Welcome to this month’s real estate market report for the Greater Atlanta, Georgia area. The Greater Atlanta area includes the counties of Cherokee, Clayton, Cobb, DeKalb, Douglas, Fayette, Forsyth, Fulton, Gwinnett, Rockdale, and Paulding counties. The demand for single family attached and detached homes in the Greater Atlanta area has fallen from one year ago. While average sale prices for both attached and detached homes has increased over the previous twelve months, sales activity has declined by about 20% over the same period. 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 detached homes in the Greater Atlanta area at the end of September 2023 was $536,484, which is up 4.7% from one year ago.
For the year so far the average sale price for single-family detached homes in the Greater Atlanta area is $530,103 which is up 2.4% from this time last year.
There was a total of 3,215 single-family detached properties sold in the Atlanta area during the month of September, sale activity is down 22.9% compared to this time one year ago.
There has been a total of 32,643 single-family detached properties sold so far this year, sale activity for 2023 is down 22.4% compared to 2022.
A total of 2,880 single-family detached properties were under a pending contract in September, pending activity compared to the previous September is down 19.55%.
In the Greater Atlanta area, for 2023 there has been a total of 33,557 single-family detached properties were pending sale, this is down 19.6% from one year ago.
There were just 4,862 new single-family detached property listings that hit the market in September, new listing activity is down 22.1% when compared to September of last year.
For the year there has been a total of 46,313 single-family detached homes listed for sale this year, new listing activity is down 21.8% from one year ago.
There is a total of 8,634 single-family detached property listings for sale in the Greater Atlanta area, total detached inventory is down 21% from one year ago.
Single-family detached homes were on the market for an average of 29 days before being sold during the month of September, this up from 29 days on the market before being sold average at this time one year ago.
During the month of September, sellers of single-family detached homes were getting 98.9% of the original list price at closing, this is up from 98.7% during the previous September.
What Does This Mean For Buyers?
Persons who are searching for a home to buy in the Greater Atlanta area face a very dynamic market with increasing prices and minimal inventory. Buyers do have the benefit of less competition for homes available. The overall ratio of list price to sale price is less than 100%. Buyers may find opportunities with highly motivated sellers who have seen their property on the market for longer than average.
The good news for buyers is that home prices may have reached a plateau, list prices for properties in some markets are well below average. Buyers should have financing in place and be ready to act if a property is found. The biggest concern for buyers are interest rates, which if increased, may price buyers out of certain markets.
What Does This Mean For Sellers?
If you have your single-family home for sale in the Greater Atlanta area you can expect that home to sell within about 30 days and sell it for close to full asking price. While overall demand for homes has declined year to year, there continues to be demand for single-family housing. Buying has slowed from one year ago, however, sellers are getting almost the full asking price for their properties.
While rising interest rates have hurt buyers and would-be sellers, the market for homes in the Atlanta area continues to favor sellers. Inventory levels remain low, however, single-family attached housing has increased almost 50% from one year ago. Sellers can expect sales activity to be slow for the remainder of the year, and unless interest rates fall, these trends will continue into the next year.
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.
Atlanta Homes for Sale
Here are the most recent listings just added to the database in the median sale price range for Greater Atlanta Area. All homes here are priced at $536,484 or less.
