Atlanta Real Estate Market Update: November 2023 Highlights
Happy December! We're back with another monthly real estate update, this time focusing on the Atlanta market for November. Despite the feeling that inventory is down and prices are decreasing, we've got some interesting insights to share. Let's dive into the key statistics for the month.
Overview of November Real Estate Stats
Homes for Sale: Surprisingly, there were still 11,900 homes available in November, providing potential buyers with a decent selection.
New Listings: New listings increased by 2.5% year-over-year, totaling 5,219 for the month.
Sold Listings: However, sold listings were down by 24% year-over-year, with 3,700 homes sold in November.
Median Sales Price: The median sales price in Atlanta is $408,789, marking a 3.5% increase year-over-year.
Market Dynamics
Despite the apparent decrease in prices and an increase in inventory, Atlanta remains a seller's market. With 32 days on the market, the conditions are still favorable for sellers.
Time to Buy: A Secret Revealed
Here's a little secret for potential buyers: while interest rates are on the rise, buyers seem to be moving slowly. The market is witnessing price reductions, making it an opportune time to secure a great deal on a home. The key strategy? Snag that deal now and, in a few months to a year, when prices start rising again, consider refinancing. This way, buyers can lock in a great deal, benefit from a low-interest rate, and potentially eliminate PMI within a short period.
Holiday Wishes
The Atlanta real estate market for November 2023 showcases some interesting dynamics. Despite the apparent slowdown in sales and slight price reductions, the market remains favorable for sellers. For buyers, it's a unique opportunity to secure a great deal and potentially capitalize on future market trends. As we eagerly await the year-end stats in January, we can only wonder what exciting developments the Atlanta real estate market has in store. Wishing you all a happy holiday season and looking forward to an exciting start to the new year!