The end of summer may be past the height of the inventory shortage finally. July 2021 marked the start of what may be a cooldown of the intense Georgia housing market. Though real estate activity is typically strong through the end of summer, we observed multiple areas of month-over-month decreases. For more details on real estate activity in the Atlanta metro core, visit Atlanta Agent Magazine.
Georgia MLS members across our entire footprint achieved over $4.7 billion in residential home sales during July, an increase of +12.3% over the same period last year though slightly under last month (-4.0%). Atlanta Agent Magazine gives the metro housing market a general “thumbs up” despite continued stress in housing inventory.
- Atlanta MSA: $3.86B (+14.5% y/y, -5.4% m/m)
- 12-county Atlanta Core: $3.33B (+13.6% y/y, -6.9% m/m)
Sales volume is driven in part by the strong seller’s market conditions as well as increasing median prices. The median Georgia MLS home price remains $315,000 (+19.3% y/y, flat m/m). The Bureau of Labor Statistics reports that rising construction prices are one of the main drivers of increased home prices.
- Atlanta MSA: $332,500 (+21.0% y/y, -0.4% m/m)
- 12-county Atlanta Core: $349,000 (+22.5% y/y, -0.3% m/m)
12,508 residential units were sold in July 2021 throughout our membership (-5.2% y/y, -3.1% m/m). Georgia buyers are facing tough competition for properties from institutional buyers who buy homes to flip or turn into single-family renters.
- Atlanta MSA: 9,776 units sold (-4.8% y/y, -4.1% m/m)
- 12-county Atlanta Core: 8,067 units sold (-6.1% y/y, -5.4% m/m)
The Georgia MLS membership currently has 15,238 new listings (+3.6% y/y, -2.7% m/m). 13,188 active listings are currently on the market, over a third less of the active listings available last year (-35.4% y/y, +14.0% m/m). 14,767 listings were under contract in July (-12.7% y/y, -5.7% m/m).
- Atlanta MSA: 11,856 new listings (+2.0% y/y, -2.1% m/m), 9,431 active listings (-37.2% y/y, +14.7% m/m), 11,440 under contract listings (-13.4% y/y, -5.9% m/m)
- 12-county Atlanta Core: 9,776 new listings (flat y/y, -2.7% m/m), 7,621 active listings (-39.1% y/y, +14.3% m/m), 9,399 under contract listings (-14.0% y/y, -6.0% m/m)
However, active listings across our membership have risen for the third straight month since the record-breaking low in April. As more listings become available, home prices may level out as bidding wars and buyer urgency level out.
As always, Georgia MLS is committed to supporting real estate professionals across the state. If you have any questions, please call us at 770-493-9000 or email email@example.com.