This is our mid-year update on the Atlanta area housing market. As May market numbers continue coming in, we’re taking a fresh look at the Atlanta market. Data in the report is based on the most recent information in the Regional Multiple Listing Service. Questions? Reach out to our staff at our Atlanta branch, 770-824-3929.
Median Sales Price
In May, the overall median sales price of single-family homes in Atlanta was up 9.7% for May 2018, at $282,000. This median sales price number reflects 11 counties: Cherokee, Clayton, Cobb, DeKalb, Douglas, Fayette, Fulton, Gwinnett, Paulding, and Rockdale. Sales prices are averaging 98.6% of the listing price. In keeping with other markets around the country, offers aren’t heavily discounted off the list price.
Atlanta’s single-family market segment is experiencing a slight seller’s advantage. As of May 2018, the Atlanta area has 2.7 months of single-family home inventory. This represents a small increase in available inventory over April 2018, however, new listings were down 6.6% from May 2017, indicating the market has tightened slightly in 2018. Note: A balanced market is considered 5.5 months of inventory, so Atlanta’s booming economy contributing to this tightening of the market to favor the seller. Homes are also quicker to go to contract, a very short 20 days, according to Curbed Atlanta.
U.S. foreclosure activity as of May 2018 was .05%, which has held steady since February. The Georgia, Fulton County and Atlanta foreclosure rates are below the national average, at .04%. According to RealtyTrac, the number of properties receiving a foreclosure filing as of May 2018 was 11% higher than the previous month but 24% lower than the same time last year in Atlanta.
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