May Market Update: Atlanta
The month of May is drawing to a close! We’ve seen warmer weather, longer days and the beginning of the summer market. While we’re excited for the arrival of June, let’s not forget to recap the changes seen in May! We’ve summarized the key trends of Atlanta’s May real estate market to ensure you can make well-informed decisions and stay in the know.
- The current median sold price of a home in Atlanta averages around $260,000, up 3.8% from last year
- Your search for your perfect home won’t be limited in the slightest, Atlanta’s inventory has increased by 4.6% and the pickings are ripe
- In comparison to last year’s May market, the amount of time an Atlanta home stays on the market has increased by 10.2% and currently spends 47 days live. (A Mark Spain listing spends an average of 37 days on the market)
What Does This Mean For You?
Buyers, don’t let the number of days on market scare you! Interest rates are still down leading to a natural increase in demand. Everyone wants to buy, so you should too – don’t miss out! Timing is everything; now is the time to begin accruing equity.
Sellers, while it’s early in the summer months, we’re still seeing more inventory. This means we’re headed into a more balanced, normal market. Don’t worry about an increase in competition, people still want to buy! So go ahead and list – it’s better to start the process now before the late summer lull hits.
As summer settles in, the most activity will be seen in June, July, and August. The best time to get into the real estate market is now before the natural dip in the 4th quarter. Whether you’re buying or selling, you can be settled by the new school year and spend the holidays in your new home!
Whatever chapter of life you find yourself in, be it needing to sell or buy, make sure you are represented by a professional, full-time agent with years of closing experience under their belt.
Thinking about moving? Navigating the market can be difficult, and you do not want to do it alone. Contact us today to get a head start!