Atlanta, GA Metro Area Housing Market: November 2024 Analysis
The Atlanta, GA metro area housing market in November 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price stands at $390,649.50, reflecting a slight decrease of 0.8% year-over-year (YoY). Similarly, the Median List Price has decreased by 2.0% YoY, now at $392,020. This indicates a softening in pricing, potentially offering opportunities for buyers.
In terms of Price Per Square Foot, the market shows a positive trend. The median Price Per Square Foot has increased by 2.5% YoY to $187.67, while the Median List Price per square foot has seen a modest rise of 0.8% YoY, reaching $193.02. These figures suggest that while overall prices have dipped, the value per square foot is appreciating, indicating a demand for quality over quantity.
The number of Homes Sold in November 2024 is 5,487, marking a slight decline of 1.0% YoY. Pending Sales have also decreased by 1.5% YoY, totaling 6,131. New Listings have experienced a significant drop of 20.7% YoY, with only 6,060 new properties entering the market. This reduction in New Listings could be contributing to the increased inventory, which has risen by 2.4% YoY to 21,832 homes.
The Months of Supply have increased by 20.0% YoY, now at 4.0 months, indicating a shift towards a more balanced market. The Median Days on Market have risen by 15.0% YoY to 50 days, suggesting that homes are taking longer to sell compared to the previous year.
The average sale to list ratio is at 98.0%, showing a slight decrease of 0.4% YoY. The percentage of Homes Sold above list price has dropped by 3.9% YoY to 19.5%, reflecting a cooling in competitive bidding. Price Drops have increased by 1.9% YoY, now at 28.6%, indicating that sellers are adjusting expectations to align with market conditions. Additionally, the percentage of homes going off market in two weeks has decreased by 6.5% YoY to 18.7%, further highlighting the extended time properties are spending on the market.
Overall, the Atlanta housing market in November 2024 is characterized by declining sales and listing prices, alongside an increase in inventory and extended market times. While the Price Per Square Foot is on the rise, the overall market dynamics suggest a shift towards a more balanced environment, offering both challenges and opportunities for buyers and sellers alike.
