Atlanta, GA Metro Area Housing Market Analysis - August 2024
The Atlanta, GA metro area housing market has experienced a series of notable shifts as of August 2024. The Median Sales Price for homes stands at $395,630, reflecting a slight decrease of 1.1% year-over-year (YoY). Similarly, the Median List Price is $399,999, which is down by 0.3% YoY. Despite these declines, the median Price Per Square Foot has increased by 1.4% YoY to $189.82, while the Median List Price per square foot has risen by 4.6% YoY to $198.07.
In terms of sales activity, the number of Homes Sold has dropped significantly by 10.3% YoY, totaling 6,801 units. Pending Sales have also seen a substantial decline of 14.3% YoY, with 7,478 homes currently under contract. New Listings have decreased by 19.7% YoY, amounting to 8,975 new properties on the market. Inventory levels have remained relatively stable, with a slight decrease of 0.1% YoY, bringing the total to 22,030 homes available.
The Months of Supply, a critical indicator of market balance, has increased by 30.0% YoY to 3.20 months. This suggests a shift towards a more balanced market, although it still leans towards favoring sellers. The Median Days on Market have increased by 15.0% YoY, now averaging 41 days, indicating that homes are taking longer to sell compared to the previous year.
The average sale to list ratio has slightly decreased by 0.8% YoY, now standing at 98.1%. This indicates that homes are selling for slightly less than their listing prices. The percentage of Homes Sold above list price has dropped by 9.6% YoY to 20.5%, suggesting a cooling in competitive bidding. Conversely, the percentage of Price Drops has increased by 7.7% YoY to 37.2%, indicating that sellers are more frequently adjusting their expectations to meet market conditions.
Lastly, the percentage of homes going off the market within two weeks has decreased by 10.9% YoY to 24.5%, further highlighting the trend of longer selling times.
Overall, the Atlanta, GA metro area housing market is showing signs of stabilization with a slight cooling in prices and sales activity. Buyers may find more opportunities as the market shifts towards a more balanced state, while sellers may need to adjust their strategies to align with the current market dynamics.
