FROM OUR
PRINCIPAL BROKER
WESLEE KNAPP
It’s that time of year again... the end of the second quarter brings with it a typically slower housing market as buyers and sellers take that last vacation, prepare for the upcoming school year or simply retreat inside to avoid the heat.
That said, the housing market in Atlanta has remained surprisingly strong in Q2, despite fluctuations in capital markets during an election year that would usually be a recipe for a slowing market. Fluctuations in interest rates often shake consumer confidence and investor behavior, which can often make the market sluggish. And, the roller coaster ride in this election year has everyone on pins and needles, no matter their political leanings.
So, why the strong spring and early summer market in Atlanta? We believe there are a few reasons for that.
First, and probably most important, the message seems to be getting out that, even while interest rates are fluctuating up and down a bit, they are generally “up”. And, not coming down to the 3% rates we last saw in early 2022 any time soon. Buyers who continue to wait for rates to come down a point (or even two) may still likely still pay more for a home. Home Prices are continuing to rise, and investing now, even at a slightly higher rate, will mean a better price now and more opportunity for appreciation in the coming years. And, if rates do come down, buyers will have the opportunity to refinance.
In addition, Atlanta continues to be a relative bargain compared to other metropolitan markets. While prices continue to increase and affordability is a very real issue in our city, Atlanta still represents some of the lowest home prices compared to other cities nationwide. Atlanta is experiencing a renaissance, of sorts, with a focus on development to support high-density housing, commercial development and infrastructure needed to accommodate an influx of people relocating to our city.
Finally, demand for housing is still outpacing available inventory. While the pace of sales is a bit slower, it is due primarily to lack of homes on the market to sell vs. a sluggish market. "Eventually, more inventory will help boost home sales and tame home price gains in the upcoming months," said NAR Chief Economist Lawrence Yun.
One last note: Summer is a great time to buy a home in Atlanta! If you are considering a home purchase in 2024, consider that many buyers are taking a break right now. This means more homes to choose from and, often, more motivated sellers. Here at Keller Knapp Realty, our agents are ready to help buyers and sellers navigate the home buying and selling process during the slower summer months, ups and downs of the market and through the election cycle.
Hang on…the rest of 2024 will be an interesting ride!
Sincerely,
Weslee Knapp, REALTOR® Principal Broker, Owner Local Real Estate Expertise...
Like Only a Neighbor Can.
MARKET ANALYSIS
2ND QUARTER 2024
SINGLE-FAMILY HOMES
2ND QUARTER 2024 KEY METRICS
SINGLE-FAMILY HOMES
HOMES
SINGLE-FAMILY HOMES
#UNITS SOLD ~ 95
2ND QUARTER 2024 KEY METRICS
SINGLE-FAMILY HOMES
AVERAGE DAYS ON MARKET ~ 9
2ND QUARTER 2024 KEY METRICS
SINGLE-FAMILY HOMES
SOUTHEAST ATLANTA
Summerhill/Peoplestown
2ND QUARTER 2024 KEY METRICS
SINGLE-FAMILY HOMES
MARKET ANALYSIS
2ND QUARTER 2024
CONDOS & TOWNHOMES
Our overview of the Condo and Townhome market includes 5 Metro Atlanta Areas that make up approximately 85% of the total Residential Attached sales. These areas are rich in high-density and multi-family housing. We also present Condos and Townhomes separately, because there is a substantial price difference between the two types of homes.
2ND QUARTER 2024 KEY METRICS SALES PRICE
~ $337,617
CONDOS
TOWNHOMES
SALES PRICE ~ $590,000
2ND QUARTER 2024 KEY METRICS SALES PRICE
~ $311,000
CONDOS
TOWNHOMES
SALES
PRICE ~ $590,000
2ND QUARTER 2024 KEY METRICS
CONDOS
TOWNHOMES
SALES
PRICE ~ $550,170
2ND QUARTER 2024 KEY METRICS
CONDOS
TOWNHOMES
SALES
PRICE ~ $645,000
2ND QUARTER 2024 KEY METRICS
CONDOS
TOWNHOMES
EAST ATLANTA OFFICE