August Market Update: Atlanta
The month of August is coming to its end! The summer real estate market has ended, a new school year has started and cooler weather is approaching. As we head into September, let’s not forget to recap August! We have provided a market update of Atlanta’s August real estate market for you. Knowing these trends can ensure you can make well-informed decisions and stay in the know this fall!
The Hard Facts
- The current median price sold for a home is up 9.1% from this time last year, jumping from $243k to $265k
- The supply of available homes is up by 5.6% from this time last year, with inventory increasing from 35,049 to 37,000
- A home’s average days on market has increased slightly from this time last month, but has remained stagnant from this time last year, currently residing at 44 days on market
What Does This Mean For You?
Sellers, median sold prices are up! This is a great time to sell and capitalize on your maximum return on investment. According to ATTOM Data Solutions, average profit margins for homeowners is up. Although there is a slight increase in the days on market, it’s nothing to be concerned over. This is simply a natural result of the market slowing as families begin to prioritize new school schedules. There is still plenty of opportunity to take advantage of higher average sold prices.
Buyers, inventory is up which means your options are plentiful! This season has seen mortgage rates fall to the lowest they’ve been in nearly three years, it’s an excellent time to buy a home and secure a low mortgage. The slight increase in days on market means you have plenty of time to start your search and snag your dream home!
Does this market update have you 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.