In this video I’m going to give you an Update on the real estate market in Metro Atlanta right off the bat one of The first things that we should know is That many of the headlines that we’ve Been seeing lately in the news and in Many of the media sources have been very Sensationalized lots of people have been Using the words like collapse or housing Market crash or at the sales prices are Going to implode and those kinds of Headlines I think we need to remember Are not really very specific yes housing Prices and average sold prices are going Down as they have been for quite a few Months now but they are not collapsing We’re not really seeing like a housing Market crash so I think it’s really Important that we take a look at the Specific numbers to see how the housing Market has been doing and not really Rely on these super insane articles and Headlines that we’ve been seeing lately This kind of insane titles that are Really just click bait are not very Helpful what we really need to know is Like what percentage are the home prices Going down you know those are the kinds Of specific numbers that we need to take A look at to really understand how the Housing market has been doing in metro Atlanta so let’s take a look at those Specific numbers make sure to stay to The end of the video because I have
Something I want to give you let’s take A look at the average number of days That a home is on the market before Going under contract this number really Gives us a good understanding of how Much competition there is among the Buyers who are looking to buy a home for Example last year when the market was Super crazy like in 2021 there was lots Of competition lots of buyers trying to Buy a home and the average days on Market was super low two or even three Days the lower that days on Market is The more competition that is indicated So as days are Market are increasing It’s starting to tell us that there’s Less and less competition in September Of this year the average days on market For listing was 14 days and then October Also 14 days last year in November the Average days on Market was 18 days so we Can certainly see that the average days On Market is increasing in metro Atlanta There is obviously less and less Competition among buyers in metro Atlanta and this is pretty commonly Understood I think with how interest Rates have been going up because Interest rates are going up there are Less people who are able to afford a Mortgage and so this means that there is Less competition I had quite a few People in the last market update video In the comments section asking me to
Kind of break these numbers down by the Different areas of metro Atlanta so Let’s talk about that for Cobb County The average days on Market was 13 days In September and then in October 14 days And then last month 15 days so again We’re seeing even in Cobb County that Number is increasing slowly a little More slowly in Cobb County so we’re Seeing a little less competition in Cobb County let’s take a look at Fulton County uh the average days on Market in Fulton County was 13 days in September 11 days in October and 17 days last Month and then in Gwinnett County the Average days on Market was 16 days in September 17 days in October and 21 days Last month in November so we’re kind of Seeing a similar pattern throughout the Different suburbs of metro Atlanta Gwinnett County though 21 days average Days on Market historically Gwinnett has Been always a very popular place to live A lot of demand and a lot of competition For people wanting to live in in Gwinnett County this would be cities Like Duluth or Suwanee Buford Norcross So there really has always been a lot of Competition there and what we’re seeing Is that there’s uh significantly less Competition in Gwinnett County than in Metro Atlanta as a whole let’s take a Look at the average sales price of the Homes in metro Atlanta of course if
You’re thinking about moving to Atlanta Or you just want to know what it’s like To live here feel free to call or text Anytime I’m more than happy to help Thank you so much to everyone who has Reached out my favorite thing to do in The world is help people get acquainted With my hometown so let’s take a look at The average sales price here in metro Atlanta in September of this year the Average sales price was about four Hundred and fourteen thousand and then In October the average sales price went Down to about 400 000 and last month in November the average sales price dropped To 396 000. so while we are seeing average Sales price is going down in metro Atlanta it’s not going down as quickly As it has been throughout the year for Example in June of this year the average Sales price was 440 so there was a big Drop kind of like in the middle of the Year there was a big drop in sales Prices but now that drop is slowly it is Slowing down uh and then in certain Parts of Georgia we’re actually seeing That number stabilize let’s take a look At the average sales price in Cobb County in Cobb County the average sales Price in September was 478 and then in October it was 486 and in November back Down to 476. so super interesting there Cobb County is one of the few counties
That has kind of had a bit of a back and Forth in the past few months in average Sales price it’s possible that we may be Seeing a stabilizing of the sales prices In Cobb County let’s talk about the Average sales price in full County Fulton is where you would find cities Like Atlanta also Alpharetta Roswell Sandy Springs and Fulton County the Average sales price in September of this Year was 620 000. October was 644 000 and in November it was 665 000. so super crazy in that pocket of Georgia we’re actually starting to see Sales prices go up a small amount now That is very interesting and certainly Something that will kind of keep our eye On and see how that progresses through The rest of the year but it is very Surprising so again we may be seeing a Stabilizing of the sales prices here in Georgia and then in Gwinnett County the Average sales price in September was 469 000 in October it was 442 000 and in November last month it was Four hundred and thirty thousand Probably the biggest factor that really Determines all of these numbers and how The housing market is doing really in Any part of the country is interest Rates let’s take a look at the interest Rates and how they have affected the Housing market in the last few months Remember that back in March of this year
Interest rates got as low as three maybe Three and a half percent and since then We’ve had a dramatic increase in Interest rates which is one of the Things that’s slowing down the housing Market in September the interest rates Got up to about 7.0 and then in October We saw interest rates Peak at about 7.6 Percent but last month interest rates For the first time in six or seven Months went down to about 6.6 percent so Again more indication that some of this Uh craziness in the housing market is Starting to stabilize interest rates Going down to 6.6 percent is huge news Especially for any somebody who is Considering buying a home in the near Future okay now let’s look at the Percentage of the sold price compared to The list price this is really one of the Best factors for determining which Direction the housing market is going With this number what we’re looking at Is what the average list price was of a Home and what that home sold for so back In 2021 when the housing market was Crazy for example the average sold price Was well over the list price many times People would list their homes at say 500 000 and while the list price was 500 000 The sole price would be as high as 600 000. it was very common for people who Were selling their home to receive Offers well over the list price it’s a
Day that’s less common but we can kind Of see what the percentage is are we Seeing the sold price far below the list Price are we seeing the sold price even With the list price this really kind of Gives us a good idea of which direction The housing market is headed for all of Metro Atlanta the average home got 99.2 Percent of its list price so it sold for 99 of its list price and then in October It was 98 so we kind of saw a bit of a Decrease in October from 99 to 98 but What’s super interesting is that just Last month in November we saw the Average home get 101 percent of its list Price so if the home was listed at 500 000 last month in November it got about 502 or 503 000 and this is a big change From the average for the last few months I think the reason we’re kind of seeing That swing is that many sellers have Started to realize that the housing Market has shifted and so whereas in the Beginning of this year and in the middle Of this year sellers didn’t really Realize that the market had shifted yet And we’re still listing their homes very High now sellers are realizing that they Can’t list their homes High because Listing your home too high of a price Will inevitably make your home sit on The market for a long time so now we’re Starting to see Sellers List their price At a more reasonable price this is I
Believe the reason why we’re seeing the Average sold price to list price be a Little more reasonable so while the Housing market is certainly slowing down We’re not having a housing crash we’re Not seeing a collapse in home prices in Fact in certain areas we’re seeing just The opposite and it’s super interesting That some of these numbers kind of Indicate that we’re seeing a stabilizing Of the market and much of this is really Dependent on how the interest rates go If we see interest rates climb to 10 by The end of the year I think it’s very Likely that home prices will not go up In the spring of 2022 but if interest Rates stabilize right there about seven Or eight percent I think that the home Values will increase again in the spring Of 2023. it’s certainly very hard to Tell it’s not really a good idea to try To predict what’s going to happen in the Housing market in the future I’m probably wrong so don’t take my word For it but I think these are kind of the Trends that we’re seeing overall in the Housing market we’re not seeing a Collapse we’re not seeing a housing Market crash we are seeing a Slowdown And I think in the winter it is very Normal for the housing market to kind of Have that slow down so I think it’s most Likely what we’ll see is that the Housing market picks back up in the
Spring of 2023. hey thanks so much for Staying to the end of the video I do Have something for you at the bottom of The description of this video I’ve put a PDF so that you can download all the Numbers that we talked about in this Video all of the numbers are right there Spelled out super easy to read of course If you have any questions about it you Literally can call or text me and I’m Happy to discuss some of the numbers That we’ve talked about today in the Video of course if you’re wanting to Know more about what it’s like to live In Atlanta click on this video I’ll see You there
