“Extremely low” inventory has boosted competition for Atlanta-area homes, prompting multiple offers in some cases, Atlanta REALTORS® Association President Michael Fischer said in a press release. 

At the same time, the association reported that home sales dropped 26% year over year to 5,100 transactions in March, while the median sales price rose 0.5% to $397,000.     

Total housing inventory rose 28.6% from March 2022 to 9,203 units, while new listings totaled 7,054, representing an 18.6% decline year over year and a 29.8% jump month over month.    

“We have experienced a slight decline in interest rates over the last few weeks and this has sparked some renewed interest among buyers,” Fischer said. “We continue to see extremely low inventory and, as a result, we are now experiencing a return of multiple offers on properties in certain areas. While we’re still seeing the total number of transactions lower than last year’s strong pace, the greater competition around new listings has resulted in a slight price appreciation and shorter days on market.” 

The Atlanta REALTORS® report covers 11 metro-Atlanta counties: Cherokee, Clayton, Cobb, DeKalb, Douglas, Forsyth, Fulton, Gwinnett, Fayette, Henry and Paulding.