Atlanta Metro Market Update for August 2021

Here are some things you should keep in mind when selling your house.

When I compare the peak buyer’s market in 2009 to the seller’s market of today, I’ve found some interesting statistics I’d like to share with you.

The number of active listings in 2009 was over 31,000 in metro Atlanta. By June of this year, we only have 4,583 homes available right now. The current supply of inventory is less than one month. We consider a balanced market to be six months of inventory. This is impacting the availability of homes for buyers. The median sales price of homes in 2009 was $143,000. Now it’s $400,000. That's a 280% increase in just 12 years. Fortunately, interest rates have remained at historic lows so that’s helping buyers out in this crazy market.

"Luxury is in high demand so if you're a seller, take advantage of this market."

In our luxury market, homes priced between $1 million and $1.5 million are selling within 17 days. Homes priced higher than $1.5 million are selling within 34 days. This is the slowest time on the market we've ever seen for luxury homes. The number of luxury homes sold this year compared to last year is up 159% for the $1 million and $1.5 million price range and up 247% for the over $1.5 million price range. Luxury is in high demand, so if you're a seller and you want to take advantage of this market, here are some things to keep in mind.

Don't overprice your home. Sellers are hearing that they can make a ton of money selling their home which is true in many cases. However, the buyers are very savvy. They know what they want, and they will not pay what they consider top dollar for a home that is not in good condition, not updated, or is overpriced.

Have your home professionally cleaned and staged. Those homes tend to sell much faster than homes that are not, and they sell over list price. You want to put your best foot forward and get top dollar.

If you have any further questions, please feel free to reach out to me via phone, text, or email.