The June 2024 real estate market results for North Atlanta and its key suburbs—Alpharetta, Roswell, Johns Creek, Milton, and Marietta—reveal a mixed landscape of trends and challenges.

Greater Atlanta Market Trends:

1. Sales Prices: Increased by 7%, indicating overall price appreciation in the region.
2. Days on Market: Increased by 4% to 28 days, suggesting homes are taking slightly longer to sell compared to the previous year.
3. Sold Price to Original List Price Ratio: Declined to 99% from a peak of 103% last year, indicating less competitive bidding and potentially more negotiating power for buyers.
4. Supply and Demand: Homes for sale surged by 57%, while closed sales decreased by 22%. This imbalance suggests a larger inventory with fewer homes being sold, leading to longer market times and potentially lower sale prices.
5. Interest Rates: Mortgage rates have fluctuated between 6.5% to 7.5%, currently stabilizing around 7.1%. This rise in rates, up from lower levels previously, has impacted affordability, along with rising home values.

Local Market Highlights:

• Alpharetta: Experienced a significant increase in sales price (+17%) and homes for sale (+59%), with a decrease in the number of homes sold (-11%). This market shows strong price growth but a slow-down in sales activity.
• Roswell: Reported more modest sales price growth (+5%), a substantial increase in homes for sale (+59%), and a significant drop in homes sold (-40%), reflecting a cooling market with fewer transactions.

• Johns Creek: Saw a notable increase in sales price (+11%) and homes for sale (+50%), coupled with a larger decrease in homes sold (-28%), indicating a more challenging sales environment.
• Milton: Experienced moderate sales price growth (+7%), a slight increase in homes for sale (+5%), and a notable increase in homes sold (+13%), suggesting relative strength compared to other areas.

• Marietta: Showed robust sales price growth (+19%) and an increase in homes for sale (+55%), with a moderate decline in homes sold (-10%).

Market Insights and Challenges:

• Affordability remains a significant challenge due to steep home price increases and higher mortgage rates.

• Homes with desirable features (schools, amenities, renovations) continue to perform better in terms of selling price and market competitiveness.

Robin Martin & Associates June Performance:

Our clients continue to truly see better results than the rest of the market and in June, Robin Martin & Associates’ listings materially outperformed the market average**:

🏆 Days on market: RMA averaged 3 days on the market, 9x faster than the market avg.

🏆 Sold vs. list price: RMA sold at 106%, a full 7% better than the market avg.

🏆 Sold price per square foot: for RMA was $236, 5% better than the market avg.

🏆 Set record selling prices for Wentworth in Alpharetta

🏆 Set record selling prices for Easthampton in Marietta 

Our team worked diligently in June to help a number of buyers find their next dream home! Relationships, experience, and market knowledge make a difference and if you’re looking to buy a new home, we encourage you to check out our latest blog on winning multiple offers by clicking here!

As the real estate landscape continues to evolve, Robin Martin & Associates remains committed to providing expert guidance and support to clients. Whether buying or selling, our team stands ready to ensure a successful outcome for every transaction. If you’re considering your next move in the North Atlanta area, call us today at 678-665-0202. Trust in our expertise to navigate the complexities of the real estate market with confidence!

Conclusion: The North Atlanta real estate market in June 2024 reflects a dynamic environment with varying trends across different suburbs. While prices generally increased, other metrics such as days on market and sold-vs-list price ratios indicate some softening and increased market competition. As the market evolves, navigating these complexities with expert guidance remains crucial for buyers and sellers alike.

For more detailed insights and assistance with your real estate needs in North Atlanta, Robin Martin & Associates can be reached at 678-665-0202.

* Source: FMLS, detached market June 2024 Y/Y, values based on Median, 7/3/24

** Source: FMLS based on Greater Atlanta Area, 7/3/24