As the U.S. starts to reopen, Georgia is one of the first few states to ease stay-at-home orders and reopen businesses. More recently, Malls throughout the Atlanta area have slowly been opening their doors.
Currently, the housing market in Atlanta is leaning towards a buyers’ market with a cool market temperature, according to Zillow. Additionally, Atlanta home values have gone up 3.4% over the past year and Zillow predicts that they will fall by 1.5% within the next year.
As of Spring 2020, housing inventory remains tight across the Atlanta metro area, as reported by Metro Depth. Additional reports indicate that there will be a continuation of this trend into 2021, with a lower amount of homes for sale on the market combined with a raised buyer interest.
For Atlanta homebuyers in need of a mortgage loan, the average rate for a 30-year fixed mortgage has been hovering below 4%.
Three of Atlanta’s pricier areas include Midtown Atlanta, North Springs, and Buckhead. In
Midtown Atlanta, the average sale price has gone up 5.7% since last year to $313,000.
Currently, properties are 2.3% under list price in the area.
Typically, homes spend 43.5 days on the market and 52 homes have been sold in the past month. According to Realtor, there are 594 active listings in the Midtown area.
Meanwhile, in North Springs, the average sale price is $385,000, and has gone up by 101.3% since last year. On average, active homes are 2.1% under the list price, and spend 64 days in the market. According to Realtor, there are 424 active listings in North Springs.
In Buckhead, the average sales price this month is $463,000, which has gone down by 19.4% since last year. Active listings are 2.8% under price and spend an average of 67 days on the market. There are currently 1,927 active listings in Buckhead, according to Realtor.
Ultimately, Atlanta’s market demonstrates a slight dip, as evident in several residential markets across the country. However, reports indicate that there continues to be a significant number of active listings as well as steady homebuyer interest.
