Atlanta Ranks Fifth in U.S. for Home Sales in May
In a recent report, Atlanta was ranked fifth among major U.S. cities for the number of house sales in May, even though there was a slight drop in transactions compared to the previous year. The city managed to close 7,723 sales, marking a slim decline of 0.8% year-over-year, but an increase of 9.4% from April.
The top four spots were occupied by Chicago, New York, Dallas, and Houston, respectively. However, the Georgia capital managed to outperform several other major markets in the nation.
Gains in New Listings
Moreover, Atlanta was also ranked fifth in the U.S. in terms of new listings in May. An impressive 22.8% rise was observed year-over-year as new listings increased to 12,275 from 9,998 in the same month in 2023. In this category, San Diego, Phoenix, Seattle, and Denver earned the top four rankings.
Median Price & Market Activity
In terms of pricing, the median price of homes sold in Atlanta experienced a monthly increase of 1.3% and a yearly rise of 3.8%, settling at $405,000. Homes spent an average of 35 days on the market in May, a slight reduction from 35 in April but an uptick from 32 in May 2023.
Surge in Housing Inventory
Atlanta’s housing inventory witnessed a significant rise in May, jumping 13.7% month-over-month and 74.2% year-over-year to reach 2.6 months of supply. This surge in inventory is a welcome development, offering homebuyers more options and fostering increased sales activity.
Impact of Mortgage Rates
Mortgage rates continue to play a crucial role in determining the course of the housing market. “If inventory continues to rise and mortgage rates don’t change, prices may start to soften,” says RE/MAX President Amy Lessinger.
This rise in home listings indicates sellers are acknowledging the benefits of listing their homes at this time. They are securing their asking price and are enjoying the advantages of a relatively quick sale.
Looking Ahead
Despite a slight dip in home sales compared to the previous year, Atlanta’s real estate market remains robust, reflecting increased activity in new listings and a surge in inventory. As one of the top U.S. cities for home sales in May, Atlanta’s housing market continues to be a key player in the national real estate landscape.
