Latest Metro Atlanta Real Estate Trends by Tre Sheffield
Hey everyone, this is Tre Sheffield with Robin Martin & Associates and thank you for viewing this blog. Today, we’re going to analyze the latest trends for the real estate market in Metro Atlanta.
This blog is going to cover 3 important aspects of today’s market:
I. Data on the current Metro Atlanta market.
II. Explanation of the current data, i.e. what does it mean?
III. The type of agent you want to help you buy or sell your home.
Alright, let’s get into it.
9 times out of 10, the most common question that people in real estate get is “how’s the market?” Well, there are a lot of ways to answer this question and even more data points to look at.
One of the most important data points is the median sales price of a property. The median sales price is the price that most homes in the area are being sold at, or around, and even though this will vary depending on your home’s location and features, it is still good to have a general ballpark of what you’re looking for. Since 2020, the median home prices have increased around $100,000 in the metro Atlanta area and so far this quarter, the price has decreased around $20,000 to make the median sales price roughly $435,000.
The next thing to look at is the listing history in the market. The listing history is going to give us a better idea of the supply and demand of the current market. One thing that we can easily see about the past decade is that the number of houses that have been sold haven’t fluctuated at all. In fact, the average number of houses sold has been growing steadily in recent years with almost 5,000 houses sold each month. Alternatively, the number of listings per month has fluctuated in the past, but is now much closer to the number of houses sold. This means that for those looking to sell your home, it will most likely be purchased and that the market will most likely remain steady in this regard for the rest of the year.
Our last 2 data points are of the median percentage of the original list price and the median days on market. Similar to the listing history, these data points will give us a deeper look at the demand of the real estate market and may give you insight on how much your home should be priced at. For the median percentage of the original list price, homes are sold a little above asking price, at about 101.3%. This means that sellers are able to get a little bit more for their homes. An even better stat are the median days on the market, which have decreased significantly in recent years and are now sitting at 9 days! That’s not even a full two weeks of waiting after your house is listed.
Now, what does this all mean? These points mean that north Atlanta is in a “seller’s market.” This is extremely good for those looking to sell their homes and means that you’ll have higher selling prices with less negotiation and less pressure to sell your home. It also means that your home will sell quicker after you list it. Sadly this means that for buyers, there is more competition due to the lower supply of houses and less of a chance that you’ll get a bargain, however you shouldn’t lose hope. It is still very common among buyers to find great deals on houses.
With today’s ever-changing market, you always want an agent that can handle themselves. Now, I could recommend some of Robin Martin & Associates great agents, but obviously it’s coming from a biased source, so instead let me leave you with this. The type of agent that you want is someone that listens and truly understands what’s important to you and your needs as a homeowner. You want an agent that understands what the market is like and is realistic with you and your expectations. Most importantly, you want an agent that treats you like a human being and not just another client, because real estate is very much a “people” business.
About Tre Sheffield
A recent graduate of Centennial High School and a Roswell native, Tre will be assisting the Robin Martin & Associates team with all aspects of the business for the next couple of months including marketing and operations! In his spare time, he enjoys playing sports (he was on the wrestling team, ran track and played football!), hanging out with friends and eating at the Asian Kitchen. In the fall, he will be attending Morehouse College as a freshman and plans to study engineering.