2023 Q3 Market Snapshot | Anderson McCarter Team, Engel & Völkers

Q3 2023 Atlanta Market Snapshot

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MARKET SNAPSHOT 2 0 2 3

Q 3

A T L A N T A , G E O R G I A

ANDERSON MCCARTER TEAM ENGEL & VÖLKERS ATLANTA Source: FMLS, InfoSparks, TrendGraphix, Q3 2023 (7/1/23 to 9/30/23) Kelly: 404-664-2479 • Lynnsey: 252-412-7455 andersonmccarterteam@evrealestate.com andersonmccarterteam.evatlanta.com

Source: 1/1/2021 – 7/31/2021 provided by FMLS

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Q3 2023 Atlanta Market Snapshot

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Market Snapshot 2 0 2 3

Q 3

A T L A N T A , G E O R G I A

Source: FMLS, InfoSparks, TrendGraphix, Q3 2023 (7/1/23 to 9/30/23)

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Q3 2023 Atlanta Market Snapshot

Market Overview

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4-6

Single-Family Homes Outside the Perimeter

7 - 18

Townhomes the Perimeter

Source: FMLS, InfoSparks, TrendGraphix, Q3 2023 (7/1/23 to 9/30/23)

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19 - 27

Q3 2023 Atlanta Market Snapshot

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Market Overview Many prognosticators projected that mortgage interest rates would begin to moderate by Q3 2023. The close of this quarter marked 15 months of mortgage interest rate increases, with rates moving past the 7% mark by the end of September. Two factors, new listings, and mortgage interest rates, continue to be the main drivers of the Metro Atlanta market.

Q3 2023 at a Glance

Both are having an impact on the market and counteracting the other, stabilizing what feels like a very unstable environment.

When compared to Q2 2023,

listings. As new listings come into

Q3 2023 closed with slightly

the market, pending and closed

diminished numbers. There were

sales increase and, the average

14,412 closed sales in Q3 which

price increases as well. This trend

is 10% less than the 16,034 in

is consistent and occurs while

Q2 2023. The average price

mortgage rates are increasing.

decreased by 1.4% from $515,579 to $508,678. Inventory levels crept up to 2.3 months over 2 months in the previous quarter and, the average days on market

So, what does this trend tell us?

With the increase in interest rates,

14,412

Homes Sold

$508,678 Average Sale Price

homebuyers have become more selective than ever. If they must

decreased by 3 days from 30 to 27.

pay a higher interest rate, they

Mortgage interest rates continue

want from a home. Additionally,

to dominate news headlines and,

many buyers in the market today

while rates are the primary culprit

are paying cash. Rate does not

in the market slow down, monthly

factor into their decision. They

data demonstrates that lower

want to find the right home that

pending and closed sales trail

meets their needs. These buyers

a decrease in the number new

are willing to pay a premium for

won’t compromise on what they

2.3

Months of Inventory

27

Average Days On Market

Source: FMLS InfoSparks, Greater Atlanta Area (Cherokee, Clayton, Cobb, DeKalb, Douglas, Fayette, Forsyth, Fulton, Gwinnett, Henry, and Rockdale Counties) All home types, All price points, Rolling 3-months as of September 2023

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Q3 2023 Atlanta Market Snapshot

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the home that checks all their

the market. These homes make

The rest of this report provides

boxes. That is why, even in today’s

up the (still historically low) 2.3

a snapshot of key metrics by

higher rate environment, we are

months of inventory in the market.

home type (single-family homes,

seeing bidding wars for the best

To counteract the effects of

homes in the best locations. New

higher rates, sellers have begun

inventory brings homes into the

to offer price discounts and

market that meet the demands

substantial seller paid closing

and criteria of these homebuyers,

townhomes and, condominiums) and submarket, including neighborhoods Inside the Perimeter (ITP) and Outside the Perimeter (OTP).

costs to help homebuyers

To learn more about homes selling

buy down interest rates.

in your neighborhood or your dream

points.

Simultaneously, homebuyers have

location, reach out to your Engel &

become more interested in buy

Völkers Advisor for more detailed

While the most desirable homes

down programs that allow them to

information about trends in your

are selling, other homes that do

buy a home at a lower interest rate

area.

not meet homebuyer requirements

with the expectation they will be

and/or are overpriced are taking

able to refinance in the next 24 to

longer to sell and experiencing

36 months.

increasing the number of pending and closed sales and average price

Christa Huffstickler Founder & CEO Engel & Volkers Atlanta

price adjustments to try and meet

Metro Atlanta Market Summary (Q3 2023) Metro Atlanta Closed Sales Pending Sales Active Listings New Listings

14,400

q -17.1%

13,554

q -13.6%

10,579

q -18.5%

20,260

City of Atlanta 2,489

q -15.1%

2,374

q -11.7%

2,559

q -1.4%

4,251

ITP 2,836

q -15.9%

2,709

q -11.0%

2,834

q -5.0%

4,800

q -18.2%

q -8.4%

q -10.0%

Median Sale Price

$420,000 p +2.4%

$415,000 p +1.2%

$439,000 p +0.7%

Average Sale Price

$508,675 p +4.6%

$563,014 p +2.8%

$589,378 p +3.2%

Average Price Per Square Foot Average Sale Price to Original List Price Ratio Months of Inventory Average Days on Market

$214

p +2.9%

98.2%

q -0.4%

2.3

p +9.5%

27

p +35.0%

$284

p +2.2%

97.2%

q -0.8%

3.2

p +39.1%

31

p +40.9%

$293

p +3.2%

99.0%

q -1.0%

3.1

p +34.8%

30

p +36.4%

q Down Quarter-Over-Quarter (QOQ) p Up Quarter-Over-Quarter (QOQ)

Source: FMLS InfoSparks, Greater Atlanta Area/City of Atlanta/ITP, All home types, All price points, Rolling 3-months as of September 2023 (Q3 2023 over Q2 2023 change compared to rolling 3-months as of June 2023)

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Q3 2023 Atlanta Market Snapshot

Metro Atlanta New Listings Impact on Average Sale Price and Closed and Pending Sales

Source: FMLS InfoSparks, Greater Atlanta Area, All Home Types, January 2022 - September 2023

Metro Atlanta Supply Dynamics Summary (January 2022 - September 2023)

Source: FMLS InfoSparks, Greater Atlanta Area, All Home Types - January 2022 - September 2023

evatlanta.com

Q3 2023 Atlanta Market Snapshot

Metro Atlanta Pending and Closed Sales vs. Interest Rates (January 2022 - September 2023)

Source: FMLS InfoSparks, Greater Atlanta Area, All Home Types, January 2022 - September 2023

Metro Atlanta Home Inventory (January 2022 - September 2023)

Source: FMLS InfoSparks, Greater Atlanta Area, All Home Types, January 2022 - September 2023

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Q3 2023 Atlanta Market Snapshot

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Single-Family Homes OUTSIDE THE PERIMETER

Source: FMLS, InfoSparks, TrendGraphix, Q3 2023 (7/1/23 to 9/30/23)

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Q3 2023 Atlanta Market Snapshot

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Acworth

S IN GLE-FA M ILY H O M E S

333 Homes Sold

$415,000 Median Closed Sales Price

$483,296 Average Closed Sales Price

1.8

Months of Inventory

24

Average Days On Market

Alpharetta S IN GLE-FA M ILY H O M E S

269 Homes Sold

$750,000 Median Closed Sales Price

$880,012

Source: FMLS, InfoSparks, TrendGraphix, Q3 2023 (7/1/23 to 9/30/23)

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Average Closed Sales Price

1.8

Months of Inventory

19

Average Days On Market

Q3 2023 Atlanta Market Snapshot

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Canton S IN GLE- FA M ILY H O M E S

406 Homes Sold

$519,000 Median Closed Sales Price

$574,659 Average Closed Sales Price

2.3

Months of Inventory

30

Average Days On Market

Cumming S IN GLE -FA M ILY H O M E S

580 Homes Sold

$607,500 Median Closed Sales Price

$668,758 Average Closed Sales Price

1.6

Months of Inventory

18

Average Days On Market

Source: FMLS, InfoSparks, TrendGraphix, Q3 2023 (7/1/23 to 9/30/23)

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Q3 2023 Atlanta Market Snapshot

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Duluth S IN GLE- FA M ILY H O M E S

146 Homes Sold

$475,000 Median Closed Sales Price

$628,624 Average Closed Sales Price

1.7

Months of Inventory

17

Average Days On Market

Dunwoody S IN GLE-FA M I LY H O M E S

71

Homes Sold

$735,000 Median Closed Sales Price

Source: FMLS, InfoSparks, TrendGraphix, Q3 2023 (7/1/23 to 9/30/23)

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$831,219

Average Closed Sales Price

1.0

Months of Inventory

14

Average Days On Market

Q3 2023 Atlanta Market Snapshot

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East Cobb S IN GLE -FA M I LY H O M E S

502 Homes Sold

$540,000 Median Closed Sales Price

$650,495 Average Closed Sales Price

1.6

Months of Inventory

17

Average Days On Market

Johns Creek S IN GLE-FA M ILY H O M E S

99

Homes Sold

$745,000 Median Closed Sales Price

$935,107 Average Closed Sales Price

1.3

Months of Inventory

20

Average Days On Market

Source: FMLS, InfoSparks, TrendGraphix, Q3 2023 (7/1/23 to 9/30/23)

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Q3 2023 Atlanta Market Snapshot

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Kennesaw S IN GLE-FA M ILY H O M E S

250 Homes Sold

$425,000 Median Closed Sales Price

$497,496 Average Closed Sales Price

1.5

Months of Inventory

27

Average Days On Market

Lawrenceville S IN GLE-FA M I LY H O M E S

576 Homes Sold

$400,000 Median Closed Sales Price

$429,298 Average Closed Sales Price

Source: FMLS, InfoSparks, TrendGraphix, Q3 2023 (7/1/23 to 9/30/23)

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1.9

Months of Inventory

21

Average Days On Market

Q3 2023 Atlanta Market Snapshot

13

Mableton S IN GLE-FA M I LY H O M E S

98

Homes Sold

$410,000 Median Closed Sales Price

$438,564 Average Closed Sales Price

1.8

Months of Inventory

20

Average Days On Market

Marietta S IN GLE -FA M I LY H O M E S

770 Homes Sold

$499,000 Median Closed Sales Price

$591,555

Average Closed Sales Price

1.6

Months of Inventory

19

Average Days On Market

Source: FMLS, InfoSparks, TrendGraphix, Q3 2023 (7/1/23 to 9/30/23)

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Q3 2023 Atlanta Market Snapshot

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Milton S IN GLE -FA M ILY H O M E S

63

Homes Sold

$1,230,000 Median Closed Sales Price

$1,597,906 Average Closed Sales Price

3.8

Months of Inventory

22

Average Days On Market

Norcross S IN GLE- FA M ILY H O M E S

59

Homes Sold

$365,000 Median Closed Sales Price

$409,250

Source: FMLS, InfoSparks, TrendGraphix, Q3 2023 (7/1/23 to 9/30/23)

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Average Closed Sales Price

1.5

Months of Inventory

28

Average Days On Market

Q3 2023 Atlanta Market Snapshot

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Peachtree Corners S IN GLE- FA M ILY H O M E S

39

Homes Sold

$619,900 Median Closed Sales Price

$664,171

Average Closed Sales Price

1.1

Months of Inventory

19

Average Days On Market

Roswell S IN GLE -FA M ILY H O M E S

230 Homes Sold

$686,000 Median Closed Sales Price

$754,450 Average Closed Sales Price

1.5

Months of Inventory

17

Average Days On Market

Source: FMLS, InfoSparks, TrendGraphix, Q3 2023 (7/1/23 to 9/30/23)

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Q3 2023 Atlanta Market Snapshot

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Sandy Springs S IN GLE-FA M ILY H O M E S

95

Homes Sold

$911,888 Median Closed Sales Price

$1,136,918 Average Closed Sales Price

2.9

Months of Inventory

29

Average Days On Market

Smyrna S IN GLE- FA M I LY H O M E S

197 Homes Sold

$530,000 Median Closed Sales Price

Source: FMLS, InfoSparks, TrendGraphix, Q3 2023 (7/1/23 to 9/30/23)

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$577,534 Average Closed Sales Price

1.3

Months of Inventory

26

Average Days On Market

Q3 2023 Atlanta Market Snapshot

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Sugar Hill S IN GLE- FA M ILY H O M E S

63

Homes Sold

$500,000 Median Closed Sales Price

$520,413 Average Closed Sales Price

2.0

Months of Inventory

18

Average Days On Market

Suwanee S IN GLE -FA M I LY H O M E S

241 Homes Sold

$644,000 Median Closed Sales Price

$764,102 Average Closed Sales Price

1.4

Months of Inventory

16

Average Days On Market

Source: FMLS, InfoSparks, TrendGraphix, Q3 2023 (7/1/23 to 9/30/23)

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Q3 2023 Atlanta Market Snapshot

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Woodstock S IN GLE -FA M I LY H O M E S

319 Homes Sold

$467,500 Median Closed Sales Price

$524,391

Source: FMLS, InfoSparks, TrendGraphix, Q3 2023 (7/1/23 to 9/30/23)

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Average Closed Sales Price

1.5

Months of Inventory

23

Average Days On Market

Q3 2023 Atlanta Market Snapshot

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Townhomes OUTSIDE THE PERIMETER

Source: FMLS, InfoSparks, TrendGraphix, Q3 2023 (7/1/23 to 9/30/23)

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Q3 2023 Atlanta Market Snapshot

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Acworth TOWN HO M E S

28

Homes Sold

$307,000 Median Closed Sales Price

$335,984 Average Closed Sales Price

2.2

Months of Inventory

22

Average Days On Market

Canton TOWN HO M E S

23

Homes Sold

$450,000 Median Closed Sales Price

Source: FMLS, InfoSparks, TrendGraphix, Q3 2023 (7/1/23 to 9/30/23)

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$470,115

Average Closed Sales Price

3.1

Months of Inventory

33

Average Days On Market

Q3 2023 Atlanta Market Snapshot

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Cumming TOWN HO M E S

25

Homes Sold

$406,000 Median Closed Sales Price

$416,145

Average Closed Sales Price

1.4

Months of Inventory

25

Average Days On Market

Duluth TOWN HO M E S

60

Homes Sold

$375,000 Median Closed Sales Price

$384,941 Average Closed Sales Price

2.3

Months of Inventory

30

Average Days On Market

Source: FMLS, InfoSparks, TrendGraphix, Q3 2023 (7/1/23 to 9/30/23)

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Q3 2023 Atlanta Market Snapshot

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East Cobb TOWN HO M E S

60

Homes Sold

$399,500 Median Closed Sales Price

$404,631 Average Closed Sales Price

1.8

Months of Inventory

31

Average Days On Market

Kennesaw TOWN HO M E S

64

Homes Sold

$351,000 Median Closed Sales Price

$374,058 Average Closed Sales Price

Source: FMLS, InfoSparks, TrendGraphix, Q3 2023 (7/1/23 to 9/30/23)

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2.0

Months of Inventory

31

Average Days On Market

Q3 2023 Atlanta Market Snapshot

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Lawrenceville TOWN HO M E S

82

Homes Sold

$341,250 Median Closed Sales Price

$347,758 Average Closed Sales Price

3.0

Months of Inventory

28

Average Days On Market

Mableton TOWN HO M E S

66

Homes Sold

$372,240 Median Closed Sales Price

$354,778 Average Closed Sales Price

2.4

Months of Inventory

28

Average Days On Market

Source: FMLS, InfoSparks, TrendGraphix, Q3 2023 (7/1/23 to 9/30/23)

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Q3 2023 Atlanta Market Snapshot

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Marietta/Smyrna/ Vinings TOWN HO M E S

180 Homes Sold

$404,500 Median Closed Sales Price

$401,347 Average Closed Sales Price

2.2

Months of Inventory

31

Average Days On Market

Milton TOWN HO M E S

14

Homes Sold

$734,500 Median Closed Sales Price

$748,214

Source: FMLS, InfoSparks, TrendGraphix, Q3 2023 (7/1/23 to 9/30/23)

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Average Closed Sales Price

2.4

Months of Inventory

39

Average Days On Market

Q3 2023 Atlanta Market Snapshot

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Norcross/Peachtree Corners TOWNH O M E S

77

Homes Sold

$432,000 Median Closed Sales Price

$431,317

Average Closed Sales Price

1.7

Months of Inventory

53

Average Days On Market

Roswell/Alpharetta/ Johns Creek TOWN HO M E S

184 Homes Sold

$550,000 Median Closed Sales Price

$596,904 Average Closed Sales Price

2.3

Months of Inventory

29

Average Days On Market

Source: FMLS, InfoSparks, TrendGraphix, Q3 2023 (7/1/23 to 9/30/23)

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Q3 2023 Atlanta Market Snapshot

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Sandy Springs/Dunwoody/ Perimeter TOWN HO M E S

90

Homes Sold

$386,500 Median Closed Sales Price

$439,890 Average Closed Sales Price

1.7

Months of Inventory

22

Average Days On Market

Suwanee TOWN HO M E S

30

Homes Sold

$490,000 Median Closed Sales Price

$480,997

Source: FMLS, InfoSparks, TrendGraphix, Q3 2023 (7/1/23 to 9/30/23)

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Average Closed Sales Price

2.2

Months of Inventory

30

Average Days On Market

Q3 2023 Atlanta Market Snapshot

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Woodstock TOWN HO M E S

79

Homes Sold

$435,000 Median Closed Sales Price

$445,133

Average Closed Sales Price

1.6

Months of Inventory

28

Average Days On Market

Source: FMLS, InfoSparks, TrendGraphix, Q3 2023 (7/1/23 to 9/30/23)

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Q3 2023 Atlanta Market Snapshot

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Key Indicators Glossary The following key indicators are used throughout this report to describe market trends:

Active Listings

New Listings

Closed Sales

Properties that are currently listed for sale on FMLS. Additional properties may be for

New listings are those that have been added to FMLS in a given month. They

Closed sales represent homes that have sold and transactions have been finalized.

sale at any given time— such as for-sale by owner homes or off-market listings— but are not included in the count of “active listings” in this report if they are not in the FMLS database.

do not include active listings that were entered in previous months.

This indicator tends to lag market trends slightly because properties typically close one to two months after an offer has been accepted and buyers have locked their interest rates.

Pending Sales

Sale Price

Sale Price to List Price Ratio

Pending sales are properties that have accepted an offer from a buyer and is in the due diligence period. The sales transaction has not happened yet. This is a leading indicator because it give us insight into how buyers and sellers are reacting to the most current market conditions.

The sale price is the final amount paid for a home. It is measured as either an average or a median, with the average price tending to be skewed higher by the highest priced homes. It does not reflect seller concessions, such as closing costs that may have been paid.

The sale price to list price ratio (SP/LP) indicates if a home sold at (100%), above (>100%), or below (<100%) the listed asking price. The sale price to original list price ratio (SP/OLP) compares the sale price to the original asking price, as the current asking price may have reflected price changes.

Days on Market

Months of Inventory

Days on market (DOM) measures how Months of inventory indicates how long it would likely take to sell currently listed long it takes from the time a home is homes, if no new inventory were added. It is measured as a ratio of active listings to listed until the owner signs a contract homes sold. 5 to 6 months of inventory is considered a balanced market. Less than 6 for the sale of a property. This tends months supply tends to favor sellers, and more tends to favor buyers. to vary based on the desirability of a Source: FMLS, InfoSparks, TrendGraphix, given property, market conditions, Q3 and2023 (7/1/23 to 9/30/23) season.

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