Atlanta’s Real Estate Market Sees Mixed Signals as 2024 Ends and 2025 Approaches

Atlanta’s Real Estate Market: What’s Happening?

Hey there, Atlanta! Let’s dive into what’s happening in our local real estate scene as we wrap up 2024 and look ahead to 2025. It seems the city has been bustling with activity lately. Despite a few ups and downs, there’s some exciting news for both homeowners and potential buyers.

Home Sales Update: A Mixed Bag

First things first, let’s talk about home sales. In November, Atlanta saw a bit of a boost with home sales rising by 1.2% year over year, totaling 5,377 homes sold. However, before we pop the champagne, it’s crucial to remember that this figure is still down 13.3% when compared to last month’s sales. This inconsistency isn’t uncommon as we approach the end of the year. Nationally, home sales sported a 6.3% increase from last year but dropped by 11.6% month over month. Sounds like the real estate market is just as unpredictable as Atlanta’s weather!

Price Trends: Where Do We Stand?

Next up, let’s focus on home prices. The median sales price for homes across 50 major metro areas fell slightly, coming in at $429,000. This number is up 5.7% compared to last year, but just a smidge down by 0.2% since last month. It’s comforting to see that year-over-year prices are on the rise, showing that there’s still demand for housing despite those minor bumps in the road.

Close-to-List Price and Days on Market

When it comes to negotiating deals, the average close-to-list-price ratio stood at a steady 99% in November, mirroring the previous months. If we take a peek at other cities, Miami reported the lowest close-to-list ratio at 94%. Talk about house-hunting competition!

Now, if you’re in the market or considering making a move, you might be interested in how long homes are actually staying on the market. In November, the average days on market crept up to 47 days, which is about a week longer than last year. Miami experienced the most notable increase, with homes taking a whopping 71 days to sell, reflecting a 36.9% surge from November 2023.

Inventory Levels: A Sign of Changing Times

On the inventory front, the number of homes for sale jumped 25% compared to last year but dropped by 4.3% from October. Overall, the months’ supply of inventory slightly increased to 2.9, which is still a healthy market signal but shows the ebb and flow typical of this time of year. Miami again leads with a substantial 7.6 months of inventory—a massive increase of 59.2% year-over-year.

Looking Ahead: Brighter Days?

With all these mixed signals, what can we expect in 2025? According to experts, the overall outlook is positive. There’s a growing consumer confidence and Millennials are stepping up as significant players in the market, ready to embrace new life milestones that often come with home buying.

As we bring 2024 to a close, it might be wise to keep an eye on these trends. If you’re considering diving into the Atlanta housing market, now may still be a good time to think about making your move. Exciting times are ahead for our city and who knows? 2025 could be a landmark year for real estate as Atlanta continues to grow.

So, stay tuned, Atlanta—there’s always something happening in our dynamic housing market!