Atlanta's best week for homebuyers is almost here
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Metro Atlanta is entering the best week of the year to snag a house, according to a Realtor.com report.
Why it matters: This sweet spot gives buyers a break from the bidding wars and waived home inspections that are more common earlier in the year.
By the numbers: Early fall — particularly the week of Sept. 27 — brings some of the best conditions for buyers in the metro, according to Realtor.com, which analyzed data from recent years.
- There are 14.6% more listings than an average week.
- Median listing prices are 4.2% below peak season.
- Homes spend 13 more days on the market than during the year's peak pace.
What they're saying: "Home shoppers heading into fall will find an opportunity that has been hard to come by in recent years: more choices and less urgency," Realtor.com senior economist Hannah Jones said in a press release.
Reality check: These are still tough times for homebuyers, especially first-timers.
- Mortgage rates are near 7%, up from roughly 6.25% a year ago.
- Increased borrowing costs haven't stopped the average sales price from rising in the 11-county metro Atlanta region. They were up 5.3% year over year (but down 0.3% month over month) in July at $566,500, according to Atlanta Realtors.
- "With more homes available and fewer new listings entering the market, buyers have more options, while well-priced homes continue to attract attention," the organization said in its most recent report.
- Realtors generally consider five or six months' supply a balanced market; metro Atlanta had 4.7 months in July.
The bottom line: Buyers may get a little more breathing room this fall — if they can clear the affordability hurdle.