Rising home prices and sales define 2017 Atlanta market

by Rincey Abraham

High buyer demand throughout Atlanta in 2017 led to rising prices and home sales, according to RE/MAX Georgia’s annual analysis.

The median sales price for homes in 2017 rose to $239,000, up 6 percent from $225,000 in 2016, and the number of properties sold grew 3 percent from 64,011 in 2016 to 65,952 in 2017. This led to the average days on market dropping 3 percent from 53 days in 2016 to 50 days last year.

Inventory in the Atlanta area took a major hit with the month’s supply currently sitting at 3 months, a 12 percent decrease from 3.4 months last year.

“Lack of inventory was the theme of the 2017 housing market and all indicators point to that trend continuing,” said John Rainey, vice president of RE/MAX Georgia. “Inventory will continue to impact the market until we see a rise in new home construction — particularly entry-level houses that meet Atlanta’s rising demand for affordable housing.”

Clayton County saw the largest increase in both home price and properties sold of 9 and 12 percent respectively, an indication that many buyers are moving south for more options. But the months’ supply in the county dropped 24 percent from 3.8 months in 2016 to 2.9 months in 2017.

“Looking ahead, we expect to see changes in buying patterns this year, as buyers begin to look to communities further outside of Atlanta in search of more affordable housing and a wider selection,” Rainey said.

Greater Atlanta area January – December 2017 January – December 2016  

Difference

Median Sales Price $239,000 $225,000 6%
Number of Properties Sold 65,952 64,011 3%
Days on the Market 50 53 -6%
Month’s Supply of Inventory 3.0 months 3.4 months -12%