Many consumers believe America is in the midst of a sellers market, and cities like Atlanta are no exception. According to a recent RE/MAX Georgia market report, Atlanta’s lack of inventory paired with rising median home values makes it increasingly difficult to snatch up property in the area.
RE/Max Georgia conducted a year-over-year analysis for the first half of the calendar year. The report noted a rise in median sales price, which jumped seven percent from what it was in the first half of 2016 up to $240,695. Average days on the market fell from 56 to 52 and, not surprisingly, inventory went with it. There are now 2.7 months worth of inventory, which is a 10-percent drop from monthly supply at the same time last year. The city did see a rise in properties sold, which increased four percent year-over-year.
“The market clearly favors sellers, who will benefit from strong buyer demand and rising prices,” RE/MAX Georgia Vice President John Rainey said. “More inventory is currently needed to balance the market. However, sellers are able to navigate through this tough market with the guidance of an experienced real estate agent.”
While competition continues to increase citywide, homes are flying off the market faster in some counties than others. Gwinnett homes are now on the market for 33 days on average, which is well below the average for the area and a decent drop from its 40-day average in 2016. Cobb County homes are also on the market for 33 days on average following a 44-day average at the same time last year.
|Atlanta||Jan. – June 2017||Jan. – June 2016||Difference|
|Median Sales Price||$240,695||$225,950||7%|
|Days on Market||52||56||-7%|
|Inventory||2.7 months||3 months||-10%|