January Highlights
The January 2024 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 2,974, an increase of 2.9% from the previous year.
Price: Average and median sales prices continue to outpace 2022’s figures, with positive gains. The median sales price in January was $400,000, an increase of 6.7% from last January. The average sales price was $481,500, up 9.1% from the previous year.
Supply: Atlanta area housing inventory totaled 10,380 units in January, an increase of 0.6% from January 2023. New listings totaled 6,214, up 7.2% from January 2023 and up 61.5% from the previous month. The month’s supply over a 12-month period increased to 2.3 months.
A Word from 2024 Atlanta REALTORS® President Kelly Guin Thrash:
“Reflecting on our recent market analysis, December revealed a familiar decline in sales, attributed to various factors including the impact of higher interest rates. However, the dawn of January paints a different picture with a notable surge in activity, sparking optimism for the months ahead,” reports Atlanta REALTORS® Association President Kelly Guin Thrash.
“Though sales experienced a downturn, subtle price increases offer a glimmer of hope for a more stable growth trajectory in 2024. Yet, as inventory tightens and buyer hesitancy persists, challenges loom despite potential rate cuts on the horizon,” says Thrash.
“In response, it’s crucial for both sellers and buyers to recalibrate their expectations. Sellers should adopt objective pricing strategies and brace for longer listing periods, while buyers must seize current opportunities amidst evolving market conditions. Waiting for lower rates may invite heightened competition, potentially offsetting future savings,” states Kelly.
