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Thinking about a move to Atlanta? You’re not alone. Nearly 67,000 people moved to the metro area between April 2022 and April 2023, according to data from the Atlanta Regional Commission. The city’s strong job market is a big motivation: Since the pandemic, metro Atlanta has had the fifth-highest rate of employment growth of any city in the country, the report says.
And while the city’s cost of living is relatively affordable, homebuyers and sellers should both be prepared for the city’s competitive housing market: Zillow named Atlanta one of its 10 hottest housing markets in 2023. Read on for everything to know about the Atlanta housing market.
Atlanta housing market overview
As in many places across the country, home prices in Atlanta are on the rise, while the overall volume of sales is declining. The median home price in August was 4.5 percent higher than August of last year and homes for sale received an average of two offers, according to Redfin data. But the number of homes sold was down by more than 13 percent, and the amount of time homes spend on the market is getting longer. Here are some key stats:
Atlanta housing trends and stats
- The median home price in Atlanta as of August 2023 was $418,000, per Redfin. That’s 4.5 percent more than in August 2022 and slightly above the National Association of Realtors’ nationwide median price of $407,100.
- The sale-to-list ratio was 98.7 percent, which means homes tended to sell for just below full list price. That’s about even with where the figure stood last year.
- Homes spent a median of 29 days on the market before selling, a four-day year-over-year increase.
- Closing costs in Georgia average 1.3 percent of a home’s sale price, according to CoreLogic’s ClosingCorp. For a median-priced $418,000 Atlanta home, that comes to $5,434.
Should you buy or sell in the Atlanta housing market?
There’s plenty to consider before you jump into the Atlanta market, whether you’re looking to buy a house or sell one.
If you’re a home seller
Home sellers in Atlanta are in a good position. There’s much less supply than demand: The latest Atlanta Realtors data shows only a 2.1-month supply of housing inventory in the state, far short of the five- or six-month supply required for a balanced market. Plus, prices are up and the strong job market means demand is strong, too.
But just because it’s a seller’s market doesn’t mean you can ask an exorbitant price for your home. In fact, Redfin data shows that about a third of homes on the market in August — 32.3 percent — had to drop their price before selling. Make sure you have an accurate idea of how much your home is worth before you list, and work with a local real estate agent who can analyze local comps, or nearby homes similar to yours that have sold recently, to provide you with clearer guidance.
If you’re a homebuyer
There are plenty of good reasons to buy a home in the Atlanta area, regardless of market conditions. For example, the local cost of living is relatively low, and the job market is robust. But the housing market is robust too, with higher prices than the national median and more demand than there is supply, so it pays to be prepared.
Getting preapproved for a mortgage is a great first step. Preapproval will help you set a realistic budget by showing you how much a lender is willing to loan you, and when you’re ready to make an offer, it will also show sellers that you’re a serious buyer. In addition, homes stay on the market here for a long 29 days before selling, which gives you time to make a considered decision without feeling rushed.
Atlanta housing market predictions
While the housing market has been volatile since the start of the pandemic, most experts agree that it is unlikely to crash, in Atlanta or anywhere in the country. While mortgage rates are very high right now, demand here is high and growing as the population increases, and prices are rising even though fewer homes are actually selling. The housing market should remain strong.
Find an Atlanta real estate agent
The Atlanta market is large and complex, so it’s a good idea to have an experienced local real estate agent to guide you. The right pro can introduce you to the ins and outs of buying a home in your desired neighborhood. And for sellers, skilled agents can help you with marketing, pricing and assessing offers. Be sure to ask friends and family for recommendations, and interview a few different candidates before choosing the agent you’d like to work with.
No, in fact they’re rising. The median home price in Atlanta increased by 4.5 percent from August 2022 to August 2023, according to data from Redfin, and currently stands at $418,000.
The Atlanta housing market is more favorable to sellers right now, with demand far outpacing supply. But that doesn’t necessarily mean it’s a bad time to buy — working with a local agent who knows the specific ATL neighborhood you want to buy in will give you the best chance at finding the right house at the right price.