Real Estate Market Conditions: Housing Overview
Summer is coming to close and Fall is approaching! The growing housing market in Atlanta continues to increase the average closing price of homes. MLS data shows an increase in the number of homes on the market which gives prospective buyers more options to consider when purchasing a home. In addition, homes are being sold at higher prices due to increasing property value in the Atlanta area. Fall is the perfect season to take advantage of the housing market! The data below shows the health of the housing market.
Number of Homes Sold:
Less homes were sold in August when compared to last August. 8,645 homes were sold in the Atlanta city area. This is a slight 1.25% decrease from last year
Average Sold Price:
The average price of a home is currently $353,500 which is only a 1.36% increase from last month and a increase in selling price is an indicator of growing competition and property values.
Average Days On-Market Before Sale:
Homes are staying on the market an average of 45 days before being sold. An average of 45 days is quick, and this tight market competition will continue to drive the real estate market going forward.
Inventory of Homes:
Atlanta and the surrounding area, the inventory of homes has increased by 8.83% from last year while the number of homes on the market decreased by 1.62% from July to August. Potential buyers should be aware of the competitive environment if they plan to purchase this Fall.