Atlanta REALTORS® Association (ARA), the largest association of its kind in Georgia, released its August 2023 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 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, Fayette, Forsyth, Fulton, Gwinnett, 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.
Demand: August residential sales were at 5,088, a decrease of 15.0% from the previous year.
Price: Average and median sales prices continue to outpace 2022’s figures, with positive gains. The median sales price in August was $425,000, an increase of 4.7% from last August. The average sales price was $515,000, up 6.7% from the previous year.
Supply: Atlanta area housing inventory totaled 10,607 units in August, a decrease of 16.5% from August 2022. New listings totaled 6,896, down 15.2% from August 2022 and up 0.4% from the previous month. The month’s supply over a 12-month period increased to 2.3 months.
A Word from 2023 Atlanta REALTORS® President Michael Fischer:
“The total number of sales decreased 15% in August, representing the lowest year over year change in 2023,” reports Atlanta REALTORS® Association President Michael Fischer. “This corresponded with an increase in prices as Buyers and Sellers were eager to make deals ahead of the typically slower Fall market.”
“Responding to this price upswing, we’ve seen an increase in inventory with homeowners looking to capitalize on a robust Seller’s market,” says Fischer. “If inventory continues to rise, it will represent a shift toward more equilibrium in the market so it will be important to monitor this trend over the next several months.”
“In the face of elevated interest rates, the demand for housing in Atlanta remains strong with properties continuing to sell quickly,” stated Fischer. “This resilience reflects the enduring appeal of the metro-Atlanta housing market, with Buyers undeterred by numerous challenges in the marketplace.”
For more information or details on the reports, please contact Atlanta REALTORS® at 404-250-0051.
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.
