The Atlanta Housing Market started 2021 the same way it ended 2020, with prices continuing to increase and supply continuing to decrease. Current supply levels dropped to 1.2 months (6 months is normal) and the median sales prices was $309,000, up 17.9% from 2019. Below is the market update for January 2021 from the Atlanta REALTORS® Association.
Demand: January residential sales were at 4,421, an increase of 1.0% from the previous year.
Price: Average and median sales prices continue to outpace 2020’s figures, with positive gains. The median sales price in January was $309,000, an increase of 17.9% from last January. The average sales price was $379,000, up 17.9% from the previous year.
Supply: Atlanta area housing inventory totaled 8,133 units in January, a decrease of 48.5% from January 2020. New listings totaled 6,679, down 19.4% from January 2020 and up 27.1% from the previous month. The month’s supply over a 12-month period decreased to 1.2 months.
The Atlanta Housing Market remained strong in November. Demand remained strong, up 9.8% from 2019. Due to a continued drop in inventory and strong demand, prices continued to appreciate throughout Atlanta. Current supply levels dropped to 1.6 months (6 months is normal) and the median sales prices was $310,000, up 15.7% from 2019.
Demand: November residential sales were at 5,950, an increase of 9.8% from the previous year.
Price: Average and median sales prices continue to gain traction and outpace 2019’s figures, with positive gains. The median sales price in November was $310,000, an increase of 15.7% from last November. The average sales price was $376,500, up 15.0% from the previous year.
Supply: Atlanta area housing inventory totaled 10,485 units in November, a decrease of 42.3% from November 2019. New listings totaled 6,239, down 5.8% from November 2019 and down 27.1% from the previous month. The month’s supply over a 12-month period decreased to 1.6 months.
As expected the overall volume of real estate transactions decreased. However due to a continued drop in inventory and low interest rates, prices continued to appreciate throughout Atlanta. Below is the market update for October 2020 from the Atlanta REALTORS® Association.
Demand: October residential sales were at 6,051, a decrease of 3.3% from the previous year.
Price: Average and median sales prices continue to gain traction and outpace 2019’s figures, with positive gains. The median sales price in October was $315,000, an increase of 19.8% from last October. The average sales price was $375,500, up 16.8% from the previous year.
Supply: Atlanta area housing inventory totaled 12,291 units in October, a decrease of 36.9% from October 2019. New listings totaled 8,122, down 9.5% from October 2019 and down 4.7% from the previous month. The month’s supply over a 12-month period decreased to 2.0 months.
Demand: May residential sales were at 4,085, a decrease of 36.8% from the previous year.
The Atlanta Real Estate Market in September continued the strong activity observed in August 2020. Despite all of the uncertainty in the country, September has showed that the fundamentals are still in place to support a strong Atlanta housing market. Record low mortgage rates have certainly driven demand along with a renewed optimism in the economy. Strong demand along with low (and decreasing) supply has resulted in houses flying off the market, bidding wars and continued price appreciation. Although prices continue to rise in Metro Atlanta and the surrounding suburbs, the extremely low interest rates have helped counterbalance the increase in prices. Without an increase in inventory it will be interesting to see where the market goes next.
Here’s a summary of some key metrics.
The Atlanta Real Estate Market in August continued the strong activity observed in July 2020 and took it to the next level. The strong demand in June and July is generally believed to be due to pent up demand from the shutdown. August has showed that the fundamentals are still in place to support a strong housing market. Record low mortgage rates have certainly driven demand along with a renewed optimism in the economy. Strong demand along with low (and decreasing) supply has resulted in houses flying off the market, bidding wars and continued price appreciation. Although prices continue to rise in Metro Atlanta and the surrounding suburbs, the extremely low interest rates have helped counterbalance the increased cost. Without an increase in inventory it will be interesting to see where the market goes next.
Here’s a summary of some key metrics.
The housing market for Sellers is still extremely strong. With inventory and interest rates at historic lows, well priced houses are selling quickly. But how do you know how to price your house correctly? Start by getting a detailed market report for your home via the “What’s My Home Worth Button” below. With just a couple of clicks and some basic information your report will be in your hands within minutes.
The Atlanta Real Estate Market in September continued the strong activity observed in August 2020. Despite all of the uncertainty in the country, September has showed that the fundamentals are still in place to support a strong Atlanta housing market. Record low mortgage rates have certainly driven demand along with a renewed optimism in the economy. Strong demand along with low (and decreasing) supply has resulted in houses flying off the market, bidding wars and continued price appreciation. Although prices continue to rise in Metro Atlanta and the surrounding suburbs, the extremely low interest rates have helped counterbalance the increase in prices. Without an increase in inventory it will be interesting to see where the market goes next.
Here’s a summary of some key metrics.
The Atlanta Real Estate Market in August continued the strong activity observed in July 2020 and took it to the next level. The strong demand in June and July is generally believed to be due to pent up demand from the shutdown. August has showed that the fundamentals are still in place to support a strong housing market. Record low mortgage rates have certainly driven demand along with a renewed optimism in the economy. Strong demand along with low (and decreasing) supply has resulted in houses flying off the market, bidding wars and continued price appreciation. Although prices continue to rise in Metro Atlanta and the surrounding suburbs, the extremely low interest rates have helped counterbalance the increased cost. Without an increase in inventory it will be interesting to see where the market goes next.
Here’s a summary of some key metrics.
It’s been a little over 3 years since I purchased my first rental property so I thought it would be interesting to look back and see how I did. I learned a ton from the process of purchasing this property. Although this was the third property added to my real estate portfolio, I credit this little gem with being the catalyst for catapulting my real estate career. Check out my blog post, My First Rental Property, to read the full story of how I purchased this property.
Quite often when either someone finds out I’m a REALTOR® or they already know me and we get involved in a general conversation, I get asked “How’s the market?”. This might seem like a simple question, and on some level it is, however the answer is more involved. Unfortunately (or fortunately depending on your perspective) many real estate professionals will respond with a simple “Good” or “Bad”. And typically that’s the answer most people are looking for. But I’m not most people. We can do better.
Although the question “How is the market” is a simple question on the surface, for me to answer the question accurately I need to know more about the person asking the question. Everyone has different goals, experience, perspectives and motivations for asking that question as well as a different definition for “Good” or “Bad”. What is good for one person can be bad for another. This is true in life but absolutely critical in investing. The answer to this question can be (and many times is) very different depending on the person asking it. As a simple example, is the person asking about the market looking to buy or sell a house?. This one little detail can change my response from “Great!” to “Terrible!”. If I assume I know how the person defines “Good Market” and“Bad Market” or that I know what they are looking to do, then I might give them misinformation which could result in them making poor financial decisions. Here are some examples of possible motivation for asking “How’s the market?”:
I’m often asked about the current state of the Atlanta housing market. Typically followed by “Is this a good time buy a house?” or “Is this a good time to sell my house?”. Most are surprised when I answer “Now is a great time to both buy and sell a house”. How could that be true? Conventional thinking states that the Real Estate Market is in one of three states. “Seller’s Market”, “Buyer’s Market” or “Balanced Market”. Although there are varying degrees of Seller’s and Buyer’s markets, they are typically considered mutually exclusive. For example you can’t be in a Seller’s Market and Buyer’s Market at the same time. Since today’s market in Atlanta is currently a Seller’s market but also a great time to be a Buyer, I describe it as a Paradoxical Market.
If you’re thinking about selling your house the most important factor impacting how quickly your house sells and for how much is the price. While there are many factors that people focus on like location, condition, style, design etc., ultimately it boils down to price. For example, if the condition of the house isn’t great and hasn’t been updated since 1980, it will still sell if it’s priced appropriately. Of course there are things you can do to improve the marketability of your house like a fresh coat of paint, landscaping or a full update/remodel. However if the house is over-priced at the start it will take much longer to sell and generally will sell for less than if it was priced right at the start. A common mistake many sellers make is they become too attached to their house, let emotion factor in and ultimately overprice their house. That’s where a REALTOR® can help. A qualified REALTOR® will analyze the most recent sales data and provide you with an unbiased estimate of what your house might sell for.
CMA stands for “Comparative Market Analysis”, is created by a REALTOR® and used to generate an
