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An inside look at Atlanta’s top 4 housing markets

by Peter Thomas Ricci

atlanta-intown-neighborhood-fulton-county

Although home sales in the Metro Atlanta housing market rose in October, the area’s top four housing markets all showed slowing activity, according to a new report from RE/MAX of Georgia.

For the whole Metro Atlanta market, home sales rose 9.94 percent from Oct. 2015, while time on market fell 17 percent.

Meanwhile, things were a bit different in the Atlanta, Marietta, Cumming and Lawrenceville markets:

Market Oct. 2015 Home Sales Oct. 2016 Home Sales YOY Difference
Atlanta 506 443 -12.45%
Marietta 289 258 -10.73%
Cumming 247 191 -22.67%
Lawrenceville 232 184 -20.69%

A seasonal slowdown is to be expected – Jeanette Schneider, the senior vice president of RE/MAX of Georgia said as much in her comments accompanying the report – but the YOY declines suggest Metro Atlanta’s top markets are slowing down from where they were a year ago, with low inventory being a possible explanation.

Home price moderation

Median home price in Metro Atlanta rose 6.34 percent year-over-year, and with one notable exception, price growth was slower in the region’s top markets:

Area Oct. 2015 Median Price Oct. 2016 Median Price YOY Change
Atlanta $295,000 $310,000 5.08%
Marietta $247,000 $260,500 5.47%
Cumming $285,354 $299,000 4.78%
Lawrenceville $174,000 $194,450 11.75%

In her comments, Schneider spoke positively of the moderating prices: “We also see equality in our market with Atlanta, Marietta and Cumming areas all seeing moderate 5 percent increases in median sales prices. The market provided a solid start to the fourth quarter.”

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