The median sales price for an Atlanta home ticked 2.5% higher on an annual basis to $410,000 in September, the Atlanta REALTORS® Association revealed in its latest Market Brief.
At the same time, home sales dropped 20.3% to 4,371 transactions.
Total housing inventory fell 16.4% from September 2022 to 11,252 units, while new listings totaled 6,422, representing a 17% decline year over year and a 7.8% decline from August. Months’ supply, meanwhile, rose to 2.4 months from 2.3 months.
“In another sign that our market is slowly moving back to more normal conditions, the month’s supply of homes for sale has increased to 2.4 months inventory,” Atlanta REALTORS® Association President Michael Fischer said in a press release. “Historically, six months of supply has been seen as the balance between a seller’s and buyer’s market, so despite the gains, we are still a long way from reaching that balance.”
The Atlanta REALTORS® Market Brief, compiled by First Multiple Listing Service, covers 11 metro-Atlanta counties: Cherokee, Clayton, Cobb, DeKalb, Douglas, Forsyth, Fulton, Gwinnett, Fayette, Henry and Paulding.