Atlanta REALTORS® Association (ARA), the largest association of its kind in Georgia, released its July 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 July 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: 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, Paulding, and Rockdale.
Demand: July residential sales were at 5,815, a decrease of 25.7% from the previous year.
Price: Average and median sales prices continue to outpace 2021’s figures, with positive gains. The median sales price in July was $420,000, an increase of 15.1% from last July. The average sales price was $498,500, up 13.9% from the previous year.
Supply: Atlanta area housing inventory totaled 12,112 units in July, an increase of 34.6% from July 2021. New listings totaled 8,695, down 6.3% from July 2021 and down 14.0% from the previous month. The month’s supply over a 12-month period increased to 1.9 months.
A Word from 2022 Atlanta REALTORS® President Karen Hatcher:
“The median and average sales prices continue to trend higher with a 15.1% increase in the median price and a 13.9% increase in the average price over 2021,” reports Atlanta REALTORS® Association President Karen Hatcher. “We are still seeing multiple offers within a few days for properties that are priced appropriately.”
“Sales are trending lower compared to last year with the rising interest rates being the main factor,” says Hatcher. “Despite this lower trend, the economic activity in the metro area coupled with domestic migration has kept demand strong with median days on the market at 7 and average days at 16.”
“We reached our highest inventory level since October 2020 with a 34% increase to 1.9 months, however, we are still well in a Seller’s market. Seller’s still have much to gain with the median sales price above $400,000 and the average price near $500,000 helping Metro Atlanta’s real estate market continue to thrive.”
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, Paulding, and Rockdale. 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.