As your North Atlanta real estate experts, we wanted to give you a market update outlining the latest trends we’re seeing in Metro Atlanta.
We just posted our preliminary data for April across our social media, which highlights some key data points that suggest the housing market may not be heating up for the summer months, but actually subsiding from the market frenzy it’s been.
Showing activity per listing for the Metro Atlanta market is down, on average, 20% for the latest 4 weeks, compared to the prior period. This is based on data in ShowingTime, $500,000-$1,000,000 price range.
Also, the days on market increased 32% in 2 key North Atlanta markets that cover Alpharetta, Johns Creek and Roswell within the last 30 days for single-family homes, based on information taken from FMLS.
Does this mean the Metro Atlanta market is slowing down? There is a strong possibility, and we attribute this to a sharp increase in mortgage rates over the past few weeks to around 6% for a 30-year mortgage. We note that even though interest rates are increasing, the percentage is still well below the historic average of around 8%.
While there’s a ton of news coming out about rising interest rates and the overall housing market for the rest of 2022, we want to assure our clients that the market conditions remain favorable.
Sellers still have a prime opportunity to attract favorable terms and prices, and it’s a good time to buy as the cost of a loan is likely only going to increase as we move through the year.
We know the North Atlanta market, regardless of any upcoming or long term adjustments, will remain a top living destination and our community has, and continues to offer, one the best lifestyles in the southeast, which is a significant reason why inventory remains extremely low in certain parts of the North Atlanta market.
We will have a more in-depth update in a couple of weeks once the April data is finalized, so please make sure you sign up for our emails and follow Robin Martin & Associates on social media to receive the latest information!
Lastly, if you’re looking to buy or sell and need help navigating this market, give us a call today!