Home prices saw significant year-over-year growth in the Atlanta area as the median sales price in January increased more than the national rate, according to the latest RE/MAX Georgia report.
The median sales price in the greater Atlanta area rose 8.6 percent from $199,900 in January 2017 to $217,000 in January 2018. There was a small decrease compared to December’s median sales price of $225,000. In that same period, the national median price grew 6.7 percent.
Home sales in the Atlanta area only saw a small dip, falling 1 percent year-over-year, going from 5,089 in January 2017 to 5,039 in January 2018. However, sales plummeted more than 30 percent in January compared to December’s 7,374 sales.
“The number of home sales in greater Atlanta dropped significantly in January when compared with December — down just over 30 percent — and that’s typical during the slower winter sales season. It’s on par with what we’re seeing nationally,” said John Rainey, vice president of RE/MAX Georgia.
The days on market dropped by four days year-over-year but rose by two days from December to an average of 55 days. The months’ supply dropped to 2.3 months from 3.3 months in January 2017 and 3.5 in December 2017.
“However, our median sales price year-over-year is increasing much higher than the national average at 8.6 percent,” Rainey said. “Low inventory continues to be a strain on our local marketplace and the historically busy spring selling season is right around the corner.”
See how January home sales fared on a county level in the table below.
|Home Sales Jan. 2018||Home Sales Jan. 2017||Difference||Media Sales Price Jan. 2018||Median Sales Price Jan. 2017||Difference|