Q3 2023 Atlanta Market Snapshot
1
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
evatlanta.com
1
Q3 2023 Atlanta Market Snapshot
1
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)
evatlanta.com
Q3 2023 Atlanta Market Snapshot
Market Overview
2
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)
evatlanta.com
19 - 27
Q3 2023 Atlanta Market Snapshot
3
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
evatlanta.com
Q3 2023 Atlanta Market Snapshot
4
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)
evatlanta.com
5
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
evatlanta.com
6
Q3 2023 Atlanta Market Snapshot
7
Single-Family Homes OUTSIDE THE PERIMETER
Source: FMLS, InfoSparks, TrendGraphix, Q3 2023 (7/1/23 to 9/30/23)
evatlanta.com
Q3 2023 Atlanta Market Snapshot
8
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)
evatlanta.com
Average Closed Sales Price
1.8
Months of Inventory
19
Average Days On Market
Q3 2023 Atlanta Market Snapshot
9
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)
evatlanta.com
Q3 2023 Atlanta Market Snapshot
10
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)
evatlanta.com
$831,219
Average Closed Sales Price
1.0
Months of Inventory
14
Average Days On Market
Q3 2023 Atlanta Market Snapshot
11
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)
evatlanta.com
Q3 2023 Atlanta Market Snapshot
12
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)
evatlanta.com
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)
evatlanta.com
Q3 2023 Atlanta Market Snapshot
14
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)
evatlanta.com
Average Closed Sales Price
1.5
Months of Inventory
28
Average Days On Market
Q3 2023 Atlanta Market Snapshot
15
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)
evatlanta.com
Q3 2023 Atlanta Market Snapshot
16
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)
evatlanta.com
$577,534 Average Closed Sales Price
1.3
Months of Inventory
26
Average Days On Market
Q3 2023 Atlanta Market Snapshot
17
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)
evatlanta.com
Q3 2023 Atlanta Market Snapshot
18
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)
evatlanta.com
Average Closed Sales Price
1.5
Months of Inventory
23
Average Days On Market
Q3 2023 Atlanta Market Snapshot
19
Townhomes OUTSIDE THE PERIMETER
Source: FMLS, InfoSparks, TrendGraphix, Q3 2023 (7/1/23 to 9/30/23)
evatlanta.com
Q3 2023 Atlanta Market Snapshot
20
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)
evatlanta.com
$470,115
Average Closed Sales Price
3.1
Months of Inventory
33
Average Days On Market
Q3 2023 Atlanta Market Snapshot
21
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)
evatlanta.com
Q3 2023 Atlanta Market Snapshot
22
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)
evatlanta.com
2.0
Months of Inventory
31
Average Days On Market
Q3 2023 Atlanta Market Snapshot
23
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)
evatlanta.com
Q3 2023 Atlanta Market Snapshot
24
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)
evatlanta.com
Average Closed Sales Price
2.4
Months of Inventory
39
Average Days On Market
Q3 2023 Atlanta Market Snapshot
25
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)
evatlanta.com
Q3 2023 Atlanta Market Snapshot
26
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)
evatlanta.com
Average Closed Sales Price
2.2
Months of Inventory
30
Average Days On Market
Q3 2023 Atlanta Market Snapshot
27
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)
evatlanta.com
Q3 2023 Atlanta Market Snapshot
28
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.
evatlanta.com
Engel & Völkers Atlanta evatlanta.com | 404.845.7724 ©2023 Engel & Völkers. All rights reserved. Each brokerage independently owned and operated. All information provided is deemed reliable but is not guaranteed and should be independently verified. If your property is currently represented by a real estate broker, this is not an attempt to solicit your listing. Engel & Völkers and its independent license partners are Equal Opportunity Employers and fully support the principles of the Fair Housing Act.