February 2024 housing data is in for Metro Atlanta and here is what you need to know when comparing to pre-covid conditions in 2019.

Active Listings have decreased by 46% and the number of listings sold is down 21% since 2019. This shows that there are less homes for sale, which continues to fuel multiple offer situations for top listings. 

Home Prices are up 64% and this, coupled with 7% mortgage rates for a 30-year loan vs. a low 4% in 2019 has clearly impacted affordability for home buyers. One factor that is impacting Metro Atlanta stats is out-of-state buyers coming from much higher priced markets.

Currently, roughly 1 out of 3 homes are failing to sell during their initial listing period and 41% of listings are seeing price reductions. While the overall perception is that the housing market is still hot, we do see that a certain segment of listings are underperforming based on overpricing for their condition, and poor marketing efforts and presentation. 

Our view is the market for Metro Atlanta remains strong in certain pockets and buyers are still willing to compete for top homes.

Source: Chartmasters, comparing Feb. of 2024 to 2019. Closed sales chart FMLS and based on rolling 12 months.