The Atlanta real estate market is undergoing a significant transformation, with a noticeable increase in housing inventory. As of July 2024, the number of homes for sale has jumped by 52.2 percent compared to the same time last year. This means buyers now have more options, making the market more balanced. This is great news for those who have been dealing with fierce competition in recent years. With more choices available, buyers can take their time and make more informed decisions, which could lead to better purchasing conditions.
For sellers, this shift means they might need to adjust their expectations. With more homes on the market, competition is stiffer, so pricing and presentation will be crucial to securing a sale. Despite these changes, the market remains robust. Average sold prices have increased by 7.2% year-over-year, and the average price per square foot has risen by 4.2%. Plus, Atlanta’s ongoing appeal as a relocation destination continues to drive demand.
The months of inventory based on closed sales saw a significant 50.2% rise in July 2024 compared to July 2023. This is a clear sign that the market is moving from a seller’s market to a more balanced state. In such a market, the supply of homes starts to meet or even exceed demand, giving buyers more options and potentially easing the competitive pressure that often leads to bidding wars and rapid price increases. For sellers, this means that while their homes are still likely to sell, they may need to be more strategic with pricing and marketing to attract buyers who now have more choices.
Overall, this increase in inventory signals a healthy market adjustment. The balance between supply and demand is leveling out, creating more opportunities for both buyers and sellers to achieve their real estate goals. While the surge in housing inventory marks a new chapter for the Atlanta real estate market, the outlook remains positive, with plenty of opportunities for everyone to thrive in this evolving landscape.
