Atlanta REALTORS® Association (ARA), the largest association of its kind in Georgia, released its March 2022 Market Brief on residential housing statistics for 11 area counties in metropolitan Atlanta. The Market Brief, compiled by First Multiple Listing Service (FMLS), provides the only regionally-focused synopsis of monthly sales and home prices for single-family residential properties.
The March 2022 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: March residential sales were at 6,585, a decrease of 11.3% from the previous year.
Price: Average and median sales prices continue to outpace 2021’s figures, with positive gains. The median sales price in March was $395,000, an increase of 19.7% from last March. The average sales price was $473,000, up 19.6% from the previous year.
Supply: Atlanta area housing inventory totaled 6,478 units in March, a decrease of 9.2% from March 2021. New listings totaled 8,280, down 9.2% from March 2021 and up 24.2% from the previous month. The month’s supply over a 12-month period increased to 1.0 months.
A Word from 2022 Atlanta REALTORS® President Karen Hatcher:
“Rising interest rates may have deterred or delayed some buyers, but across price points demand is still far outpacing supply,” reports Atlanta REALTORS® Association President Karen Hatcher. “Relatively small increases in mortgage rates over the past three months haven’t correlated to significant impacts on home sales, let alone relief for rising prices.”
“With inventory levels hovering around one month of supply for a third consecutive month, average home prices will continue to increase in the near future,” says Hatcher.
“We’re still in the low range for rates, and we still have a lot of buyers competing for very few opportunities,” stated Hatcher. “Increasing supply is ultimately where we should be focused and is where our role as REALTORS® is more important than ever, for both buyers and sellers.”
The Atlanta REALTORS® Market Brief is designed to offer an overview of the Atlanta residential market by providing a synopsis of sales and home prices, and covers 11 counties: Cherokee, Clayton, Cobb, DeKalb, Douglas, Forsyth, Fulton, Gwinnett, Fayette, Henry and Paulding. The numbers in the reports are updated each month to reflect any additional recordings from the previous month. Each month, the numbers reported for the previous month are updated to reflect additional recordings.
