How does the current Atlanta housing market compare to last year?

Based on the latest data, here's how the current Atlanta housing market compares to last year: Home Prices:

• The median home price in Atlanta is $419,936 as of June 2024, up 4.9% from $400,200 in June 2023.
• The average home value is $399,879, representing a 2% year-over-year increase.

Sales Volume:

• The number of homes sold has decreased. In May 2024, 1,460 homes were sold, compared to 1,131 in June 2024, a 22.5% decrease.

Days on Market:

• Homes are taking slightly longer to sell compared to last year. The average time on market is now 35 days, up from 28 days last year.

Inventory:

• Housing inventory has increased significantly. There were 7,628 homes for sale in June 2024, up 10.2% from 6,925 in May 2024.

Price Changes by Home Size:

• 1-bedroom homes: +1.9%
• 2-bedroom homes: +2.9%
• 3-bedroom homes: +0.7%
• 4-bedroom homes: -0.8%
• 5+ bedroom homes: +2.8%

Market Competitiveness:

• The average home sells for about 2% below list price, with hot homes selling for about 1% above list price.
• Homes receive an average of 3 offers.

Rental Market:

• Atlanta saw a 1.2% increase in rent prices.

Overall, the Atlanta housing market in 2024 shows signs of cooling compared to the previous year, with slower price growth, increased inventory, and longer selling times. However, it remains competitive with prices still trending upward in most segments, albeit at a more moderate pace.