As we moved into the second quarter of 2023, the Atlanta real estate market continued to experience a slowdown in activity. According to the latest data from April, the number of new listings, total active listings, and the number of sales have all decreased year-over-year, while the average sales price has remained relatively stable.
In North Fulton, for example, new listings were down by 27%, total active listings increased by only 1%, and the number of sales fell by 34%. However, the average sales price increased slightly by 1% to $778,538. A home in North Fulton spent on average 21 days on the market before going under contract. Similarly, in Buckhead, new listings decreased by 22%, while total active listings increased by 24%, and the number of sales decreased by 43%. The average sales price decreased by 7% to $768,055, and the average listing was on the market for 31 days.
East Cobb saw a decline in new listings (-23%), total active listings (-7%), and number of sales (-23%), while the average sales price decreased by 1% to $584,229. Intown Atlanta experienced similar declines, with a 25% decrease in new listings, a 38% decrease in the number of sales, and a 4% decrease in the average sales price to $647,519. The big difference here is that Intown Active Listings increased by 23%.
Overall, the 11-county Metro Atlanta area saw a 24% decrease in new listings, a 14% increase in total active listings, and a 33% decrease in the number of sales compared to April 2022. Despite the slowdown, metro Atlanta still has a healthy average sales price of $497,864 (unchanged from April 2022), with detached homes commanding a higher average price of $530,758 and attached homes selling for an average price of $385,257.
Compared to the overall market, Dorsey Alston’s listings performed exceptionally well in April. 65% of our listings closed for list price or more, and our listings were under contract in just 13 days on average. Additionally, our listings closed on average for 100.3% of asking price, outperforming the metro Atlanta average of 99.5% in 33 days.
As always, it’s important to keep in mind that real estate trends are constantly changing and can vary significantly by location and property type. If you’re interested in buying or selling a home in the Atlanta area, it’s a good idea to consult with a trusted real estate professional who can provide you with the most up-to-date and relevant information for your specific situation.
Despite the cooling off of the overall market, our team remains optimistic and committed to providing exceptional service to our clients. Whether you are looking to buy or sell, we are here to help navigate the Atlanta real estate market with expertise and care.