Q4 2024 Market Snapshot
Across The Greater Atlanta Area
12,607 Homes Sold
$516,527 Average Sale Price
3.5 Months of Inventory
47 Average Days on Market
Our Q4 2024 (Q4) Market Snapshot is going to vary slightly from past reports. In addition to reviewing the final quarter of 2024, we wanted to look forward into 2025, share the market data for January 2025 and provide some insight into the new year.
In our last report, we highlighted the fact that, for the first time since Pre-Covid, Pending and Closed Sales trailed down even as Mortgage Interest Rates (MIR) declined, and we had a divergence of New Listings and Months of Supply (MOS). By the beginning of Q4, MIR began to increase again, which suppressed the Pending and Closed Sales in Q4.
The number of New Listings per month declined from 7,735 in October to 4,665 in December. This coupled with steady absorption in Q4 reduced the MOS from 3.7 to 3.1 by the end of the year.
MIR increased to 6.95% by the close of the quarter. Following historic seasonal and MIR trends, Q4 over Q3, Pending Sales decreased by 14.2% (11,210), Closed Sales decreased by 9.5% (12,607), New Listings decreased by 18.8% (18,066) and the Average Sale Price moderated by 2% to $516,627. The Average Days on Market (DOM) increased by 42.4% to 47 and the Average Sale Price to Original List Price decreased by .09% to 95.8%.
Historically, in Metro-Atlanta, fourth quarters do not end the year on a high note due to seasonal trends. In addition to seasonal trends, 2024 was an election year which caused many Buyers and Sellers to simply pause until the New Year. We reference historic and seasonal trends in most of our reports. In this report, we wanted to provide some insight into those trends through data. Referencing the chart labeled Metro-Atlanta Historic Supply Dynamics (January 2014 – January 2025) you will note that, in that period, each January, Pending Sales increase, followed by Closed Sales and Active Listings. Each July, all data points trend down and, return the market performance to where it began in January. The MOS moderates or directly trends with the number of Active Listings but, can diverge from Active Listings based on absorption. Looking back into Q4 and forward into January 2025, we can see that the number of Active Listings declined, and the MOS followed, closing out January 2025 at 3.4 months. Calculating the Average Days on Market for Metro-Atlanta during the period of January 2012 to January 2025 yields 45.2 days. We closed Q4 with an Average DOM of 47 which remains on par with the historical average. This data clearly demonstrates that, while the number of Pending, Closed Sales, Active Listings and MOS remain at historic lows, the Metro-Atlanta market is on trend and stable.
InQ3,itappearedthatlowerMIRdidnothavetheusualpositive impactonthemarket.TheresponsetoincreasingMIRinQ4, remindsusthatitcontinuestobeoneofthemaindriversbehind marketperformance. The number of New Listings decreased in Q4 negatively impacting the Average Sale Price. Affordability remains a key component with 64.3% of Closed Sales for all product types being $499,999 or less and 84.3% of Closed Sales for condominiums being $499,999 or less.
Although the data outlines a stable market, many Buyers and Sellers FEEL differently about the state of the market. Promises of lower MIR since 2022, low inventory levels with limited choices and the continuation of multiple offer situations have led to Buyer fatigue. Unrealistic expectations set by the COVID era regarding price and DOM have many Sellers perplexed about why their home has not sold in a shorter time period. Overwhelming amounts of news about the election and the state of the housing market continued to inundate Buyers and Sellers in Q4. It goes without saying that the compounding of these factors left many Buyers and Sellers overwhelmed and continued the “Great Pause”. Additionally, two snow events and substantial changes in government policies have stunted the ability and desire of many consumers to act in January.
Aswelookforwardinto2025,wemaintainourstancethatthe Metro-Atlantamarketremainsstableandbalanced. Market behavior is still tracking as it always has, there are simply fewer homes to sell and fewer transactions happening. That said, performance in the market can be submarket specific. Some product types and areas of MetroAtlanta are selling at higher price points with fewer DOM. Some homes are selling overnight with multiple offers while others are experiencing low activity levels and no offers.
On a national level, economists are cautiously optimistic, predicting a 9% increase in home sales and a 2% increase in home prices. Metro-Atlanta predictions include a 10% increase in home sales and a 1.5% increase in home prices. After years of double-digit appreciation, this moderation is healthy and necessary. Since 2022, predictions regarding the future of MIR have missed the mark again and again so, we won’t prognosticate or publish recent predictions. We will simply state that rates are still in a reasonable range, there are many options available to consumers that can mitigate the cost of a new mortgage and, if you need a new home, don’t wait for rates to reach an ideal point to make your move.
ThebottomlineisitisstillagoodtimetobeaBuyerorSeller.
This market can be confusing. Engaging a professional that will provide data and guidance to keep you well informed is more important than ever. Buyers should fully understand how submarkets they are interested in are performing, be fully approved and have their financing in order, know what opportunities exist or how competitive they need to be to win a home. Sellers need to put their best foot forward ensuring that their home is most appealing to the broadest consumer audience and that they have utilized recent data about their submarket, not their feeling or desire, to establish their price.
The rest of this report provides a snapshot of key metrics by home type (single-family homes, townhomes and condominiums) and submarket, including neighborhoods and cities Inside the Perimeter (ITP) and Outside the Perimeter (OTP).
To learn more about homes selling in your neighborhood or dream location, reach out to your Engel & Völkers Advisor for more detailed information about trends in your area and determine if now is the time for you to make your move.
Christa Huffstickler Founder and CEO, License Partner
Inside The Perimeter
Source: FMLS, InfoSparks, Q4 2024 (10/1/24 to 12/31/24)
$1,437,500
$680,450
Source: FMLS, InfoSparks, Q4 2024 (10/1/24 to 12/31/24)
Source: FMLS, InfoSparks, Q4 2024 (10/1/24 to 12/31/24)
Source: FMLS, InfoSparks, Q4 2024 (10/1/24 to 12/31/24)
Source: FMLS, InfoSparks, Q4 2024 (10/1/24 to 12/31/24)
Source: FMLS, InfoSparks, Q4 2024 (10/1/24 to 12/31/24)
Source: FMLS, InfoSparks, Q4 2024 (10/1/24 to 12/31/24)
$595,250
Source: FMLS, InfoSparks, Q4 2024 (10/1/24 to 12/31/24)
Source: FMLS, InfoSparks, Q4 2024 (10/1/24 to 12/31/24)
Source: FMLS, InfoSparks, Q4 2024 (10/1/24 to 12/31/24)
Source: FMLS, InfoSparks, Q4 2024 (10/1/24 to 12/31/24)
Source: FMLS, InfoSparks, Q4 2024 (10/1/24 to 12/31/24)
Source: FMLS, InfoSparks, Q4 2024 (10/1/24 to 12/31/24)
Source: FMLS, InfoSparks, Q4
Source: FMLS, InfoSparks, Q4 2024 (10/1/24 to 12/31/24)
Source: FMLS, InfoSparks, Q4 2024 (10/1/24 to 12/31/24)
Source: FMLS, InfoSparks, Q4 2024 (10/1/24 to 12/31/24)
Source: FMLS, InfoSparks, Q4 2024 (10/1/24 to 12/31/24)
Source: FMLS, InfoSparks, Q4 2024 (10/1/24 to
Source: FMLS, InfoSparks, Q4 2024 (10/1/24 to 12/31/24)
Source: FMLS, InfoSparks, Q4 2024 (10/1/24 to 12/31/24)
Source: FMLS, InfoSparks, Q4 2024 (10/1/24 to 12/31/24)
Source: FMLS, InfoSparks, Q4 2024 (10/1/24 to 12/31/24)
Source: FMLS, InfoSparks, Q4 2024 (10/1/24 to 12/31/24)
Source: FMLS, InfoSparks, Q4 2024 (10/1/24 to 12/31/24)
Source: FMLS, InfoSparks, Q4 2024 (10/1/24 to 12/31/24)
Source: FMLS, InfoSparks, Q4 2024 (10/1/24 to 12/31/24)
Source: FMLS, InfoSparks, Q4 2024 (10/1/24 to 12/31/24)
$267,500
Source: FMLS, InfoSparks, Q4 2024 (10/1/24 to 12/31/24)
$554,500
Source: FMLS, InfoSparks, Q4 2024 (10/1/24 to 12/31/24)
$355,050
Source: FMLS, InfoSparks, Q4 2024 (10/1/24 to 12/31/24)
Source: FMLS, InfoSparks, Q4 2024 (10/1/24 to 12/31/24)
$281,000
$249,500
Source: FMLS, InfoSparks, Q4 2024 (10/1/24 to 12/31/24)
Source: FMLS, InfoSparks, Q4 2024 (10/1/24 to 12/31/24)
Source: FMLS, InfoSparks, Q4 2024 (10/1/24 to 12/31/24)
2
2
$245,000
Source: FMLS, InfoSparks, Q4 2024 (10/1/24 to 12/31/24)
$725,000
Source: FMLS, InfoSparks, Q4 2024 (10/1/24 to 12/31/24)
$462,000
Source: FMLS, InfoSparks, Q4 2024 (10/1/24 to 12/31/24)
Source: FMLS, InfoSparks, Q4 2024 (10/1/24 to 12/31/24)
$417,500
Source: FMLS, InfoSparks, Q4 2024 (10/1/24 to 12/31/24)
Source: FMLS, InfoSparks, Q4 2024 (10/1/24 to 12/31/24)
Source: FMLS, InfoSparks, Q4 2024 (10/1/24 to 12/31/24)
$384,990
Source: FMLS, InfoSparks, Q4 2024 (10/1/24 to 12/31/24)
$735,000
Source: FMLS, InfoSparks, Q4 2024 (10/1/24 to 12/31/24)
$310,000
Source: FMLS, InfoSparks, Q4 2024 (10/1/24 to 12/31/24)
Source: FMLS, InfoSparks, Q4 2024 (10/1/24 to 12/31/24)
The following key indicators are used throughout this report to describe market trends:
Properties that are currently listed for sale on FMLS. Additional properties may be for 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.
New listings are those that have been added to FMLS in a given month. They do not include active listings that were entered in previous months.
Closed sales represent homes that have sold and transactions have been finalized. 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 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.
Days on market (DOM) measures how long it takes from the time a home is listed until the owner signs a contract for the sale of a property. This tends to vary based on the desirability of a given property, market conditions, and season.
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.
Months of inventory indicates how long it would likely take to sell currently listed homes, if no new inventory were added. It is measured as a ratio of active listings to homes sold. 5 to 6 months of inventory is considered a balanced market. Less than 6 months supply tends to favor sellers, and more tends to favor buyers.
