Atlanta Housing Market Trends: Summer 2022 Update
The summer of 2022 has brought fascinating developments to Atlanta’s housing market. With rising home prices, shifting sales activity, and evolving inventory levels, understanding the current trends is essential for buyers and sellers alike. Let’s take a closer look at what’s happening in Metro Atlanta this summer.
Home Prices Continue to Climb
If you’ve been following the housing market, you’re likely aware of the ongoing price appreciation. As of June 2022, the median sales price in Atlanta reached $435,000, a 17.6% increase compared to the same time last year. July saw a slight dip to $420,000, but that’s still a 15.1% year-over-year increase. This steady growth reflects the strong demand for homes in Atlanta, despite higher borrowing costs.
Sales Volumes Take a Dip
While prices are up, residential sales are trending in the opposite direction. June recorded 6,745 home sales, which is 19.6% fewer than last June. July followed suit with 5,815 sales, a 25.7% drop compared to 2021. Buyers are becoming more cautious, likely due to rising mortgage rates, yet the demand for quality homes in sought-after Atlanta neighborhoods remains resilient.
Inventory Levels are Rising
One silver lining for buyers this summer is the increasing inventory. In June, there were 10,604 homes available for sale, a 30.5% jump from last year. By July, inventory climbed to 12,112 units, up 34.6% year-over-year. The months’ supply of homes also rose to 1.6 months in June and 1.9 months in July, signaling a gradual move toward a more balanced market.
The Role of Mortgage Rates
Rising mortgage rates have had a noticeable impact on Atlanta’s housing market. Higher rates are cooling some of the buyer enthusiasm we saw in recent years. However, with Metro Atlanta’s strong job market and its appeal as a relocation destination, demand remains steady, keeping homes on the market for just about six days on average.
What This Means for Buyers and Sellers
For sellers, the summer of 2022 is still a great time to list your home, as prices are at record highs and properties are moving quickly. Buyers, on the other hand, may find some relief with the increased inventory, but the competition remains strong in popular neighborhoods. Acting decisively and working with a real estate professional can give you a much-needed edge.
Ready to Navigate Atlanta’s Summer Market?
The Atlanta housing market is dynamic, and making the right moves requires expert guidance. Whether you’re buying or selling this summer, Kristen Johnson Real Estate is here to help. With in-depth market knowledge and a commitment to your goals, we’ll make your real estate experience seamless and successful.
Contact Kristen Johnson Real Estate today to get started on your journey in Atlanta’s exciting housing market!