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RE/MAX: Home prices in Atlanta hit a new milestone

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Atlanta home prices hit a new milestone last month with the median sales price crossing the $250,000 mark, according to the latest RE/MAX Georgia report. The median sales price rose 7.4 percent compared to last June, from $234,000 to $251,250. This is also up from May’s median sales price of $248,750.

The rising home prices are due to the increasing demand throughout the Atlanta metro area. Homes are currently spending an average of 37 days on the market, down five days from last year and down two days from May.

However, inventory is unable to keep up with demand. The market is currently seeing a 2.3-months supply, down from 2.9-months last year and steady from May. This led to an overall drop in sales in June. There was a 5.7 percent drop in sales in June from last year, from 10,084 homes sold in June 2017 to 9,510 in June 2018. In May 2018, 9,894 homes were sold.

“The median home price in the Atlanta area is now more than $250,000 — a milestone for our local housing market and a 7.4 percent increase from June of last year. To the contrary, home sales continue to fall in the region with some counties experiencing a more than 10 percent decline in the number of homes sold,” John Rainey, vice president of RE/MAX Georgia, said.

Clayton County saw one of the strongest increases in demand with homes in Clayton spending an average of 36 days on the market, down significantly from 50 days in June 2017. However, the lack of inventory lead to a 22 percent drop in sales. Gwinnett County saw a 13 percent decrease in sales while Cobb County saw a 10 percent decline.

Additionally, home prices in Cobb, Fulton and DeKalb Counties are all above the $300,000 market. While DeKalb and Cobb saw the highest percentage increases, rising 16 percent and 13 percent respectively, the median sales price of a home in Fulton County is still among the most expensive parts of the Atlatna area at $390,000.

“We’re entering the time of year when historically home sales begin to slow as the busy season winds down, so we’re watching carefully how the market is performing,” Rainey said.

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