The median sales price in the Greater Atlanta area rose 9.9 percent since May 2017, according to the RE/MAX Georgia May 2018 housing report.
The median price came in at $248,445, up about $5,000 since last month. The greatest increase in sales price was seen in Cobb County with an 11 percent increase.
Although home prices in Atlanta have increased, sales in the area saw a year-over-year loss of 2.5 percent. But, with 9,369 homes sold, this is still more compared to last month. Similarly, a 2.8 percent decrease in national sales was seen year-over-year.
“As the median home price in metro-Atlanta approaches $250,000 and days on market continues to decline, the local housing market is going to slow down anytime soon,” said RE/MAX Georgia vice president, John Rainey. “Home sales in the region have declined, year-over-year, but it’s simply because our inventory is not meeting demand. We need new home construction to pick up the pace before our local marketplace can even begin to normalize.”
While Cobb saw the greatest increase in median sales price, it also tied with Fulton and DeKalb for the greatest increase in home sales while all three counties saw a 5 percent increase. Gwinnett and Clayton followed with both counties facing a 2 percent increase in home sales.
Just as the median price in Atlanta increased, the national sales price rose as well at 7.8 percent year-over-year to $251,673. The national average market time also saw a positive change in May. The average time on the market came in at 46 days, five days sooner than last year. This brings the national months supply to 2.5 months.