Atlanta Home Sellers Must Adjust to the Balancing Market - Fall '24

As the Greater Atlanta real estate market continues to stabilize, Atlanta home sellers must adjust to the balancing market. The Fed mission of slowing the post pandemic nonsense was achieved; this market is largely balanced. Inventory challenges remain of course, but for sellers, it’s no longer “name your price”. While a few sellers in select areas maintain some sway, the majority will either listen to the market or see their homes sit. Don't be stubborn, the Greater Atlanta real estate market is returning to the more predictable, pre-pandemic patterns.

Atlanta Real Estate Inventory

• The spring/summer ’24 market saw the highest listing inventory in several years
• Homes going under contract were slightly below previous years
• Closed sales were also a bit under previous spring/summer markets
• Listing increases are due to relocations (Atlanta is a transitory market), normal life events, and sellers looking to take advantage of still rising (albeit slower) home prices

Atlanta Real Estate Activity

• The spring/summer ’24 market was well below the previous ones in contracts and sales
• Contracts peaked in Mar ’24 and dropped through September
• Closings peaked in May ’24 and dropped through September
• Spring of ’24 saw a range of 18% to 28% of listings contract and 19% to 26% of listings close.

Atlanta Real Estate Days to Sell

• The spring/summer ’24 market is elevated compared to ’22 and ‘23
• The early spring rush was March through May
• Summer was elevated despite rates stabilizing and talk of cuts
• A balanced market is 60-90 days, so despite increases, this is not overly concerning

Atlanta Home Seller Takeaways

• Inventory has increased, the market is in lower part of the "balanced" range
• 20%-25% of listings made it to the closing table Q3 '24. Let that sink in.
• Select areas remain competitive, but those are now the exception
• As Q4 ’24 opens, market variables are many (election, economy, rates, new agent rules)
• Homes that sell will be accurately priced, well presented, and expertly marketed.
• Agent compensation changes are affecting the market!

The pandemic nonsense is over, sellers cannot afford to be stubborn. We expect the Spring ’25 market to remain balanced, which of course means that buyers will have as much or more opportunity. Remember, in GA, agents are responsible for every aspect of the real estate transaction. Attorneys simply close the deals and ensure properly transfer of title and any mortgage lien requirements. Qualify your agent – real estate is easy, until it’s not.

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