Metro Atlanta Housing Tilts to Buyers With $493,000 Prices Flat and Contracts Down 10.2%
Updated
Updated · Rough Draft Atlanta · Jun 9
Metro Atlanta Housing Tilts to Buyers With $493,000 Prices Flat and Contracts Down 10.2%
1 articles · Updated · Rough Draft Atlanta · Jun 9
Summary
$493,000 average sold prices held essentially flat in metro Atlanta, but homes are taking longer to sell and buyers now have their strongest leverage in years.
10.2% fewer homes went under contract than a year earlier as high mortgage rates, economic uncertainty and the Iran war kept consumer confidence weak and widened the gap between buyer and seller expectations.
50 to 70 days on market has become common for many listings, while overpriced homes or properties needing work are seeing more price cuts; well-priced homes in prime locations can still draw multiple offers.
More inventory than at any point in over six years is helping first-time buyers re-enter the market and giving downsizing Baby Boomers and relocation buyers more options in a market experts describe as balanced rather than in downturn.