Metro Atlanta Detached Market Trends and Analysis (2Q 2024)
Overview of Market Performance
Median Sales Price Trends:
The annual change in the median sales price for detached single-family residences in Metro Atlanta for the year-to-date 2024 is closely aligned with the "normal" pre-pandemic years of 2015-2019. This indicates a return to more stable and predictable market conditions compared to the volatility experienced during and immediately following the pandemic. Prices continue to increase year over year, but not at the double-digit gains seen between 2021-22. (pricing chart).
Market Overview (as of 6/30/2024):
Data provided by Keller Williams Realty highlights recent trends for detached residences across the eight counties in Metro Atlanta. The analysis includes previous listing period data for all statuses, providing a comprehensive view of market dynamics. (trend analysis chart).
Detailed Analysis
Price Stability:
The return to pre-pandemic price stability suggests a cooling off from the rapid price increases seen during the pandemic. This stabilization benefits both buyers and sellers, offering a more predictable environment for real estate transactions.
Inventory and Sales Volume:
Examination of inventory levels and sales volumes is essential to understand current market trends. Indicators of rising or falling inventory levels and comparisons of sales volumes to previous quarters and the same period last year provide insight into market demand and supply dynamics.
Days on Market (DOM):
Analyzing the average days on market helps determine how quickly homes are selling. A lower DOM typically indicates a seller's market, while a higher DOM suggests a buyer's market. Current DOM trends for detached residences in Metro Atlanta need to be examined.
Geographical Variations:
Metro Atlanta encompasses a diverse range of neighborhoods and communities. Specific areas within the eight counties experiencing faster growth or greater demand need to be identified. This identification is crucial for targeted marketing and investment decisions.
Interest Rates and Economic Factors:
The broader economic context, including interest rates and employment trends, significantly impacts the real estate market. Current interest rates affecting buyer affordability and mortgage applications in the Metro Atlanta area need to be considered.
To gain more insight into a specific area of interest or neighborhood, and specifically your home, schedule an appointment to review the data in person.
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