Introducing Housing Numbers
To keep everyone in Atlanta informed and up-to-speed on what’s happening with real estate, the team at Jeff Taylor Real Estate Group brings you Housing Numbers, a consolidated monthly snapshot of the local and national real estate trends.
This month, the real estate numbers tell the story of a shifting market.
Real Estate Trends for August
Nationally, home values declined 0.3% in July (the largest decrease since 2011), but home values are up 14.1% year-over-year. The typical home in the United States is worth $356,054.
Also, it now takes a little longer to sell a house. On average, home listings now take 16 days longer to go pending; last year, it took ten days.
Mortgage rate swings are also causing problems for homebuyers. The mortgage rate increases in 2022 have increased monthly mortgage payments on a newly purchased typical home from $897 at the end of August 2019 to $1,643 last month. That’s an 83% increase from before the pandemic. This is making some buyers pause. The upside? This pause is increasing the overall inventory of homes, providing a slight increase in the inventory of existing homes for sale.
Metro Atlanta Trends
In Atlanta, home prices were up more than 13% over last year with the medium price of $415K
29.3% of homes listed sold over the list price according to Zillow. 32.6% of the homes had price drops, up 3.3% from this time last year. On average, homes in Atlanta sold after 25 days on the market compared to 24 days last year. There were 944 homes sold in August this year, down from 1,249 last year.
The Bottom Line
“The real estate market is still strong in Atlanta. Home prices are still increasing, but not at the same pace as last year, which is giving buyers opportunities. For sellers, potential buyers are serious and ready to make a deal before rates climb any higher.” said Jeff Taylor, Jeff Taylor Real Estate Group.
- The slowdown in price hikes is an opportunity for buyers because there is less competition for homes for sale.
- Rent in Atlanta is higher than this time last year, between 8% and 11%.
- Pick the right loan. Rates are anticipated to climb again in 2022, so now may be the time to lock in before that bump.
- Buyers are more serious and qualified, anxious to make a deal before rates go up again
- The drama of bidding wars is over, leading to less stressful negotiations and transactions.
- To win in the current market, price strategy is key to getting top dollar and a quick and smooth closing.
If you are a home buyer or home seller and need some advice, call us. We can help you analyze the best move for you.
Housing Numbers features data from Zillow and Redfin.