Since my last update, the Fed cut interest rates, which took some pressure off mortgage rates and provided some relief for buyers. As of October 24th, the Freddie Mac 30-year fixed mortgage rate was 6.54%, rising slightly from the low established in September. 

As we move towards year-end, I am seeing green shoots in the market for buyers and sellers nationally and in the Atlanta metroplex. 

For buyers, inventory has been increasing, and prices have remained stable. For example, within the last month, I have two new home listings and six new luxury condos for lease, which you can see here. Likewise, as rates continue to improve, buyers have increased their purchasing power, improving affordability. 

For sellers, lower rates and strong demand increase the opportunity for faster turnarounds on properties and potential competition over price. 

Overall, we have a strong market heading into the fall. To help you make an informed decision in November, I have outlined the most recent data from a national and local market perspective.

National Market Analysis

The national median home price in September was $404,500, up 3% from September 2023. It’s the 15th consecutive month for year-over-year price increases. 

The national average for the number of days homes were on the market in September was 28, compared to 26 days in August 2024. 

The national supply for September is 4.3 months, up 26% from September 2023, when it was 3.4 months. 

First-time buyers accounted for 26% of sales in September, down from 27% from September 2023. Investors and second-home buyers accounted for 16% of home sales in September, down from 18% from September 2023.

Home sales in the country’s southern region are down 5.5% from September 2023. However, prices in the southern region have increased by .8% from September 2023. The median home price in the southern region during September was $359,700.

Atlanta Market Analysis

The Atlanta median home sale price in September was $425,000, up 3.7% from September 2023. The median sales price is 6% off it’s low of $400,000 at the beginning of the year.

The Atlanta average for the number of days homes were on the market in September was 37, compared to 30 days in September 2023. The average number of days homes are on the market is down 9.7% from the beginning of the year.

The Atlanta supply for September is 3.7 months, up 48% from September 2023. A healthy market has 4-6 months of supply, so Atlanta still has moderate supply challenges, but we have the highest supply in the last 3 years. It is also below the national average of 4.3 months.

Atlanta home sales in September were down 5.5% from September 2023 but up 38% from the beginning of 2024.

Atlanta is still challenged with finding a balance of supply and demand. However, due to its location, economy, business environment, and population growth, it continues to be one of the most resilient markets in the country.

Likewise, while I don’t have the final numbers, sellers have been listing homes this fall at the fastest pace I have seen this year. Intown listings have been increasingly popular and moving fast due to the fair prices from previous years. My current listing in Midtown at 845 Spring Street NW is an excellent example of this.

Atlanta’s market has been resilient and is starting to move in a positive direction. Right now, I see an excellent balanced opportunity for both buyers and sellers. 

Nevertheless, this fall, both buyers and sellers will need to stay informed about local market conditions, as trends can differ from one neighborhood to another in the metroplex. 

Buyers may find it an opportunistic time to negotiate or look into new construction projects, while sellers should price their homes competitively and be prepared for negotiations and buyer competition.

With so many nuances in this market, engaging with a knowledgeable and experienced Realtor like myself can be crucial for navigating the market effectively. If you are ready to buy or sell a home, please do not hesitate to contact me.