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Atlanta area home sale prices rising faster than national average

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It’s a seller’s market in Atlanta — according to the latest data from RE/MAX Georgia, as home prices in the greater Atlanta area are up 8 percent from last year, compared to the country’s 4.9 percent increase from last year.

In March, the median sales price for the greater Atlanta area was $237,000, up from $225,000 in February and $219,541 last March. The median March sales price for the country was $236,000.

Both the country and Atlanta experienced a year over year decrease in home sales. Atlanta saw 8,065 home sales in March, up from 6,175 in February and down from 8,717 last March. Nationally, home sales are down 5.3 percent year-over-year.

The number of days a house spent on the market fell both in Atlanta and the nation from last year to this year. In Atlanta, the number of days spent on the market dropped seven days from 57 last March to 50 this March. Across the country, the average number of days a house spent on the market was 60, down four days from last March.

Both the nation and Atlanta are suffering from low housing inventory. With six months inventory required for a balanced market, Atlanta has a supply of 1.8 months (down from 2.4 months last year), and metropolitan areas throughout the country have an average inventory of 2.5 months.

“What we’re witnessing in the greater Atlanta housing market are the effects of very low inventory – decreasing supply with the median home price increasing 8 percent year-over-year,” said Vice President of RE/MAX Georgia, John Rainey. “It may be a sellers market locally, but potential homebuyers shouldn’t be discouraged – they should be patient. It’s simply going to take a bit longer to find an ideal home than in previous years.”

For a breakdown of Atlanta-area home sales by county, see the table below.

Home sales (March 2018) Home sales (March 2017) Difference Media Sales Price (March 2018) Media Sales Price (March 2017) Difference
Gwinnett 980 1,066 -8% $245,000 $233,000 5%
Cobb 802 892 -10% $291,750 $265,000 10%
Fulton 953 977 -2% $328,000 $335,000 -2%
DeKalb 634 821 -23% $284,198 $253,326 12%
Clayton 103 131 -21% $138,500 $140,200 1%

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