Feb 24, 2023 - Real Estate
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.
More Atlanta stories
No stories could be found
Get a free daily digest of the most important news in your backyard with Axios Atlanta.