Atlanta Real Estate on the Rise: A Bright Outlook for Buyers and Sellers

Atlanta’s real estate market is rebounding after a significant slowdown. The first half of 2024 indicates a market transitioning from the challenges posed by soaring interest rates and limited inventory.

During the pandemic-driven housing boom, Atlanta experienced unprecedented home price increases. However, the Federal Reserve’s efforts to combat inflation resulted in skyrocketing mortgage rates, which significantly cooled the once-hot market.

Now, we are observing a shift. The number of homes for sale surged dramatically, reaching 13,611 properties in June 2024 — a 53.3 percent increase compared to the same time last year. This rise in inventory suggests that sellers, previously hesitant during the market’s downturn, are gaining confidence.

Despite this influx of new listings, buyer activity remains resilient. While June’s sales figures were down 16.2 percent year-over-year, the quarterly comparison shows a more modest 3.5 percent decline. This indicates that buyers are cautiously re-entering the market, encouraged by slightly lower mortgage rates and more available homes.

A key indicator of the market’s recovery is the months of inventory, which stood at 3.3 in June 2024, up from just 1.8 months a year ago. This movement towards a more balanced market suggests a shift from the intense bidding wars and frenzied buying of the recent past to a more normalized real estate environment.

The average time homes spend on the market has only marginally increased from 25 days in June 2023 to 27 days in June 2024, indicating that well-priced homes are still attracting buyers, even with more options available.

As Atlanta’s housing market continues to evolve, both buyers and sellers are adapting to the new landscape. With increased inventory, stabilizing prices, and a gradual return of buyer confidence, the Atlanta metro area’s real estate scene is showing promising signs of renewal. However, as the shift progresses, the pace may vary across different neighborhoods and property types, making local market knowledge crucial for navigating these changes.

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