The May 2021 Market Brief, compiled by First Multiple Listing Service (FMLS), provides a regionally focused synopsis of monthly sales and home prices for residential properties in Metro Atlanta. This summary covers 11 counties: Cherokee, Clayton, Cobb, DeKalb, Douglas, Fayette, Forsyth, Fulton, Gwinnett, Paulding and Rockdale.
Demand: May residential sales were at 6,631, an increase of 27.5% from the previous year.
Price: Average and median sales prices continue to outpace 2020’s figures, with positive gains. The median sales price in May was $363,000, an increase of 27.4% from last May. The average sales price was $444,500, up 30.9% from the previous year.
Supply: Atlanta area housing inventory totaled 7,846 units in May, a decrease of 50.9% from May 2020. New listings totaled 8,402, down 4.8% from May 2020 and down 10.7% from the previous month. The month’s supply over a 12-month period decreased to 1.1 months.
A Word from 2021 Atlanta REALTORS® President Cynthia Lippert:
“Scarce inventory is certainly playing a role in the decrease in units as well as increasing prices,” stated Cynthia Lippert, 2021 President of the Atlanta REALTORS® Association. “The lower number of units for May is in stark contrast to sales volume, which continues to surge as price growth accelerates.”
“The decline in units sold may also be indicative that buyer fatigue is growing as inventory slipped again in May to just over a month of supply,” cautions Lippert. “With home prices increasing 31% from this time last year, there is a growing contingent of buyers that are likely prohibited from making a move at this time.”
The data in this report was compiled by First Multiple Listing Service (FMLS). For more information on details of this month’s report, please contact the Association at 404.250.0051.
*Each month, the numbers reported for the previous month are updated to reflect additional recordings.
