Building your home

Atlanta Housing Market

Considering a move to Atlanta? You’re not alone. Between April 2022 and April 2023, nearly 67,000 individuals flocked to the vibrant metro area, drawn by its strong job market and relatively affordable cost of living. In fact, post-pandemic, Atlanta has emerged as one of the top cities in the nation for employment growth. However, it’s important to be well-informed about the competitive housing market before making any decisions. In this guide, we’ll delve into the trends, statistics, and essential considerations for both buyers and sellers in the Atlanta housing market.

Atlanta Housing Market Overview

Much like in other parts of the country, Atlanta’s housing prices are on the upswing, while the volume of sales is experiencing a decline. As of August 2023, the median home price stands at $418,000, marking a 4.5 percent increase from the previous year. Although homes are receiving an average of two offers, the number of sales has dropped by over 13 percent. Additionally, the duration that homes spend on the market is extending.

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Key Stats:

  • Median home price in Atlanta (August 2023): $418,000, a 4.5% YoY increase.
  • Sale-to-list ratio: 98.7%, indicating homes tend to sell just below full list price.
  • Median days on market: 29 days, a four-day increase from the previous year.
  • Closing costs in Georgia: Average 1.3% of a home’s sale price, approximately $5,434 for a median-priced Atlanta home.
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Should You Buy or Sell in the Atlanta Housing Market?

For Home Sellers:

Sellers in Atlanta are in a favorable position due to high demand and limited supply. Data reveals a mere 2.1-month supply of housing inventory, significantly below the balanced market threshold. However, it’s crucial not to overprice your home; in August, 32.3 percent of listed homes had to reduce their price before selling. Accurate valuation, supported by a local real estate agent’s expertise, is essential.

For Homebuyers:

Despite a competitive market, there are compelling reasons to buy in Atlanta, such as a reasonable cost of living and a thriving job market. Preapproval for a mortgage is a critical first step to set a realistic budget and signal to sellers that you’re a serious contender. With homes staying on the market for an average of 29 days, you’ll have ample time to make an informed decision.

Atlanta Housing Market Predictions

While the housing market has seen fluctuations since the onset of the pandemic, experts generally agree that a crash is unlikely, both in Atlanta and nationwide. High mortgage rates are countered by surging demand and a growing population. Prices continue to rise, indicating a robust market.

Conclusion

The Atlanta housing market presents exciting opportunities for both buyers and sellers. To navigate this dynamic landscape, enlisting the guidance of an experienced local real estate agent is highly recommended. With their expertise, you can confidently embark on your journey in this thriving southern city.

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