Georgia MLS May Market Report

Late spring and early summer are the busiest selling seasons, and we’re beginning to return to that traditional seasonal sales cycle post-pandemic. Our members generated over five billion dollars in home sales in May, proving that the housing market is hotter than ever. Detailed insights into the May housing market performance are outlined below. You can also visit the Georgia MLS Market Statistics Page to view historic metrics since 2018.

Sales Volume

Georgia MLS members sold over $5.8 billion of residential real estate in May, both month-over-month (+32.6% over April 2022) and year-over-year (+35.9% over May 2021) increases. While sales volume and home prices are up, rising inventory levels may indicate decreasing pressure on home prices during the coming months.

  • Atlanta MSA: $4.9 billion (+37.6% y/y, +37.9% m/m)
  • 12-county Atlanta Core: $4.4 billion (+40.2% y/y, +43.4% m/m)

Housing affordability continues to weaken as the median sales price for residential homes across the Georgia MLS membership has continued to increase, but at a slower pace than the past few months, to $370,000 (+21.3% y/y and +2.8% m/m). According to Urbanize Atlanta, not only are the rising median home prices a huge issue, but the rising mortgage rates are also making it increasingly difficult to buy a home.

  • Atlanta MSA: $395,000 (+23.1% y/y, +3.9% m/m)
  • 12-county Atlanta Core: $409,000 (+20.5% y/y, +3.5% m/m)

Inventory

Georgia MLS members sold 11,169 residential units in May (-4.1% y/y, +6.2% m/m). According to John Ryan, our chief marketing strategist, in an interview with Fayette County News, even though the housing market has been more normal in 2022, it could be a few years before the supply catches up with demand. The steady increase in units sold and new and active listings is a step in the right direction, though.

  • Atlanta MSA: 8,409 units sold (-8.4% y/y, +5.1% m/m)
  • 12-county Atlanta Core: 6,908 units sold (-9.5% y/y, +5.7% m/m)

The Georgia MLS membership currently has 15,097 new listings, a 9.7% increase from May 2021 (+12.5% m/m). 13,457 active listings are currently on the market (+28.2% y/y, +16.6% m/m).

  • Atlanta MSA: 11,322 new listings (+6.0% y/y, +12.0% m/m), 9,305 active listings (+24.5% y/y, +16.1% m/m)
  • 12-county Atlanta Core: 9,224 new listings (+4.5% y/y, +13.1% m/m), 7,379 active listings (+20.1% y/y, +16.1% m/m)

In the middle of the third year of the pandemic, real estate professionals will have to work harder and harder for every sale. Take a look at the resources, products, and services available to Georgia MLS members to help give your business a competitive edge.

You can also find our additional insights on May’s housing numbers at the links below:

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 membership@Georgia MLS.com

Georgia MLS April Market Report

Compared to the beginning of this year, sales have increased greatly in the spring months. March saw an over 30% increase in sales volume for Georgia MLS members from the month before, and April stayed steady on this trend with only a slight drop off in homes sold. Atlanta Agent Magazine is confident that the growth of homes on the market in April could start a trend of increased housing inventory, easing pressures on potential first-time homebuyers and families looking to upgrade from starter homes. You can also visit the Georgia MLS Market Statistics page to view historic metrics since 2018.

Sales Volume

Georgia MLS members reached over $4.4 billion in total sales volume for April, an 5.0% increase over last year and a 1.6% decrease from March 2022. Atlanta Agent Magazine notes that after a massive increase in sales volume in March from the month before, April saw a decline in home sales despite more homes entering the market.

  • Atlanta MSA: $3.5 billion (+3.8% y/y, -1.2% m/m)
  • 12-county Atlanta Core: $3 billion (+2.0% y/y, flat m/m)

Housing affordability continues to weaken as the median sales price for residential homes across the Georgia MLS membership increased to $360,000 (+22% y/y and +2.9% m/m).

  • Atlanta MSA: $380,000 (+22.8% y/y, +4.1% m/m)
  • 12-county Atlanta Core: $394,000 (+21.7% y/y, +4.1% m/m)

Urbanize Atlanta notes that the median home price has risen tremendously during the last year and a half, with no evidence of letting up: “The federal reserve has enacted rate spikes of more than 2 percent in recent months as a means of taming inflation.”

Inventory

Georgia MLS members sold 10,453residential units in April (-10.6% y/y, -5.9% m/m).The membership saw a decrease in housing inventory over the last month compared to April the year before and March of this year. Residential inventory is at just0.86 months, indicating that if new listings stopped completely, there are only a few weeks of housing inventory available before no more sales could be completed. The number of active listings this month increased from March of 2022 which was at a historic low.

  • Atlanta MSA: 7,944 units sold (-12.6% y/y, -6.3% m/m)
  • 12-county Atlanta Core: 6,487 units sold (-14.0% y/y, -5.2% m/m)

The Georgia MLS membership currently has 13,414 new listings, a 9.0% decrease from April 2021 (-1.4% m/m). 11,541 active listings are currently on the market (+15.3% y/y, +18.0% m/m).

  • Atlanta MSA: 10,111 new listings (-12.3% y/y, -1.0% m/m), 8,013 active listings (+10.3% y/y, +19.2% m/m)
  • 12-county Atlanta Core: 8,158 new listings (-15.3% y/y, -1.7% m/m), 6,358 active listings (+6.4% y/y, +19.9% m/m)

This month saw the beginning of some positive trends to keep an eye on. As we enter the third year of the pandemic, real estate professionals will have to work harder and harder for every sale.Take a look at the resources, products, and services available to Georgia MLS members to help give your business a competitive edge.

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 membership@Georgia MLS.com.

Georgia MLS March Market Report

The spring season is also the traditional hot selling season. 2020 and 2021 broke conventional patterns due to pandemic conditions, but we’re predicting a more normal seasonal sales cycle for 2022. Our members are handling more business than ever, generating over four billion dollars in home sales in March. Detailed insights into the March housing market performance are outlined below. You can also visit the Georgia MLS Market Statistics page to view historic metrics since 2018.

Sales Volume

Georgia MLS members sold over $4.4 billion worth of residential real estate in March, both a month-over-month increase (+35.9% over February) and year-over-year (+9.4% over March 2021).  However, while dollar sales volume is strong, the total number of residential units actually sold is similar to levels seen in 2018 and 2019. Rapidly increasing median home prices are likely to account for this phenomenon. Atlanta Agent Magazine notes a “healthy month-over-month gain” in sales from February.

  • Atlanta MSA: $3.5 billion (+8.3% y/y, +34.2% m/m)
  • 12-county Atlanta Core: $2.99 billion (+5.6% y/y, +34.6% m/m)

Housing affordability continues to weaken as the median sales price for residential homes across the Georgia MLS membership increased to $350,000 (+22.8% y/y and +4.5% m/m). Inman says that, “High home prices, rising mortgage rates and economic uncertainty means only 24 percent of consumers think it’s a good time to buy a home,” a record low not seen since the height of the Great Recession in 2010.

  • Atlanta MSA: $356,000 (+8.4% y/y, +34.2% m/m)
  • 12-county Atlanta Core: $377,000 (+20.2% y/y, +3.2% m/m)
Image Credit: Federal Reserve Bank of Atlanta / Mapbox / OpenStreetMap

The Federal Reserve Bank of Atlanta sent shockwaves through the state by officially recognizing Dawson, Fulton, Gwinnett, DeKalb and Newton counties as unaffordable. This metric is determined by comparing the median pre-tax income of an area to that area’s median home prices and monthly cost of owning a home.  “Affordable” home costs generally do not exceed 30% of a household’s income. The dream of homeownership is now even further out of reach for the millions of residents in these five counties. Bloomberg reports that unaffordability is not unique to the Atlanta metro, with housing affordability a record lows across the nation. However, Nashville is the only other city to see such drastic decreases in affordability.

Image Credit: Federal Reserve Bank of Atlanta / Mapbox / OpenStreetMap

Inventory

Georgia MLS members sold 10,946 residential units in February (-6.9% y/y, +29.2% m/m). Active listings have continued to decline steadily since November 2021, again contributing to the upward pressure on home prices. The month-over-month pace of total units sold will likely level off in the next few months due to the highest levels of the spring selling season waning. We can hope that with the pandemic also seeming to decrease, along with a robust economic recovery, more sellers will be tempted to enter the market and ease inventory shortages.

  • Atlanta MSA: 8,353 units sold (-8.6% y/y, +27.1% m/m)
  • 12-county Atlanta Core: 6,734 units sold (-10.9% y/y, +27.0% m/m)

The Georgia MLS membership currently has 13,608 new listings, a -2.4% decrease from February 2021 (+26.3% m/m). 9,782 active listings are currently on the market (+1.8% y/y, -4.1% m/m).

  • Atlanta MSA: 10,215 new listings (-7.0% y/y, +25.8% m/m), 6,720 active listings (-2.3% y/y, -6.0% m/m)
  • 12-county Atlanta Core: 8,299 new listings (–8.2% y/y, +25.3% m/m), 5,302 active listings (-5.4% y/y, -7.5% m/m)

Take a look at the resources, products, and services available to GEORGIA MLS members to help give your business a competitive edge.

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 membership@Georgia MLS.com.

February Market Report

Residential housing inventory has remained at historic lows for months. February bounced back with an increase in new listings, which seems promising for potential buyers as the home-selling season gets underway. However, the median sales price throughout the Georgia MLS membership continues to rise, impairing buyers’ chances in the market if they do not act quickly, ready to make an offer. An in-depth analysis of February’s market data is included below. You can also visit the Georgia MLS Market Statistics page to view historic metrics since 2017.

Sales Volume

Georgia MLS members reached over $3.4 billion in total sales volume for February, an 20.4% increase over last year and a 21.6% increase over January 2022.  Despite the increase in sales volume, Atlanta Agent Magazine gives the metro housing market an overall thumbs down.

  • Atlanta MSA: $2.8 billion (+22.6% y/y, +27.6% m/m)
  • 12-county Atlanta Core: $2.2 billion (+11.7% y/y, +19.9% m/m)

Housing affordability continues to weaken as the median sales price for residential homes across the Georgia MLS membership increased to $335,000 (+24.1% y/y and +3.5% m/m).

  • Atlanta MSA: $352,000 (+23.5% y/y, +3.5% m/m)
  • 12-county Atlanta Core: $365,000 (+23.7% y/y, +3.7% m/m)

Politico reports that there are no quick or easy solutions to skyrocketing home prices, with many of the factors determining housing supply. Therefore, home prices are “very much determined at the local level, and to influence that from the federal level is very difficult.”

Inventory

Georgia MLS members sold 8,409 residential units in February (-4.3% y/y, +12.6% m/m). While the membership saw an uptick in housing inventory over last month, supply is still relatively low compared to last February, creating stiff competition among buyers. Residential inventory is at just 0.82 months, indicating that if new listings stopped completely, there are only a few weeks of housing inventory available before no more sales could be completed. Inman News explores five trends driving the inventory crisis, noting “This situation isn’t just pandemic-related.”

  • Atlanta MSA: 6,517 units sold (-4.0% y/y, +16.5% m/m)
  • 12-county Atlanta Core: 5,259 units sold (-6.5% y/y, +17.5% m/m)


The Georgia MLS membership currently has 10,775 new listings, a -0.8% decrease from February 2021 (+7.2% m/m). 10,197 active listings are currently on the market (-3.1% y/y, -4.5% m/m).

  • Atlanta MSA: 8,118 new listings (-3.7% y/y, +5.8% m/m), 7,151 active listings (-4.3% y/y, -6.1% m/m)
  • 12-county Atlanta Core: 6,624 new listings (-4.6% y/y, +6.9% m/m), 5,733 active listings (-6.6% y/y, -4.7% m/m)

According to an article in Time Magazine, the tightness in housing inventory and rising home prices is a result of not enough new homes being built but also, “a surge in investors purchasing single-family homes to rent out to families, further limiting supply, and a generation of Boomers who are choosing to age in place rather than sell their homes.” As we enter the third year of the pandemic, real estate professionals will have to work harder and harder for every sale. Take a look at the resources, products, and services available to GEORGIA MLS members to help give your business a competitive edge.

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 membership@Georgia MLS.com.

Reflecting on 60 Years

Founded in 1962, we are honored and humbled to announce that Georgia MLS has been serving the real estate industry for 60 years! We have certainly gone through many changes, as has the real estate industry. Here’s a look back at some of our most significant milestones since we first opened our doors:

Our First Home

We started at 340 W. Ponce de Leon Ave. in Decatur. While that location is now a Mellow Mushroom, you can find our office at 1414 Montreal Road in Tucker, where we’ve resided since 1989.

What Makes Our House A Home

One of the things we’re most proud of is the long-term relationships between our senior leadership team (listed in chronological order):

  • CFO Mike Canova, joined 2/5/1987
  • CMO John Ryan, joined 1/11/1993
  • CEO Richard Boone, joined 3/1/1993
  • Director of Education Bob Hart, joined 11/28/1993
  • CTO Brian Chew, joined 2/1/1999

Our longest-tenured employee is Sam Warner, who has been taking care of building maintenance and security since 1983!

Our “Homeowners”

Georgia MLS exists to support real estate professionals across the state and into Florida, Alabama, Tennessee, South Carolina and North Carolina. Empowering our members is one of the most important things we do, so we’d like to thank the brokers, agents and appraisers who have grown our business along the way.

  • April 1998 – Exceeded 10K members
  • March 2003 – Surpassed 20K members
  • March 2005 – Topped 30K members
  • July 2007 – Surpassed 40K
  • January 2022 – Exceeded 50K members

Our Neighbors

Georgia MLS isn’t the only one celebrating a diamond anniversary or their sexagenarian birthday. We’re in the company of these people and brands who are also turning 60 this year:

  • Actors and actresses including Matthew Broderick, Jim Carrey, Tom Cruise, Emilio Estevez, Jodie Foster, Demi Moore, Wesley Snipes, and Michelle Yeoh
  • Athletes such as Roger Clemens, Evander Holyfield and Ron Rivera
  • Houston Astros
  • James Bond movie franchise (featuring Sean Connery in Dr. No)
  • Marvel Comic characters Ant-Man, the Fantastic Four, Hulk, Spider-Man and Thor
  • Musicians such as Garth Brooks, Jon Bon Jovi, Sheryl Crow, MC Hammer and Axl Rose
  • Peace Corps
  • St. Jude Children’s Research Hospital
  • Taco Bell
  • Target
  • The Hollies
  • The Rolling Stones
  • Walmart

Notable events from the year of our “birth,” 1962, include:

  • The Nobel Prize in Physiology or Medicine is awarded to James D. Watson, Francis Crick and Maurice Wilkins for their work with DNA
  • Rachel Carson’s Silent Spring kicks off the environmentalism movement in the U.S.
  • John Glenn’s achievement as the first American to orbit the Earth
  • Cuban Missile Crisis
  • West Side Story wins the Oscar for Best Picture

Much has changed in the last 60 years, but Georgia MLS remains committed to making the market work. If you have any questions, please call us at 770-493-9000 or email membership@gamls.com.

Here’s to 60 more years!

Five Trends Sweeping the Housing Market In 2022

In 2022 several trends will shape the housing market as people continue to modify their habits that best fit their needs in the ever-evolving face of the pandemic. While lifestyle will be considered as a major housing trend in 2022, so will price point and housing availability as demand remains high and supply struggles to keep up. Below are the top five housing market trends to be on the lookout for in 2022 so you can pinpoint where you can generate leads to best fit your clientele.

1. Housing Supply Shortages

Active home listings have fallen 27% nationally in January 2022 compared to listings available in January 2021, but that’s not yet a cause for panic. Housing inventory is currently low, but projections state that many people have been getting their homes ready for sale and looking to list their homes on the market once we fully kick off the new year. Georgia’s housing market may also see a decrease in available listings due to high housing demand with the average contract being signed within the first few days of listing. With those facts in mind, being prepared with a pre-approved loan amount and realistic expectations about the buying and selling process will most benefit potential homeowners.

2. 2022 Will Remain a Sellers’ Market

 As mentioned above, real estate will continue to be a seller’s market. With supply remaining low and most buyers making cash offers above asking price, sellers will retain the advantage in transactions as people are still looking for a home that is remote work and family friendly. Also, mortgage rates are still at an all-time low, which promotes buyer’s eagerness to purchase as soon as possible to get a good deal in the already competitive market.

3. Price Appreciation Will Remain Steady

 While home sale prices rose 14% at the beginning of 2022, price appreciation will continue to grow more steadily than the previous year. Price appreciation will remain steady due to inflation and pandemic subsidizing, as 30-year-fixed mortgage rates slowly rise from 3% to 3.6%. Also, world health leaders continue to promote social distancing and remote work remains popular, causing housing demand to steadily climb, thus creating upward sales prices.

4. Lifestyle Changes Will Drive Buying Decisions

As people continue to work and learn from home, these shifts in daily life impact what people want in terms of space. And are willing to pay the price.  Luxury and custom-built homes are rising in many areas as homeowners desire the separation of work and play. This might include an extra bedroom used as an office or an oversized garage so people can workout at home instead of going to a crowded gym. Besides wanting extra indoor space, people are also looking to upgrade their outdoor spaces. Since more people are working from home, there is less need to worry about commutable distances and more focus on what amenities they can enjoy while nesting in their version of paradise.

  5. Rising Rent Prices In Large Cities Is Driving An Influx Of Home Buying In The Suburbs

Rent prices have a projected increase of 7.1% in 2022 and now that your average apartment is becoming less affordable than a fixed mortgage rate, more people are looking to buy. The suburbs offer more bang for your buck in terms of price per square footage, giving way to more people moving from crowded and high-cost apartment living; and opting for cheaper and more spacious options. People are also looking for better schools and outdoor activities that many crowded cities aren’t able to offer.

While the housing market continues to fluctuate, prospective sellers and buyers both face many advantages when it comes to their housing adventures in 2022. The market will remain steady and hopefully continue to grow as the year passes, thus creating opportunities for anyone wanting to dip their toe in the world of real estate.

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 membership@gamls.com.

Georgia MLS Celebrates 60 Years of Service to the Real Estate Community

Since our humble beginnings in 1962, Georgia MLS has been dedicated to providing our members the best tools, services, and education resources so that they may better serve their buying and selling clients.

Currently serving over 50,000 Brokers, Agents, and Appraisers across the Southeast, Georgia MLS members have consistently sold more homes, for the greatest amount of sales volume, than any other MLS in the state.

Thank you for your membership! We look forward to servicing you for many years to come.

connectMLS FAQs

The addition of the Listing Input Module in early November will complete the final stage of implementing connectMLS into our MLS “System of Choice” platforms.  With a focus on providing convenience, flexibility, and efficiency for real estate agents, the new feature will allow users to enter and edit listings from either connectMLS or Paragon. An in-depth description of connectMLS and its features is included below. For more information on how to navigate connectMLS, watch our Overview session.

WHY WOULD I USE CONNECTMLS? Designed to seamlessly adapt across all devices, connectMLS’s intuitive and feature-rich system enhances end user satisfaction by delivering real estate data through a modern online experience. 

WHAT FEATURES ARE INCLUDED? connectMLS features the ability to add/edit listings, create/save robust searches, access a number of reports, communicate with clients, and much more.  

WHAT CAN I CUSTOMIZE?  Featuring countless customization options, connectMLS allows users to tailor a system that meets their unique needs from prominent brokerage and agent branding options to moveable widgets, email templates, search defaults, display settings, and more.  

CAN I ACCESS CONNECTMLS ON A MOBILE DEVICE?  Built using responsive design technology, connectMLS provides a user-friendly experience on any smartphone, tablet, or computer.  

IS THERE AN APP TO DOWNLOAD?  connectMLS’s responsive and mobile friendly solution gives users the convenience of using an app without ever having to download one. The system provides full functionality and can automatically adjust its interface to resemble an app with large buttons and icons.    

WHERE WILL I INPUT MY LISTINGS? Agents will be able to add listings in connectMLS using the Listing Input feature ‘Add New Listing.’ Listings will be filtered through Paragon with the ability to enter and edit listings from either platform.  

HOW SOON WILL I SEE NEW LISTINGS?  New listings are displayed immediately in connectMLS to provide clients with real-time notification about listings that match their criteria.  

CAN I SEARCH FOR LISTINGS NEARBY? connectMLS’s mobile friendly solution makes it convenient to search for listings nearby. Users can view and interact with listings by entering any search criteria into connectMLS, centering the map on their location, and enabling the ‘Search while moving map’ feature.  

HOW DO I COMMUNICATE WITH CLIENTS?  Branded with the Agent’s information, the connectMLS client portal makes communication between agents and clients seamless by offering a timestamped feed of back-and-forth activity.  

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 support@gamls.com.

September Market Report

In a period marked by low inventory, the real estate market has yet to make a favorable transition towards a buyer’s market. Despite the month-over-month decrease in home sales, the housing market is continuing to experience an uptick in prices. An in-depth analysis of these estate industry metrics is included below. Visit the Georgia MLS Market Statistics page to view historic data visualization of key metrics since 2017. You can also see coverage of this month’s market report from Atlanta Agent Magazine.

Sales Volume

As housing affordability for first-time buyers weaken, the demand is dwindling with prices of residential homes being at an all-time high. Across the Georgia MLS membership, residential home sales reached over $4.1 billion, an increase over the same period last year (+7.3%) and a decrease over last month (-6.3%).

  • Atlanta MSA: $3.41 Billion (+8.9% y/y, -6.9% m/m)
  • 12-county Atlanta Core: $2.89 Billion (+7.1% y/y, -7.7% m/m)

Home prices should have started easing up at the beginning of fall, but instead they are sitting at their highest level for the year and may continue to rise, according to Realtor. The Georgia MLS homes median sales price is currently $315,000, an increase compared to this time last year (+18.0%) and a slight increase from August (+1.0%).

  • Atlanta MSA: $328,000 (+18.2% y/y, +0.9% m/m)
  • 12-county Atlanta Core: $340,000 (+17.2% y/y, +0.3% m/m)

Inventory

Although inventory levels are slowly climbing, housing inventories remain historically tight. Georgia MLS members sold 11,331 units in September, a decrease over the same period last year (-5.7%) and over August (-7.0%).  

  • Atlanta MSA: 8,821 units sold (-5.0% y/y, -7.6% m/m)
  • 12-county Atlanta Core: 7,151 units sold (-7.0% y/y, -8.8% m/m)

Our membership has 13,255 new listings, a 1.6% decrease from September 2020

(-8.9% m/m). 13,182 active listings are currently on the market (-25.8% y/y, -3.3% m/m). 14,284 listings were under contract in September (-5.9% y/y, -8.3% m/m)

  • Atlanta MSA: 10,182 new listings (-3.6% y/y, -9.6% m/m), 9,251 active listings (-28.9% y/y, -3.9% m/m), 10,955 under contract listings (-7.5% y/y, -10.1% m/m)
  • 12-county Atlanta Core: 8,389 new listings (-5.8% y/y, -9.7% m/m), 7,444 active listings (-31.9% y/y, -4.6% m/m), 9,056 under contract listings (-8.2% y/y, -9.4% m/m)

According to HousingWire, the surging prices in the real estate market show no relief in sight for buyers anytime soon as home prices are expected to rise another 16% by the end of 2022.

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 membership@gamls.com.

July Market Report

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.

Sales Volume

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)

Inventory

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 membership@gamls.com.