Current Market Trends in Atlanta

[Katlynn Teague]

Good Afternoon BP,

I hope everyone is having a productive and busy day.

Atlanta has been named the TOP market to invest in for 2023 according to the National Association of Realtors. So what are the market conditions looking like here at the moment?

According to FMLS there were 2,840 residential sales in January of this year, which compared to the same time frame of 2022 was a 37% decrease. However despite the decrease in sales volume, average and median sales prices have been on the rise! In January of 2023 we have seen a  0% decrease in median sales price and a 1.5% increase in sales price compared to 2022. Inventory in January of 2023 we saw at 48.8% increase compared to January of 2022. The massive jump in inventory came from the influx of new listings, which totaled 5,687. Although new listings were down 11.2% compared to January 2022. The month's supply over a 12-month period decreased to 1.8 months, indicating a continued seller's market.

The Atlanta market did face a challenging start to the year, from the changes in mortgage rates and low inventory levels. The trends observed in January 2023 indicate it is still a seller's market. With inventory low and increases in prices, sellers can expect to receive a good ROI. For buyers, it is essential to act quick and make competitive offers, as the market is highly competitive with an influx of buyers.

Data and Information from Norada Real Estate Investments