sandy springs real estate

The 2023 real estate market in Atlanta continues to be a dynamic and changing environment. According to the latest statistics for February 2023, the real estate market in Atlanta saw some ups and downs in different areas. Let’s dive deeper into the data and see what it means for those who are looking to buy or sell a property in and around Atlanta.

Across the board we are seeing fewer new listings hitting the market. Combine that with less sales and homes taking longer to sell, and you have increased inventory in every market. November through February is traditionally the slowest 4 month period for home sale closings in Atlanta, so we expect to see increased activity in February resulting in more closings in March. If Atlanta’s weather is any indication, the Spring market is coming soon!

Across the markets Dorsey Alston, Realtors closely tracks, new listings last month fell 27% while the number of total active listings climbed 24%, according to data compiled from FMLS. The total number of sales was down 55%, but the average sales price was up 11% compared to December 2021. The 11-county metro region had similar numbers. New listings fell 23% and total active listings were up 47%. The number of sales fell 50% and the average sales price was up 5% to $466,292.

Housing inventory is starting to build up across metro Atlanta, which is a good thing. For the last two years, prices have surged due to unprecedented demand and the lack of homes available for sale. As we reach the end of 2022, buyers are beginning to have more choices just as interest rates are trending lower.

Dorsey Alston reviews FMLS data monthly to understand what is happening in the market. We are seeing a slowdown in sales and new listings, which is seasonal. The market is also being impacted by rising interest rates and an overall lack of inventory — but well-priced houses are still selling and getting multiple offers.