved to be the second consecutive month with a decline in median sales prices across Atlanta. The median price for a home in Atlanta fell to $412,000 from its all-time peak in June of $433,000. There are two major reasons that contributed to this decline such as seasonality and home types. Atlanta, like most major metro cities, sees a drop in home sales activity throughout the summer as families travel and kids are out of school, which is a trend we are all familiar with in the real estate industry. The type of home is also a major contribution as single family home prices have risen so drastically, which pushes many buyers to gravitate to condominiums or townhomes as an affordable alternative. For that reason, attached home months of inventory remain lower than single-family homes. On the market at this very date we see a total of 12,140 homes in metro-Atlanta. That being said, this number keeps us at 2 months of inventory and 11 days on market, which if we can all remind ourselves, is still an incredibly healthy seller’s market. With a balanced and equalized market being 6 months of inventory, we are still running on low inventory, which bodes well for sellers. In tandem, sellers are having to re-adjust their expectations of a home flying off the market moments after it’s listed. Instead of “under contract in 24 hours,” we are now seeing something along the lines of “under contract in 10 days” which is compelling buyers to feel more empowered to enter the market. A trend towards a healthy and balanced market has its benefits for both parties – buyers and sellers.

A look at the numbers:

Single Family Homes: 2.1 months of supply

A rise from summer average of 1.7 months.

Condos: 1.6 months of supply

A rise from summer average of 1.3 months.

Townhomes: 1.6 month of supply

A rise from summer average of 1.3 months.

FMLS, TrendGraphix, Metro-Atlanta, 2021-2022

As we move into September, demand has continued increasing, and with seasonality returning to Atlanta for the first time since the pandemic, we anticipate sales to rise again leading into the Winter holidays before retracting in late November through early January. Right now, is both a great time to list and to buy since more buyers will be shopping and rates remain low.

As we approach the fall season, reach out to one of our experts for tips on entering the market strong at www.evatlanta.com.