As we start a new decade in 2020, I continue to see a healthy residential real estate market both nationally and locally. With ongoing low interest rates and the latest data analysis over the past three months, I believe we will continue to see a strong momentum going into the new year.
Most likely, you are familiar with the fact that spring and summer are the busiest time of year for residential real estate. During these seasons, the housing market can be extremely competitive and lately sellers have been able to get top asking prices for homes.
However, wintertime is a different story. If you’re in the market for a new home and willing to take some extra time to look, then winter is a great buying opportunity due to decreased competition and lower prices.
As we get into the fall season, I continue to see strength in the residential real estate market. With recent rate cuts and the latest data analysis over the past three months, I believe we will continue the positive momentum from the summer into the fall.
In this post, I will provide an update on both the national and Atlanta residential real estate markets.
Median US home sale prices were up 5.2% in August, on a rolling 12-month basis. The median home price in May was $252,500. This growth is slower than the growth measured at the same time last year. Nevertheless, we continue to see steady growth in the US residential real estate market and an ongoing positive outlook for sellers.
The average number of days homes have been on the market in August increased by 7.5% from the same time last year. This trend could be helpful for fall buyers looking for a little more leverage. Comparing this to August 2018 there was a slight decline in average days on the market.
Likewise, In August, we’ve seen an uptick in supply of 10.7% over the rolling 12 month period. This is most likely influencing the increase in the average number of days on the market as buyers now have more choices.
All of this indicates that we continue to trend toward a more balanced market. In fact, new construction increased by 12% in August. This is a good sign that the market is still healthy, as builders see ongoing demand.
Atlanta continues to outpace national growth. Median Atlanta home sale prices were up 7.6% in August, on a rolling 12-month basis. The median home price in August was $299,000, well above the national median price. Comparatively, in August 2018, the median home price was $278,000.
The average number of days homes have been on the market in August increased 5% from the same time last year. This is lower than national averages, indicating that Atlanta still has strong competition and continues to lean towards a seller’s market.
Nevertheless, monthly supply continues to increase as more new construction projects are completed, which is favorable for buyers. Supply has increased by 30% since August of last year. Despite this significant increase, Atlanta is still struggling to meet demand and therefore has not seen a significant shift to a full buyers market yet.
With low-interest rates, strong price growth, and new construction becoming available, I expect Atlanta to maintain both a strong selling and buying market through the fall and winter months.
Are you interested in buying or selling your home this fall, taking advantage of the Atlanta growth new inventory? If so, please do not hesitate to contact me.
Residential real estate sales can slow down during the fall as buyers start to pull back, which reduces competition. Likewise, sellers are oftentimes worn out from the hectic summer selling season and are less aggressive. If you’re selling in the fall, you can use the slowdown to your advantage.
By putting in some extra effort, you can use the slower season to help attract good buyers and get maximum value for your home. Continue reading
If you’ve made your way through Midtown Atlanta recently, you can’t help but notice that new construction is booming! With all the new residential real estate, shops, restaurants, and endless events, it’s an exciting time to live in or visit Midtown.
With that being said, there are a lot of hidden gems in Midtown for dining out, self care and entertainment. In this post, I’ll highlight some of these insider spots as well as point out some of the upcoming places to keep on your radar.
As we transition into summer, we’re seeing growing strength in the residential real estate market. Based on recent data and my observations and analysis over the last three months, I believe we’ll have a strong upcoming quarter and summer season. Continue reading
It’s no secret that curb appeal can improve home value. After all, often times the front of your home is the buyers first impression. It can serve as an effective way to get buyers to consider your home. In fact, according to the famous home improvement specialist, Bob Vila, good landscaping and exterior improvements can add up to an estimated 20% increase in the value of your home.