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.
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.
Luxury RE, What’s Hot in the High-End Market?
Luxury real estate continues to be a thriving market, attracting high-end buyers who seek the finest homes and exclusive living experiences. As we dive into the world of luxury real estate, it's essential to explore what's hot in this high-end market. From lifestyle to amenities, customization to location, and technology, let's take a closer look at the key factors that define luxury real estate today.Lifestyle is at the forefront of luxury real estate. High-end buyers seek properties that enhance their quality of life, offering a seamless combination of comfort, opulence, and sophistication. Whether it's a sprawling estate with lush gardens, a waterfront villa with breathtaking views, or a penthouse in a metropolitan city, luxury homes are designed to cater to the finest tastes and lifestyles.Market updates play a crucial role in the luxury real estate sector. Buyers and sellers in this niche market need to stay informed about the latest trends, fluctuations, and opportunities. Market insights help buyers make informed decisions about investment potential and sellers understand the value of their properties. Tracking market updates ensures you are always one step ahead in the luxury real estate game.The neighborhood is another vital consideration when it comes to luxury real estate. Exclusivity is a sought-after feature, with buyers desiring privacy and security. Gated communities, private islands, and prestigious addresses are highly coveted in the high-end market. Proximity to renowned schools, upscale shopping districts, and cultural attractions further elevates the desirability of a luxury neighborhood.Customization is a hallmark of luxury real estate. Discerning buyers often seek properties that can be tailored to their unique preferences. From custom-built homes to the ability to personalize existing properties, luxury buyers appreciate the opportunity to create a space that reflects their individuality and meets their specific needs.Location, as they say, is everything, and it holds true in luxury real estate. Buyers are drawn to properties that offer exceptional locales, whether it's a mountain retreat, a beachfront oasis, or a penthouse overlooking a city's skyline. The value of a luxury property is often determined by its location and the exclusivity that comes with it.Amenities define the luxurious lifestyle. From resort-style pools and tennis courts to private theaters and spa facilities, luxury properties go above and beyond to offer residents an unparalleled living experience. High-end buyers crave indulgence and leisure, and the amenities available play a significant role in their decision-making process.Finally, the integration of technology has become a significant trend in luxury real estate. Smart homes equipped with the latest automation systems allow residents to control various aspects of their homes, including lighting, security, and climate control, with the touch of a button. Cutting-edge technology adds convenience, comfort, and sophistication to luxury properties.In conclusion, the luxury real estate market is constantly evolving, driven by the desire for an exceptional lifestyle. Exclusivity, customization, location, amenities, and technology are all factors that tremendously influence the high-end market. Whether you are a buyer or seller in the luxury real estate realm, understanding these key elements will help you navigate this exclusive and highly sought-after sector.
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