The July 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: July residential sales were at 7,459, a decrease of 11.5% from the previous year.
Price: Average and median sales prices continue to outpace 2020’s figures, with positive gains. The median sales price in July was $370,000, an increase of 21.3% from last July. The average sales price was $441,500, up 20.1% from the previous year.
Supply: Atlanta area housing inventory totaled 9,402 units in July, a decrease of 33% from July 2020. New listings totaled 9,365, down 2.8% from July 2020 and down 3.7% from the previous month. The month’s supply over a 12-month period remained at 1.3 months.
A Word from 2021 Atlanta REALTORS® President Cynthia Lippert:
“The decline in sales is noteworthy, but not necessarily unexpected, and represented by several likely factors,” stated Cynthia Lippert, 2021 President of the Atlanta REALTORS® Association. “Inventory is still down 33% year over year and remains at only 1.3 months of supply. Additionally, as many popular travel destinations re-opened heading into Summer, many pandemic-weary travelers returned to the skies, beaches, and just about anywhere but their living rooms in an attempt to enjoy some normalcy.”
“Buyers who stay the course and purchase sooner may benefit from earlier and steeper equity growth than they might if they wait six months.” proclaims Lippert. “As frustrating as it is to be in the market for a home right now,” says Lippert, “buyers may do well, maybe better, by pairing up with a REALTOR and persevering.”