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.
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 4.1% in November, on a rolling 12-month basis. The median home price in November was $255,000. This growth is down from the growth measured at the same time last year. Nevertheless, there is an ongoing upward growth trend in the US residential real estate market which is viewed as a positive outlook for sellers.
The average number of days homes have been on the market in November increased by 2.2% from the same time last year. This trend could be helpful for fall buyers looking for a little more leverage. Comparing this to November 2018 there was a slight uptick on average days on the market.
Likewise, In November, supply continues to trend up at 10.7% or 3.1 months 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 have a strong and healthy residential real estate market going into 2020. In fact, realtor.com predicts that January will be a hot month for buyers and sellers. And as I mentioned in my previous post, winter is a great time to buy a home.
Atlanta continues to outpace national growth. Median Atlanta home sale prices were up 5.3% in August, on a rolling 12-month basis. The median home price in November was $300,000, well above the national median price. Comparatively, in November 2018, the median home price was $285,000.
The average number of days homes have been on the market in August increased by 6.8% from the same time last year. This is higher than national averages, indicating that Atlanta is beginning to build up more inventory, allowing for more choices and less competition among buyers.
Monthly supply continues to increase as more new construction projects are completed, it is up 37% on a rolling 12-month basis. Supply in November was at 3.7 months. Despite this significant increase, there is still heavy demand in the Atlanta market, especially on intown real estate and more businesses and people move into the metroplex.
With low interest rates, strong price growth, and increased inventory, I expect Atlanta to maintain both a strong and healthy selling and buying market well into 2020.
Are you interested in buying or selling your home in the new year? If so, please do not hesitate to contact me.