May Market Update
Market Conditions are Prime for Selling a Home: Monthly Overview
Atlanta has seen an increase in the number of homes sold from April to May as well as an increase in the amount of listings on the market. The average price of a home has increased since last year. The Atlanta housing market’s increasing home saturation and sales price trends are creating a competitive selling market. Homeowners are on average selling their home within 86 days of listing, and the total number of active listings is increasing. These and other statistics show that market conditions are prime for selling a home. The individual breakdown of each statistic is shown below.
In the surrounding Atlanta area, the frequency of new home listings has decreased 6.0% from last year while active listings have increased 1.8% from last month. At 60,835 active listings, this market saturation means that potential buyers have more homes to choose from. A saturated market creates flexibility and options for buyers.
Average Sold Price:
The average price of a home is currently at $292,677 which is a 16.4% increase from last May. Homeowners are on average making more money from selling than in previous years. This increase in price will continue to encourage homeowners to put their homes on the market.
More homes are being sold each month. 12,671 homes were sold in the Atlanta area this May. This is a 15.8% increase from last month but a 6.4% increase from last year. Atlanta is a growing community and the housing market is increasing to match the developing need.
Average Days-on-Market Before Sale:
Homes are staying on the market an average of 86 days before being sold. Closings are occurring 6.5% faster than last May and are occurring 3.37% faster than April. Homes are selling more quickly, indicating high demand in the market.