Market Briefs
Atlanta REALTORS® Market Brief: January 2024
February 26, 2024
January Highlights
The January 2024 Market Brief, compiled by First Multiple Listing Service (FMLS), provides a regionally focused synopsis of monthly sales and home prices for residential properties in Metro Atlanta. This summary covers 11 counties: Cherokee, Clayton, Cobb, DeKalb, Douglas, Fayette, Forsyth, Fulton, Gwinnett, Paulding, and Rockdale.
Demand: January residential sales were at 2,974, an increase of 2.9% from the previous year.
Price: Average and median sales prices continue to outpace 2022’s figures, with positive gains. The median sales price in January was $400,000, an increase of 6.7% from last January. The average sales price was $481,500, up 9.1% from the previous year.
Supply: Atlanta area housing inventory totaled 10,380 units in January, an increase of 0.6% from January 2023. New listings totaled 6,214, up 7.2% from January 2023 and up 61.5% from the previous month. The month’s supply over a 12-month period increased to 2.3 months.
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A Word from 2024 Atlanta REALTORS® President Kelly Guin Thrash:
"Reflecting on our recent market analysis, December revealed a familiar decline in sales, attributed to various factors including the impact of higher interest rates. However, the dawn of January paints a different picture with a notable surge in activity, sparking optimism for the months ahead," reports Atlanta REALTORS® Association President Kelly Guin Thrash.
"Though sales experienced a downturn, subtle price increases offer a glimmer of hope for a more stable growth trajectory in 2024. Yet, as inventory tightens and buyer hesitancy persists, challenges loom despite potential rate cuts on the horizon," says Thrash.
"In response, it's crucial for both sellers and buyers to recalibrate their expectations. Sellers should adopt objective pricing strategies and brace for longer listing periods, while buyers must seize current opportunities amidst evolving market conditions. Waiting for lower rates may invite heightened competition, potentially offsetting future savings," states Kelly.
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The data in this report was compiled by First Multiple Listing Service (FMLS). For more information on details of this month's report, please contact the Association at 404.250.0051.
About the GRBOR Market Brief
The Greater Rome Board of REALTORS® (GRBOR) Market Brief is compiled by Georgia Multiple Listing Service (GAMLS).For more information on details of this month's report, please contact the Board at 404.845.4025.
*Each month, the numbers reported for the previous month are updated to reflect additional recordings.
About the Greater Rome Board of REALTORS®
The Greater Rome Board of REALTORS® (GRBOR) has been an instrumental factor in the growth of real estate in Floyd County, Georgia for more than a decade. GRBOR serves as a central source of information for its members, with mainly focusing on real estate education, the promotion of professionalism in the industry and representing REALTORS® members with legislative initiatives to create positive change for the real estate community.
About Georgia Multiple Listing Service
Since 1962 Georgia MLS has been providing real estate professionals with exceptional service, proven technology solutions, and unmatched value. With a laser-sharp focus on making the day-to-day tasks of our MLS subscribers more functional, more productive, and more profitable, we continue to implement the service blueprint that has led to our continued growth. For additional information or to start a discussion about how to partner with GAMLS please contact georgiamls@gamls.com.