News Summary
The metro Atlanta real estate market has seen a 2 percent drop in median home sale prices over the last year, as revealed by recent Redfin data. With the housing inventory surpassing demand by over 500,000 homes, the market is now more negotiable for buyers. Currently, the median asking price stands at approximately $422,238, while the actual sale price is lower by about $26,000. Despite these changes, Atlanta remains one of the U.S.’s hottest real estate markets.
Atlanta – The real estate market in metro Atlanta is witnessing a notable decline in home sale prices, with median sale prices dropping by 2 percent over the last year, according to recent data from Redfin. Despite this downturn, the area remains a strong contender among the hottest real estate markets in the United States.
As the housing inventory increases—currently outpacing demand by more than 500,000 homes—sellers are finding themselves in a negotiable market. The median asking price for homes in the region stands at approximately $422,238, yet the median sale price is lower by about $26,000, reflecting the shift in market dynamics.
In contrast to metro Atlanta’s decline, the overall median home sale price across the United States hit a record high of $396,500 during the four weeks ending June 15, marking a 1.1 percent year-over-year increase. However, national home prices have experienced a decline of around 5 percent since the year’s beginning.
Market Dynamics
The number of new home listings in metro Atlanta has increased by 4.4 percent year-over-year, while total listings have surged by 14.5 percent. On the flip side, pending sales in the area have decreased by 1.5 percent. This increase in inventory is resulting in a significant imbalance that favors buyers, enabling them to negotiate better terms.
Recent figures reveal that mortgage applications fell by 3 percent week over week, indicating continued challenges for many potential homeowners due to high prices and rising interest rates. Experts suggest that sellers should focus on strategic pricing and maintain the condition of their properties to enhance market performance.
Property Listings and Luxury Homes
Comparative Market Overview
Future Outlook
Deeper Dive: News & Info About This Topic
HERE Resources
Atlanta Commits $242 Million for FIFA World Cup Infrastructure
Thompson Thrift Launches Luxury Community The Pullman in Union City
Johns Creek, Georgia, Named Best Place to Live in the U.S.
Atlanta’s Retail Construction Hits All-Time Low
Senator Ossoff Investigates Corporate Housing Acquisitions in Georgia
Senator Ossoff Investigates Out-of-State Corporate Home Ownership in Georgia
House Republicans Propose Massive $4.9 Trillion Tax Breaks
Senator Ossoff Investigates Rising Home Costs in Georgia
Atlanta Board of Education Announces New Leadership Appointments
Challenges Facing Georgia’s Film Industry
Additional Resources
- Patch: How Oversupply of Homes is Affecting GA Real Estate Sales
- Atlanta News First: HGTV Cancels Atlanta-Based Show
- Rough Draft Atlanta: Atlanta Real Estate Shift Forecast
- Wikipedia: Real Estate
- Newsweek: Atlanta Housing Market Risk
- Encyclopedia Britannica: Housing
- Global Atlanta: How Puttogo Helps International Home Buyers
- Google Search: Atlanta Real Estate Market
- GlobeNewswire: Berkshire Hathaway HomeServices Georgia Properties
- Google Scholar: Atlanta Housing Market
- Realtor.com: Atlanta Home Prices Up in May
- Google News: Atlanta Housing Market Trends
