October data is in and trends show the Metro Atlanta housing market continues to cool down. Here’s a breakdown of the essential numbers:

Year-Over-Year Trends

• Active Listings: Up 53%.
• Pending Sales: Down 23%. 
• Median Sold Price vs. Original List Price: down 1% to 98% 
• Closed Sales: Down by 11%. 
• Median Sales Price: Flat at $420,000.

• Days on Market: 40, up 43%

Navigating market corrections in housing can indeed be challenging, especially in a shifting landscape like Metro Atlanta’s. The graphic above shows the amount of closed sales in Metro Atlanta over the last 4 years. The recent data for October 2024 reflects a significant shift, with a noticeable decline in home closings—down by half compared to October 2020. This drop indicates a cooling market after the post-COVID surge.

While overall buyer demand has decreased, some segments remain resilient. Updated homes in desirable school districts continue to attract interest and maintain their value. However, properties that are overpriced or poorly prepared are struggling, often selling for much less than their original listing prices or not selling at all.

For potential buyers and sellers, this means it’s crucial to stay informed and adjust strategies accordingly. Buyers may find opportunities in the softer market, while sellers should ensure their homes are competitively priced and well-prepared to stand out.

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Source:FMLS, single family, Greater Atlanta Area