The housing market in metro Atlanta has seen a modest decline, with median home sale prices decreasing by 2 percent over the last year.
This trend places Atlanta among the most competitive real estate markets in the United States, as outlined in a recent report from Redfin, an online real estate company.
In contrast, national home-sale prices have reached a record high, hitting $396,500 during the four-week period ending June 15.
This represents a year-over-year increase of 1.1 percent, although prices have dipped about 5 percent since the beginning of the year.
Within the City of Atlanta, an astonishing listing for the most expensive home has emerged, priced at $37.8 million.
In another notable listing, a homeowner in Buckhead, a prestigious area in Fulton County, is seeking to sell an eight-bedroom, 11-and-a-half-bathroom residence for $11.9 million, according to Redfin.
Metro areas nearby, such as Marietta and Duluth, are also showing signs of a luxury market with multimillion-dollar home listings.
Redfin highlights a significant imbalance between the number of homes available for sale and the buyers in the market, estimating that there are 500,000 more homes than prospective buyers.
This imbalance creates a favorable negotiating environment for buyers, as sellers become more open to discussions about price.
The current median asking price for homes in the metro area stands at approximately $422,238, while the median sale price falls roughly $26,000 lower.
New listings have seen an uptick of 4.4 percent year-over-year, contributing to a 14.5 percent increase in total listings.
Conversely, pending sales have dipped by 1.5 percent year over year, alongside a 3 percent decrease in mortgage applications from the previous week.
These indicators suggest that high prices continue to make homeownership challenging for many potential buyers in the region.
Kelly Connally, a Redfin Premier agent based in Tulsa, Oklahoma, emphasized the importance of strategic pricing in this market.
“I’m explaining to sellers more and more that we need to be strategic in our pricing strategy because homes that are overpriced, even slightly, are likely to sit on the market and invite buyers to negotiate,” Connally stated.
She added, “Pricing is most important, but with fewer buyers than usual out there, sellers should also make sure their home is in excellent condition and be ready to make repairs upon inspection.”
Nonetheless, homes located in desirable areas and in pristine condition tend to remain popular and often sell at or even above asking price.
According to Redfin, the current mismatch between supply and demand in the housing market is likely to contribute to a decrease in home-sale prices nationwide by the year’s end.
Cities experiencing the largest year-over-year jumps in median sale prices include Philadelphia (+5.5 percent), New Brunswick, New Jersey (+5.4 percent), and New York City (+4 percent).
On the other hand, places like Oakland, California (-5.9 percent), Jacksonville, Florida (-3.9 percent), and Atlanta (-2 percent) have seen larger declines.
Cincinnati, Chicago, and Dallas have shown the most significant year-over-year increases in pending sales, while areas like San Jose and Fort Lauderdale report the steepest decreases.
Warren, Michigan, and Cincinnati lead in new listings, contributing to a more active market, while Atlanta exhibits a 6.6 percent decline in new listings year-over-year.
These developments reflect a complex and shifting housing landscape in metro Atlanta amid broader national trends.
image source from：patch
