Latest Real Estate Market Trends in Metro Atlanta

The latest real estate market trends in Atlanta, GA, show a mix of growth and challenges, reflecting the city's dynamic economic and housing landscape.

Home Prices and Sales

• Median Home Prices: As of June 2024, the median home price in Atlanta is $434,000, representing a 4.7% increase from the previous year. The median sale price per square foot is $303, up 5.9% year-over-year. Another source notes a median sale price of $439,215 in the last 30 days, up 4.3% from the same period last year.
• Sales Volume: The number of homes sold has decreased. In May 2024, 773 homes were sold, down from 802 the previous year. In the last 30 days, 1,833 homes were sold, down from 2,167 last year.

Market Competitiveness

• Days on Market: Homes in Atlanta typically sell after 35 days on the market, compared to 28 days last year.
• Offers and Pricing: The average home sells for about 2% below list price, with hot homes selling for about 1% above list price. Homes go pending in around 22 days for average homes and 11 days for hot homes. The median sale-to-list-price ratio is 98.09%, down 1.9 points from last year.

Housing Supply

• Inventory: The total number of homes for sale increased by 10.2% from May to June 2024, with 7,628 homes available in June 2024. The months of supply increased to 2.5, up from 1.4 months last year.
• New Listings: There were 2,402 new homes listed in the last 30 days, up 3.2% year-over-year.

Migration and Relocation Trends

• Inbound Migration: Atlanta continues to attract homebuyers from other metropolitan areas, with significant interest from New York, Los Angeles, and Washington.
• Local Retention: 79% of Atlanta homebuyers searched to stay within the metropolitan area.

Rental Market

• Rent Trends: Atlanta saw a 1.2% increase in rent, indicating a steady rise in rental prices.

Economic and Employment Factors

• Job Market: Atlanta's job market is robust, with an unemployment rate of 3.2%, below the national average. Key sectors contributing to job growth include technology and construction.

Future Outlook

• Builder Confidence: Builders in Atlanta are expressing growing confidence in market conditions, indicating positive prospects for the real estate sector.
• Market Stability: Despite fluctuations in mortgage rates and construction costs, the Atlanta housing market is expected to maintain its momentum, driven by strong demand and favorable economic conditions.

Overall, the Atlanta real estate market remains competitive with rising home prices, increased inventory, and strong demand driven by a robust job market and steady influx of new residents.