Atlanta, GA Metro Area Housing Market Analysis - September 2024
The Atlanta, GA metro area housing market in September 2024 presents a complex landscape with varied trends across different metrics. The market is experiencing slight increases in pricing metrics, while sales activity and inventory levels show a decline.
Pricing Trends
The Median Sales Price in the Atlanta metro area stands at $399,990, reflecting a modest year-over-year increase of 1.3%. Similarly, the median Price Per Square Foot has risen by 1.4% to $189.38. Meanwhile, the Median List Price remains stable at $399,999, showing no change from the previous year. The Median List Price per square foot has increased by 2.9%, reaching $196.86. These figures suggest a slight upward pressure on prices, although the overall growth remains moderate.
Sales Activity
Sales activity in the region has seen a downturn, with the number of Homes Sold decreasing by 6.7% year-over-year to 5,985 units. Pending Sales have also declined by 6.4%, totaling 6,789. This reduction in sales activity could be attributed to various factors, including economic conditions and buyer sentiment.
Inventory and Supply
The Inventory of Homes Available in the Atlanta metro area is relatively stable, with a slight year-over-year decrease of 0.6%, bringing the total to 22,416 units. However, New Listings have dropped significantly by 20.7%, indicating a potential tightening of supply. The Months of Supply have increased by 20.0% to 3.7 months, suggesting a shift towards a more balanced market, although still favoring sellers to some extent.
Market Dynamics
The Median Days on Market have increased by 16.0% to 44 days, indicating that homes are taking longer to sell compared to last year. The average sale to list ratio has slightly decreased by 0.4%, now at 98.2%, suggesting that buyers are negotiating prices more effectively. The percentage of Homes Sold above list price has dropped by 6.6% to 20.2%, further indicating a cooling in competitive bidding.
Price Adjustments and Off-Market Trends
Price Drops have become more common, with a 3.9% increase year-over-year, affecting 32.2% of listings. Additionally, the percentage of homes going off the market within two weeks has decreased by 9.5% to 23.8%, suggesting a slower pace in buyer decision-making.
Overall, the Atlanta, GA metro area housing market in September 2024 is characterized by stable pricing with slight increases, alongside a notable decline in sales activity and New Listings. The market dynamics indicate a shift towards a more balanced environment, with longer selling times and increased price negotiations. These trends suggest that both buyers and sellers need to adjust their strategies to navigate the current market conditions effectively.
