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The days of super-low interest rates are over, and sellers are dropping prices to woo buyers in most metro Atlanta communities, according to new Zillow data.
What's happening: High mortgage rates are giving potential homebuyers pause, the company says. And new inventory is down nearly 16% compared to September.
Yes, but: Some exurban and rural areas like Lamar County saw typical prices rise from $177,000 to $184,000, or 4%. Haralson County near the Alabama border and northwest metro Atlanta's Bartow County also saw increases.
Details: The largest price drops — as much as 3.5% — were concentrated south of Atlanta in Clayton County, where prices in ZIP codes like 30238 dipped from $251,000 to $242,000.
- Intown, the 30310 ZIP that includes West End, Westview and Adair Park, saw a dip.
What we're watching: A reprieve for buyers might be on the way. Home prices are expected to start dropping nationwide, Axios' Matt Phillips writes.
- Existing home sales have fallen for nine straight months, and the supply of single-family homes is growing. With mortgage rates near 7%, experts say a large-scale housing slowdown is becoming increasingly likely.
Editor's note: This story has been corrected to show that new inventory is down nearly 16% compared to September, not 29%.