Atlanta REALTORS Releases April 2023 Statistics on Housing Market
Tuesday, May 23rd, 2023
Atlanta REALTORS® Association (ARA), the largest association of its kind in Georgia, released its April 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.
Annual Comparison
|
|
April 2023 |
April 2022 |
% Change |
|
Total Home Sales |
4,661 |
6,538 |
-28.7% |
|
Median Sales Price |
$405,000 |
$410,000 |
-1.2% |
|
Average Sales Price |
$495,000 |
$498,500 |
-0.7% |
Previous Monthly Comparison
|
|
April 2023 |
March 2023 |
% Change |
|
Total Home Sales |
4,661 |
5,247 |
-11.2% |
|
Median Sales Price |
$405,000 |
$395,000 |
2.5% |
|
Average Sales Price |
$495,000 |
$476,500 |
3.9% |
Demand: April residential sales were at 4,661, a decrease of 28.7% from the previous year.
Price: Average and median sales prices declined for the first time since 2012. The median sales price in April was $405,000, a decrease of -1.2% from last April. The average sales price was $495,000, down -0.7% from the previous year.
Supply: Atlanta area housing inventory totaled 9,007 units in April, an increase of 14.2% from April 2022. New listings totaled 6,212, down 26.0% from April 2022 and down 12.8% from the previous month. The month’s supply over a 12-month period increased to 1.8 months.
Largest Metro Counties Sales Comparison
|
County |
Total Units Sold |
Median Sales Price |
Average Sales Price |
|
Cobb |
792 |
$415,000 |
$480,500 |
|
DeKalb |
692 |
$356,000 |
$454,500 |
|
Fulton |
1,070 |
$449,000 |
$606,500 |
|
Gwinnett |
837 |
$404,000 |
$454,500 |
A Word from 2023 Atlanta REALTORS® President, Michael Fischer:
“The impact of the quick rise in interest rates became apparent in the Atlanta real estate market in April with overall sales down 28%,” reports Atlanta REALTORS® Association President Michael Fischer. “Additionally, the median price was down 1.2% to $405,000 as we experienced our first annual decline in the median price in over 11 years.”
“Despite the decline in price, the median days on market remains extremely low, decreasing to 11 in April, compared to 18 days in March, indicating that homes are selling even faster than before,” says Fischer. “With new listings falling by 26% in April, the data supports the trend of homeowners putting off selling their homes amidst economic uncertainty and higher interest rates making the market tougher to navigate.”
“These market indicators may cause concern, but we are still seeing a competitive marketplace, high traffic on active listings, and strong value being placed on home ownership,” stated Fischer.
For more information or details on the reports, please contact Atlanta REALTORS® at 404-250-0051.
