Welcome to fall in Atlanta! The LaMon Team with Keller Williams Buckhead is excited to share our Q3 2022 Atlanta Real Estate Market Report. It provides valuable insights into how our neighborhoods are performing and what to expect from the winter housing market.
In order to analyze the impact of key dynamics that drive home pricing and overall Metro Atlanta market conditions, we look deep into key metrics. To understand current statistics and predict future trends, one must study the historic data!
There is no substitute for understanding the specifics of each local market, and that is the benefit of hiring us as your trusted advisors.
The real estate industry is going through a significant change driven by US and local economics. Over the past two years, the pandemic generated an excess of real estate sales with historic low inventory causing price appreciation and growth.
We refer to this market as an Acute Seller’s Market.
As the market continues to shift away from this acute state, it is believed that it will move towards a more “normal market” and will look more closely like 2019 (Pre-Pandemic). Historically January is the slowest month of sales, building into the peak in June/July Summer market. We then see seasonal adjustment starting in August/September.
This is exactly what we saw this year while comparing to anomalies of the previous years!
The unemployment rate is historically low in Metro Atlanta and is encouraging as this is a major factor for the housing industry. Interest rates are continuing to rise as the Federal Reserve attempts to curb inflation, using Interest rate increases as the primary tool. We have seen a slowing market.
The number of sales in September, for example, was down 27% from September 2021. But because of the lingering shortage of inventory, median price rose 14% over September 2021.
While we can generalize statistics, the real answers are in what is happening hyper-locally in your neighborhood or the neighborhoods you are considering as a future home. Contact us to discuss your needs - let us help you make a great decision and build a life you love!
Get assistance in determining current property value, crafting a competitive offer, writing and negotiating a contract, and much more. Contact us today.