Atlanta REALTORS® Association (ARA), the largest association of its kind in Georgia, released its July 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.
 

Demand: July residential sales were at 4,717, a decrease of 20.1% from the previous year.

Price: Average and median sales prices have fluctuate recently compared to 2022’s figures, with positive gains. The median sales price in July was $420,500, an increase of 0.1% from last July. The average sales price was $510,500, up 2.6% from the previous year.

Supply: Atlanta area housing inventory totaled 10,169 units in July, a decrease of 20.5% from July 2022. New listings totaled 6,842, down 23.0% from July 2022 and down 10.4% from the previous month. The month’s supply over a 12-month period increased to 2.1 months.
 

A Word from 2023 Atlanta REALTORS® President, Michael Fischer:

"As the new school year begins and summer draws to a close, the market continues to mirror recent trends,” reports Atlanta REALTORS® Association President Michael Fischer. “Closed sales are still low for the year and higher rates are pushing prices and days on market upwards.”

“Well-priced and appealing properties are swiftly changing hands, but Buyers, grappling with rising interest rates are exhibiting hesitance in pushing their budgets higher,” says Fischer.

“Heading into Fall, the focus will remain on rates,” stated Fischer. “Lower rates could offer a more advantageous lending environment for Buyers and unlock inventory from homeowners looking to make a move."

For more information or details on the reports, please contact Atlanta REALTORS® at 404-250-0051.