Median home sale prices drop in metro Atlanta

The housing market appears to be cooling off nationally, and it looks like that trend is replicating in Atlanta.

Why it matters: Any relief from sky-high home prices is welcome, especially as mortgage rates creep up.

By the numbers:

• Atlanta's median home sales price was $350,000 in January, up just 1.5% from last year and down 3.3% from December.
• Inventory was up 41% from last year, but down 9.16% in January.
• Homes sat on the market for 11 days on average in January, up 32 days from last year.

Zoom out: Nationally, median home sales prices have crept up 1.3% from one year ago.

• The national median home sales price in January was $383,000.
• Sales fell for the 12th month in a row, according to the latest from the National Association of Realtors.
• As demand falls, homes sit on the market a little longer, which gives buyers a little more room to negotiate.

What’s next: Spring, which is typically marked by high demand, more competition and higher home prices, is right around the corner.

• If spring 2023 follows typical trends, we should expect home prices to rise again in the near future.
• Yes, but: Experts predict 2023 will see a far less frantic housing market than in 2022.

The bottom line: We're starting to see a moderate market correction, but home values aren't falling.

• This turnaround in Atlanta is sorely needed as many renters don't make enough money to buy a starter home.