Atlanta Housing Market Sees Significant Boost in Listings

News Summary

As 2024 draws to a close, Atlanta’s housing market has experienced a remarkable 42% increase in listings compared to December 2023. Data from Georgia MLS shows home availability jumped from 14,561 to 20,710, exciting potential buyers. New listings also rose by 25%. However, while prices increased, month-to-month trends revealed fluctuations. Active listings dipped by 8% from November to December, raising concerns about affordability and the effect of rising mortgage rates, now at 6.91%. Experts predict minimal appreciation in home values moving forward, suggesting a complex market for buyers and sellers alike.

Atlanta Housing Market Sees Significant Boost in Listings by Year-End 2024

Atlanta’s housing market has taken a surprising turn as we close out 2024. The metropolitan area witnessed a jaw-dropping 42% surge in houses listed for sale compared to December of 2023. The number of homes available shot up from 14,561 last year to an impressive 20,710 by the end of this year, according to the latest data from Georgia MLS. It’s a remarkable change and has many potential buyers buzzing with excitement!

New Listings on the Rise

Not only did the overall inventory experience a significant boost, but newly listed properties also saw a robust increase. The figures jump from 5,320 new listings in December 2023 to 6,578 this December, marking a growth of nearly 25%. More options mean that homebuyers can explore a wider array of choices. Whether you fancy a cozy bungalow or a sprawling family home, there are plenty of listings to peruse!

What’s Happening with Home Prices?

With all this activity, you might think prices are soaring, and they have! The median sales price of homes increased by roughly $18,000 compared to last year. This December, the median sale price hit about $388,000, a slight uptick that drew both delight and concern among buyers. The overall sales volume for December reached approximately $2.37 billion—talk about a real estate bonanza!

A Mixed Bag of Monthly Trends

8%, dropping from 22,446 to 20,710. New listings also experienced a decline, plummeting over 16% from 7,856 in November to 6,578 in December. Such fluctuations can leave prospective buyers feeling hopeful one moment and frustrated the next.

The Mortgage Rate Situation

6.91%, which has climbed from 7.22% just a few months ago. These rising rates can make the dream of homeownership seem just a bit further out of reach for many.

Unsold Homes and Market Saturation

54.6% of homes in the Atlanta area were unsold for over two months as of November. Among a staggering total of 24,233 homes available for sale from mid-November to mid-December, over 13,200 of those homes were still listed as unsold!

Are Homes Overpriced?

second most overpriced housing market in the nation, with a stunning housing premium of 40.4%. This means the average expected home value in the area is around $276,033, while actual sales prices hover at around $387,471. Quite a discrepancy, isn’t it?

Looking Ahead

reasonable pricing for sellers; homes that are priced fairly tend to sell swiftly, while those deemed overpriced can linger like a bad penny.

As we move into 2025, the Atlanta housing market remains a focal point for many. With varied listings, shifting prices, and rising mortgage rates, both potential buyers and sellers will need to stay informed as they navigate this bustling market!