Looking good. That's the short "to the point" summary of the greater Atlanta real estate market for the 3rd quarter of 2024. Fluctuations? Of course, but real estate is not the stock market and it must be looked at over several quarters to allow enough time for patterns to develop. Q3 especially; July sees closings from May and June, but vacations slow buyer activity. School cranks up in August, always slow as everyone adjusts. Labor Day signals the start of the fall market for the last few weeks of the quarter. It's a challenging but predictable pattern, which is why it's best to compare Q3 '24 to the previous ones. This data here considers the Atlanta real estate market as the counties of Fulton, Cobb, Cherokee, Dekalb, Forsyth, and Gwinnett.
Atlanta Real Estate Market Inventory
- Active listings are running 30K+- for Q2 & Q3
- Contracts and closings are down, but not the worst
- Listings are up, but several quarters have been 25K+
- Sellers include corp relocations, "life change" situations, and sellers hoping to capture equity
Days on Market for Atlanta Homes
- Marketing time increased as demand slowed
- Still in mid 30's, 45-90 days considered "balanced"
- Buyers have less pressure, time to be measured
- Some sellers sit with aspirationally overpriced priced homes
Atlanta Real Estate Absorption Levels
- In Q3 '24, the lowest percentage of homes contracted and closed
- 33.35% of listings contracted, 35.69% of listings closed
- Each category fell almost 11% compared to Q3 '23
- The percentages, while declining, remain above "typical" levels
Atlanta Real Estate Home Prices
- Appreciation rates that are perfect right here, right now
- Ebbs and flows are seen, but 2%-3% is a market friendly rate
- No drops from the post pandemic craziness
- Sanity returned with the the Fed actions
What to Expect...
The Atlanta real estate market has been and continues to be one of the strongest and most stable in the nation. We didn't "zoom up" with the pandemic and haven't had the withdrawals from idiotic activity. We're a boring, methodical, and somewhat predictable market - exactly what a real estate market should be. An extra large vanilla cone; sprinkles if you want them, then leave the area. There are things on the radar that will impact the market moving forward, those cannot be controlled while others can.
- Variables - US election, two shooting wars, record Fed & personal debt, low consumer confidence, rising cost of ownership, interest rates. new agent compensation laws...
- Greater Atlanta is largely balanced. Pockets exist where sellers still maintain the edge, but overall, the table is generally level
- Sellers must understand the post pandemic craziness is over; it’s not “name your price”
- Buyers must understand it’s not 2010-11; offers “20%-30% below list” are not productive
- Rates will likely hover around 5.75%-6%; adjustables might become popular again
- Work with PROFESSIONAL agents, that should be obvious from the last several years
The Hank Miller Team puts 35+ years of full time sales & appraisal experience to work for you. Act with complete confidence & make sound, decisive real estate decisions.
678-428-8276 and info@hmtatlanta.com
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