Nov 14, 2022 - Real Estate
Buying a house in Atlanta is easier, but not cheaper
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The Atlanta metro area's real estate market is starting to level off, according to the latest data from Redfin/MLS.
Why it matters: After two-plus years of plummeting inventory and sky-high home prices, Atlanta-area buyers have waited a long time for a little relief.
What's happening: Mortgage rates started to surge in May and have since passed 6%.
- The market has changed significantly since then.
By the numbers: Median home sales prices dropped from $400,000 to $375,000 from May to September.
- Inventory is up 40.4%% since May.
- Homes are selling more slowly. Homes sold in 12 days on average in May. In September the average number of days on market was 28.
- Fewer homes are selling above the list price. 28% of homes sold above list price in September, compared to 60.7% in May.
- In September 39.5% of listings dropped their asking price, up 15.8 percentage points since May.
Yes, but: Monthly mortgage payments are significantly more expensive than they were a year ago.
Bottom line: The market is cooler, but buying a home isn't getting cheaper.