On average, a house listed for sale in North Fulton takes 16 days to go under contract.
A house listed in the combined Brookhaven/Dunwoody market sits for 17 days before an offer is accepted, and in East Cobb, 19.
With inventory remaining at historic lows, houses with For Sale signs in their front yards are getting snapped up quickly across metro Atlanta. In every market Dorsey Alston reviewed, the average sales prices are up over the first three months of 2022 and up as much as 36% compared to the previous year.
At the same time, the number of sales has fallen, down 27% across markets due to the lagging inventory.
Each month, Dorsey Alston brokers dive into six metro Atlanta areas — Buckhead, Intown, East Cobb, North Fulton, Sandy Springs and Brookhaven/Dunwoody — to give their agents a sense of what is happening across the markets. Each month, they share the findings through this blog.
The highest average sales prices in the close-in metro area are in Buckhead. While the $753,113 is 23% higher than March 2021, the average price over the first three months of the year is $723,666, owing to a February dip. The average number of days on the market is 31, and there were 395 new listings last month and 320 sales.
Intown Atlanta closed sales price averaged $616,572 last month, a 26% increase over the previous year. The number of active listings fell nearly 50% compared to March 2021, and new listings are down 25%. The average sales price was $557,416 in February.
Last month, the total number of houses sold in East Cobb was 294, a more than 24% drop from a year ago. The average sales price climbed to $526,572, an 11% increase over the same period. The total active listings were down 18%, and the number of sales was down 24%. The average sales price was $513,677 in February.
In North Fulton, the average sales price was $741,699, up 25% compared to March 2021. There were 334 total sales, compared to 514 new listings last month. That represents a change of -26% and -13%, respectively.
Sandy Springs trails only Buckhead with an average sales price of $745,336, a 36% increase over the same time last year. There were 193 new listings in the area, compared to 133 sales. The average number of days on the market fell to 24 last month.
There were 205 new listings in Brookhaven/Dunwoody last month and 158 existing active listings, with 156 sales. The average price of those sales was $625,899, an 18% increase over 2021, up over February ($604,060) and January ($592,194) this year.
Across the six areas, the number of new listings was down almost 20%, the number of active listings was down more than 38%, the number of sales was down 27%, and the average sales price climbed 23% compared to March 2021.
This all adds up to slightly higher prices so far this year for home sellers and home buyers. However, more houses are hitting the market, and with interest rates climbing, we expect to see some stabilization in Atlanta’s housing market into the summer.