We are entering the fall and winter season with cooling pricing trends, increased inventory, and slightly lower mortgage rates. Buyers are slowly returning to the market as it moves towards balance after many months of volatility.

The National 30-year fixed rates sit around 6.25%, the lowest in over a year. If the FED remains dovish and cuts rates again in December, that could push the 30-year fixed even lower, further incentivizing buyers. 

Overall, the market is neutral and positioned for both buyers and sellers.

Below is my update on current residential real estate metrics nationally and locally, along with a summary of what Atlanta buyers and sellers can expect in the fall.

National Market Analysis [September]

Median home price: $415,200, up 2.1% from a year ago

Days on the market: 33 days, up from 28 days a year ago

Supply: 4.6 months, up from 4.2 months a year ago

Buyers & Region

First-time buyers accounted for 30% of national sales, and second-home buyers accounted for 15%.  

Home sales in the country’s southern region are up 6.9% from the same period last year, and the median home price in September was $364,500.

Atlanta Market Analysis [September]

Median home price: $399,000, down 1.6% from a year ago

Days on the market: 49 days, up 22% from a year ago

Supply: 4.7 months, up 20.5% from a year ago

Sales: up 6.7% from a year ago

Atlanta market overview 

The Atlanta market is well-balanced with both prices and inventory. With increased inventory, bidding wars have waned, and seller concessions and price adjustments have become more common. This is good news, as negotiation is more typical in a healthy, balanced market. 

I expect this trend to continue through the end of the year. Below is a short overview of what buyers and sellers can expect.

For Buyers: 

With falling mortgage rates and lower prices, buyers now have more buying power. This opens the door for access to more of the existing inventory. Higher optionality will create more opportunities to negotiate favorable outcomes for buyers.

Buyers can expect prices to stabilize or slightly decline through Q4, more choices, and some urgency to lock in rates before any further drop could trigger renewed competition.

If you are a buyer, consider getting pre-approved, then working closely with a realtor like me to help you find the right home and negotiate the appropriate price.

For Sellers: 

Sellers should work with a realtor to price homes appropriately to current market conditions and expect negotiations. I expect the market to reward sellers in highly desirable neighborhoods who price their homes competitively with high-quality staging. Sellers should expect increased buyer activity over the next several months. January could be a surprisingly active month if rates fall further in December.

Conclusion

Atlanta remains one of the best real estate markets in the country. We currently have a balanced, stable market that benefits both buyers and sellers. To optimize your buying or selling experience in this market, I highly recommend working with an experienced realtor like me.

If you’re ready to buy or sell a home this fall, don’t hesitate to contact me.