The Atlanta housing market is hot, just not red hot like it was earlier this year.
Prices are up on average, while the number of days it takes for a house to sell are down. Transactions are down, and new listings and sales are lagging compared to this time last year. Just to keep things in perspective, last September was the biggest September in the history of Atlanta real estate, both the number of homes that sold and the prices those homes sold for.
However, when Dorsey Alston looked at the first three-quarters of 2021 to the first three quarters of 2020, the cumulative numbers show a strong market. The average sales price climbed more than 12%, to $567,370 from $505,779, and the overall volume was up on average more than 21%, while the average number of new listings was down slightly, just under 3%.
Here’s the market by market breakdown comparing September 2021 to the same period from 2020 for five metro Atlanta markets.
In North Fulton, new listings fell nearly 23% in September, while the average closed sales price reached $621,610, an increase of 14% over a year ago. The average closed sales price in August 2021 was $619,945. The average number of days it takes for a home to sell was down 43% to 22.
The average closed price for homes in East Cobb was up 20% compared to a year ago, climbing to $491,869. It was $468,251 in August 2021. Meanwhile, the number of new listings fell 21%. The average number of days on the market fell more than 50% to just 17.
Buckhead experienced a slight decrease in the average closed sales price of 4.3%, falling to $703,504. That number was also slightly lower than August 2021, which was $706,820. The number of new listings dropped 18%.
New listings in the Intown markets fell by 27%, from 333 in September 2020 to 242 last month. The market experienced a more significant drop in average closed sales price than Buckhead of more than 10%, from $605,176 last year to $540,126 in September 2021.
Home prices in Sandy Springs saw a slight 2% increase month to month. In September 2021, the closed average sales price reached $565,719. That number is higher compared to August 2021, which was $541,442. Meanwhile, the number of days on the market fell more than 55% to 20.
The Brookhaven/Dunwoody market saw an 11% uptick in average closed home prices, to $568,175 from $509,721. The inventory continues to shrink, down 17%.
Across the board, the number of new listings last month was down nearly 20% compared to September last year, while house prices continue their climb. The average list price is up 10%, while the closed price is up 5.5%.
Dorsey Alston agents are here to discuss the Atlanta real estate market and help you sell or buy a home. For more information about the Atlanta Housing Market, contact an agent at https://www.dorseyalston.com/agents/