The January 2023 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: January residential sales were at 2,840, a decrease of 37.0% from the previous year.
Price: Average and median sales prices continue to outpace 2021’s figures, with positive gains. The median sales price in January was $375,000, a decrease of 0.0% from last January. The average sales price was $442,500, up 1.5% from the previous year.
Supply: Atlanta area housing inventory totaled 9,990 units in January, an increase of 48.8% from January 2022. New listings totaled 5,687, down 11.2% from January 2022 and up 47.0% from the previous month. The month’s supply over a 12-month period decreased to 1.8 months.
A Word from 2023 Atlanta REALTORS® President Michael Fischer:
“January sales were once again challenged by low inventory levels and the changes in mortgage interest rates,” reports Atlanta REALTORS® Association President Michael Fischer. “The positive news for sellers is that median sales prices have remained steady throughout most Atlanta submarkets with appreciation hovering around 1%.”
“Atlanta has been consistently ranked as one of the top cities in the US for job and population growth so looking ahead to the spring, we expect the demand for housing in Atlanta to remain strong.” says Fischer.