If you’re reading this, you most likely know that the housing market in the past year and a half has been absolute nuts. However, it has finally started cooling down in the last couple of months and we’re starting to experience a very slight shift along with the rest of the country.
This past May was the all time high in market activity in Atlanta. I’ve included May 2020 vs 2021 data below for you to analyze along with me, as well as last month’s numbers vs September 2020 numbers.
I’ve noticed buyer demand slightly decreasing, homes listed 5-10% over most recent neighborhood comps were getting multiple offers a month or two ago, now the same properties usually take a week to go under contract. Now more than ever for me when pricing property, it’s most important to be in tune with hyper local buildings, communities and neighborhoods as they can be completely different.
There are still properties getting multiple offers and going over list, but not nearly as many as a few months ago. In my opinion, this is a perfectly natural cool down for a healthy market, it would be tough to sustain prices rising that rapidly.
This is due mostly to market fundamentals and seasonal decline that comes with Fall & Winter. Having said that, now is the best time all year for buyers. Rates are still low and now competition is not quite as high! Rent is rising extremely rapidly in Atlanta at 20% year over year and will continue to. Don’t get me started on inflation!
May 2020 vs May 2021
# of Listings………………….5000 vs 2,886 (-42%)
# of Sold Listings……………979 vs 1,804 (+84%)
Avg Close Price..$458,824 vs $550,851 (+20%)
September 2020 vs September 2021
# of Listings…………………4,764 vs 3,265 (-31%)
# of Sold Listings………….1,547 vs 1,382 (-11%)
Avg Close Price….$487,027 vs $517,378 (+6%)