As we head into summer, the housing market remains stable for both buyers and sellers. Mortgage rates are hovering around 6.2%, a real improvement from a year ago, when they were closer to 7%. National home prices are moderately up, about 1.4% year over year, and inventory has continued to improve throughout the spring. That means if you’ve been waiting on the sidelines, there are plenty of great opportunities in the market.

In Atlanta, the spring selling season brought a healthy pickup in activity. Closed sales jumped over 5% compared to last March, which is a good sign. Inventory is up about 6% year over year, and buyers looking in Midtown, Buckhead, Downtown, and surrounding intown neighborhoods have more to choose from than they did a year ago. Prices in the Atlanta metro have been essentially flat, which is healthy after the volatility of the past few years. For sellers, homes priced right and showing well are still getting multiple offers. Likewise, buyers now have more options and negotiating leverage than before the pandemic.

Bottom line: this summer’s market will reward buyers and sellers who are prepared and realistic. The conditions are fair, and the opportunities are excellent if you know where to look.

Below is my update on current residential real estate metrics nationally and locally.

National Market Analysis [MARCH]

Median home price: $408,800, up 1.4% from a year ago

Days on the market: 41 days, up from 36 days a year ago

Supply: 4.1 months, up from 3.6 months in February

Buyers & Region

First-time buyers accounted for 32% of national sales, and investors or second-home buyers accounted for 18%.

Home sales in the country’s southern region are up 2.2% from the same period last year, and the median home price in March was $362,600.

Atlanta Market Analysis [MARCH]

Median home price: $399,990, down 1.0% from a year ago

Days on the market: 78 days, up from the mid-60s a year ago

Supply: 4.2 months, up from 3.9 months a year ago

Sales: up 5.5% from a year ago

Conclusion

Atlanta’s job market and population growth remain strong. Closed sales in the Atlanta metro were up over 5% in March compared to last year, so buyers are no longer sitting on the sidelines. At the same time, prices have remained reasonable, which is the kind of sustainable, healthy market that I want to see.

If you’re a buyer, you have leverage right now with the higher inventory, giving you more time to find the right home at an appropriate price. If you’re a seller in a desirable intown neighborhood, appropriately priced homes continue to move quickly. For both buyers and sellers, having an experienced agent like me, who knows Midtown, Buckhead, and the surrounding neighborhoods, will make a real difference in this market.

Are you thinking about buying or selling a home this summer? Don’t hesitate to contact me, and I will help you navigate the market.