Atlanta ranked No. 5 among major U.S. cities for the number of home sales in May, despite a slight year-over-year decrease in transactions, according to the most recent RE/MAX National Housing Report. 

Closed sales slid 0.8% annually to 7,723 transactions. Month over month, they were up 9.4%. Chicago, New York, Dallas and Houston took the top four spots, respectively. 

Courtesy of RE/MAX.

Atlanta also ranked fifth in the U.S. for the largest percentage increase in new listings hitting the market in May. The metro area saw a 22.8% year-over-year jump, with new listings rising to 12,275 from 9,998 in May 2023. In this category, San Diego, Phoenix, Seattle and Denver took the top four spots, respectively. 

The median price of homes sold in Atlanta rose 1.3% month over month and 3.8% year over year to $405,000. Houses spent an average of 35 days on the market in May, down 0.7% from 35 in April but up 8% from 32 in May 2023. Atlanta’s housing inventory jumped 13.7% month over month and 74.2% year over year to 2.6 months. 

“More sellers are seeing the advantages of listing their homes now. They’re getting their asking price and enjoying the benefits of a relatively quick sale,” RE/MAX President Amy Lessinger said in a press release. “Growing inventory offers more options for homebuyers, too, and we’re seeing more sales activity as a result. Mortgage rates continue to impact the rhythm of the housing market. If inventory keeps bulking up and mortgage rates don’t change, prices may eventually start to soften.”