Welcome to this month’s real estate market report for the Greater Atlanta Area, which includes the counties of Cherokee, Clayton, Cobb, DeKalb, Douglas, Fayette, Forsyth, Fulton, Gwinnett, Rockdale, and Paulding. Home sales have fallen 3.3% month to month, new listings are down from last year, and the overall median sales price has increased by as much as 4.7%. Find out more about the Greater Atlanta Area real estate market in this helpful report.
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Atlanta Housing Stats
The average sale price for single-family residential detached homes in the Greater Atlanta area at the end of July 2023 was $541,059, which is a year-to-year increase of 1.7%.
For the year the average sale price for single-family detached homes in the Greater Atlanta area is $526,432, which is up 1.5% from $518,661 average sale price at this time one year ago.
There was a total of 3,593 properties sold during July in the Atlanta metro area, this is a drop in sales of 21.7% compared to the previous July.
For this year in the Greater Atlanta area, there has been a total of 25,243 single-family detached properties sold, this is a decrease compared to this time in 2022, dropping from 33,283 homes sold.
A total of 3,512 single-family detached homes went under pending contract during the month of July, this is a year-to-year drop in pending activity of 15.7%. A total of 26,839 detached homes have gone under contract so far in 2023, this is down 20.5% from 33,760 that went under contract by the end of July 2022.
A total of 5,227 new detached home listings went on the market during July in Atlanta, new listing activity is down 25% compared to the previous July.
There has been a total of 36,028 new single-family detached property listings to hit the market in the Greater Atlanta area, this is down 22.6% from 46,575 new property listings that hit the market by this time in 2022.
Single-family residential-detached properties were on the market for an average of 23 days before being during July, up from 16 days during July 2022, and sellers of detached homes in the Greater Atlanta area were getting 99.9% of their original list price at closing.
There is a total of 7,854 single-family detached homes for sale in the Greater Atlanta area at the end of July, this brings the months of inventory available to 2.2.
What Does This Mean For Buyers?
The Greater Atlanta area real estate market does not favor buyers. Home prices have climbed year to year and interest rates have approached as much as 7%. For buyers who are actively looking for homes, there is much competition. While overbidding has lessened, this has driven home prices higher, and the national median home sale price is $410,200, which is just 0.9% below the record of $412,800 set in June of 2022.
Buyers should expect these trends to continue for the remainder of the year in the Greater Atlanta area. Buyers who are actively looking for a property should understand that time is not their friend. Buyers should be prepared to act quickly when a property is found to avoid losing the sale or paying a higher price.
What Does This Mean For Sellers?
The real estate market for single-family attached and detached homes in the Greater Atlanta area favors sellers at this time. Both attached and detached home prices have climbed year to year, however, detached homes have climbed 4.7% year to year, while attached homes are up only 0.2% year to year. Inventory levels are low which is creating more competition from buyers which will drive prices higher.
While the time to sell is favorable, sellers should be aware that if they are planning to buy a home be aware of potential interest rates that you may have to pay for a new mortgage. Sellers who are considering selling should consider their local market dynamics and be prepared for any contingency from price adjustment to enhancements to the home.
If you are thinking of buying or selling a home or condo, give us a call today. We are experts in navigating dynamic markets like Greater Atlanta Area and work with you to develop a strategy to accomplish your real estate goals.
