The summer is typically the peak of the real estate year, and Atlanta experienced a boom of activity during those months. According to a report from RE/MAX Georgia, home prices and sales were up this past summer, despite low inventory.
“Intense is the word that consistently described Atlanta’s housing market this past summer,” said John Rainey, vice president of RE/MAX Georgia.
Home prices were up 7 percent this summer compared to the same point in 2016, with a median sales price of $245,000 in 2017 and $229,000 in 2016. Clayton County saw the highest jump in median home prices, a 10 percent increase from $116,000 to $127,500, followed by Fulton County with a 9 percent increase.
Home sales rose 9 percent from 17,879 in summer 2016 to 19,437 in summer 2017. Fulton County was the hottest county in the Atlanta area, with a 12 percent jump in summer home sales compared to last year. Gwinnett County actually saw a decrease of 3 percent in summer home sales, but it still had the highest number of total sales.
Because of the hot market throughout Atlanta, the average number of days on the market this summer was 41.3 days, a 7 percent decrease from 44.7 days in summer 2016.
“While we expect the housing market to slow down during the fall months, the overall trend of not enough homes available will continue,” Rainey said. “More inventory is needed to keep up with Atlanta’s current economic growth and housing demands.”
|Summer 2016||Summer 2017||% change|
|Median Sales Price||$229,000||$245,000||7%|
|Days on Market||44.7||41.3||-7%|