July Market Update: Atlanta
July is coming to a close, we are seeing the end of the summer real estate market approaching, with a new school year starting soon and the fall season just around the corner! As we head into the month of August, let’s not forget to recap the month of July! We have summarized the key trends of Atlanta’s July real estate market for you. Knowing these trends can ensure you can make well-informed decisions and stay in the know this summer!
The Hard Facts
- The current median price sold for a home is up 5.3% from this time last year, a jump from $256K to $269K
- The supply of available homes is up by 7.5% from this time last year, from 34,024 to 36,594 homes
- A home’s average days on market is slightly down by .4% from last month, but up by 8.8% from this time last year, currently residing at 41 days on the market
What Does This Mean For You?
Sellers, median sold prices are up across the board! In addition, the average profit margins for homeowners who sold in the second quarter have increased by nearly 34%. This is an increase from 31% in the first quarter, according to ATTOM Data Solutions. Home owners wanting to sell, this is great news for you in terms of equity and owner accumulation! Even though there is an increase of average days on market since from this time last year, it’s nothing to be alarmed about. There is a stronger buyer demand which accounts for the slightly lower days on market from last month, and the small increase from last year is, again, not a negative sign, just a product of a healthy summer market. There’s plenty of time left to sell before school starts back, so make the move and start the season fresh in your new home.
Buyers, Atlanta is still feeling the effects of the summer market, especially with the economy doing quite well right now with retail sales in the past month up by a solid 4% from May. Everyone wants to sell and get settled in before autumn, which is seen in the increase in the supply of homes this month. We’re seeing the last push before school starts, so buyers, start your home search now while supply is still up and mortgage rates continue to hold steady at 3.88%!
Thinking about moving? Navigating the real estate market can be difficult, and you don’t want to do it alone. At Mark Spain Real Estate, we are here to help! Contact us today to get a head start.