RE/MAX: Atlanta home sales return to previous levels in January amid tight inventory

by John Yellig

Atlanta saw home sales slow in January as the supply of available properties remained tight, according to RE/MAX’s National Housing Report.

During the month, 4,442 homes changed hands, up 1.5% year over year and down 35.7% from December’s blistering pace. Inventory plunged 52.0% year over year and 7.7% month over month to 1.2 months, as homes spent an average of 31 days on market, down 45.6% from a year earlier. The median price of an Atlanta home climbed 18.0% to $309,175.

Nationally, January home sales were elevated but down from the frenzied pace of preceding months, rising 13.5% year over year, compared to a 21.9% gain in December.

Other national metrics showed the effects of the record-setting recovery the housing market enjoyed in the second half of 2020:

  • January inventory fell 35.7% to 1.7 months, the lowest level ever measured by RE/MAX since launching its report 13 years ago.
  • The median sales price for January rose 11.8% year over year to $285,000, a record for the month and just 1.7% below the all-time record of $290,000 set in August 2020.
  • Homes spent an average of just 40 days on the market, a record for January and well below the 59-day period of January 2020.

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