Real Estate Market Conditions: Housing Overview
Summer is here! 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. Summer 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 July when compared to May. In July, 8,644 homes were sold in the Atlanta city area. This is a slight 10.07% decrease from last month and only a 8.91% decrease from last year.
Average Sold Price:
The average price of a home is currently $363,353 which is only a 3.62% decrease from last month and a decrease in selling price is an indicator of declining growing competition and property values.
Average Days On-Market Before Sale:
Homes are staying on the market an average of 44 days before being sold. Closings are 7.32% faster than last year. An average of 44 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 11.49% from last year while the number of homes on the market decreased by 0.12% from May to June. Potential buyers should be aware of the competitive environment if they plan to purchase this Summer.