July 2023 North Atlanta Market Update
The Summer selling season for Alpharetta, Johns Creek and Roswell is in full swing! Sales in the North Atlanta market were down 26% for the month of June and the median sales price was down 5%
A lot of factors are causing this shift, but the primary driver is interest rates. History shows us that during inflationary times and periods of higher interest rates, home values can decline. Check out the Home Price to Median Household Income Ratio chart below to get an understanding of how affordability is impacting the housing market.
3 Things To Know:
#1 – Prices are coming down
#2 – Homes are taking longer to sell
#3 – 24-52% of the current listings in the Alpharetta, Johns Creek, Roswell area saw a price reduction for the $500k-$1M price point in June
So what does this mean going forward? For sellers, pricing is going to have to be accurate and based less on sold prices and more on the pricing of competing homes that are actively listed in the immediate area. Buyers and Buyers Agents are catching on to some of the softening of the market and there are more options in certain communities.
Presentation is also going to be critical in a softening market. Our team has a long track record of working with our clients to ensure our listings stand out above the rest and that starts with our free listing prep concierge service!
We are always here to help! If you have any questions, please reach out to us!
We are always here to help! If you have any questions, please reach out to us!