Overall the housing market as we close out the 4th quarter has remained sluggish due to elevated home prices, out of control mortgage rates and limited housing inventory.According to the
🏡Atlanta Housing Market🏡~September 2023
Dated: October 13 2023
National sales for existing homes fell to a 7 month low. This is the result of high mortgage rates, low inventory, and elevated home prices. Although high rates have priced some would be home buyers out of the market, low inventory continues to drive home prices.
The mix of these dynamics are making the purchase of a home unaffordable for some buyers who are actively looking to purchase a home. Hence; a decline in home sales.
In the midst of all of this, home prices in metro Atlanta remain resilient. The average home price has increased by 4.5% for residential detached, and attached homes have seen an increase of 8.4% since a year ago.
~METRO ATLANTA HOUSING MARKET TRENDS~
- Average sales price (detached homes)=$536,484
- Average days on market= 29
- Months supply of inventory= 2.5
- Average sales price (condos+townhomes)= $399,850
- Avereage days on market=31
- Months supply of inventory=2.6
My start in real estate was 'borne' from inspiration and dedication to my son. As a single Mom, I wanted to do more than just provide his basic needs. My goal was to create wealth for myself while bui....