Atlanta housing market: Everything you need to know
Considering a move to Atlanta? You’re not alone. Between April 2022 and April 2023, nearly 67,000 people flocked to the metro area, drawn by its thriving job market and relatively affordable cost of living. In fact, metro Atlanta boasts the fifth-highest rate of employment growth in the country since the pandemic. However, it’s crucial to be well-informed about the competitive housing market before making any decisions. In this guide, we’ll delve into the latest trends and statistics shaping the Atlanta housing market in 2023.
Atlanta Housing Market Overview:
- Rising Home Prices and Declining Sales Volume:
- The median home price in Atlanta as of August 2023 stands at $418,000, reflecting a 4.5 percent increase from the previous year.
- While home prices are on the rise, the overall volume of sales has experienced a decline of over 13 percent.
- Homes are receiving an average of two offers, indicating a competitive market.
- Sales-to-List Ratio:
- The sale-to-list ratio is approximately 98.7 percent, indicating that homes tend to sell for just below the full list price. This figure has remained relatively stable compared to the previous year.
- Time on Market:
- Homes in Atlanta are spending a median of 29 days on the market before selling. This marks a four-day increase from the previous year.
- Closing Costs:
- Closing costs in Georgia average 1.3 percent of a home’s sale price, amounting to approximately $5,434 for a median-priced Atlanta home.
Should You Buy or Sell in the Atlanta Housing Market?
For Home Sellers:
- Atlanta is currently a seller’s market, with a significant shortage of housing inventory compared to demand.
- However, it’s essential to price your home accurately, as around 32.3 percent of homes on the market in August had to reduce their asking price before selling. Consult a local real estate agent for expert guidance.
For Home Buyers:
- Despite market conditions, there are compelling reasons to buy in the Atlanta area, including a relatively low cost of living and a robust job market.
- Getting preapproved for a mortgage is a crucial first step to set a realistic budget and demonstrate your seriousness to sellers.
Atlanta Housing Market Predictions:
- While the housing market has experienced volatility since the pandemic, experts generally agree that a crash is unlikely, both in Atlanta and nationwide.
- High demand, population growth, and rising prices, even with fewer homes selling, suggest that the housing market will remain strong.
Finding an Atlanta Real Estate Agent:
- Given the complexity of the Atlanta market, enlisting the expertise of a local real estate agent is highly advisable. They can provide invaluable insights into your desired neighborhood, as well as offer essential assistance in marketing, pricing, and assessing offers.
Conclusion:
As you consider a move to Atlanta, understanding the nuances of its housing market is crucial. With rising prices, competitive sales dynamics, and a strong job market, the city offers both opportunities and challenges for buyers and sellers alike. Partnering with an experienced local real estate agent can be the key to navigating this dynamic market successfully.
