What is going on in North Atlanta right now?
I think a majority of those that are relatively in-tune with the market understand that we are not in the spot we were in during 21/early 22. That being said, to act like we are in a manic buyer's market is far from the truth as well. The metro Atlanta market has leveled out over the past 6 months. Interest rates have brought many buyers back down to reality in terms of affordability. Many sellers on the other hand haven't gotten the memo. Right now– buyers are shopping around like its 2010, and sellers are listing their properties like it's the spring of 2021. You might be wondering who is closer to the truth & like most things, the truth lies somewhere in the middle.
In January of 23, sellers still slightly have the upper hand. Part in fact because there is so little inventory available. If you filter out the crap & overpriced properties–there isn't much to choose from in many price points. This all being said, if I were to gauge where the Atlanta market sits– it is close to a balanced market. Sellers are still getting fair market value for their properties *if priced & marketed properly*, and buyers can negotiate contingencies & inspection items again. The main issue we have in the North Atlanta market is INVENTORY. Many sellers are on the sidelines, waiting for the storm to blow over, and market demand to pick back up in the spring. We are already starting to see that demand pick back up now in January. Buyers are starting to come back out of the woodworks. Unlike many over Covid, these buyers are cautious– looking at the data, taking their time, and making a rational investment decision.
Number of new listings on the market
Number of Sales in North Atlanta
Median closed price
Now you have the insight and the data. The long & short of it is–while this market is better for many than it was in 21– it is not for everyone. It doesn't make sense for everyone to buy & sell right now. However, for many who want or need to make a move in their life– now is a much more balanced market to do so. Sellers will still get good value and buyers are able to take their time & make an educated & rash decision.
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