April 2021 continued the trend of a red-hot real estate market across Georgia. Visit the Georgia MLS Statistics page for historic data visualization of key metrics since 2017. An in-depth exploration of these estate industry metrics is included below. You can also see coverage of this month’s market report from Atlanta Agenta Magazine.
Georgia MLS members across our entire footprint achieved over $4.12 billion in residential home sales during April, an increase over the same period last year (+64.4%) and over last month (+3.4%). Peak selling season, typically through the spring and summer, has started and will likely continue to feed demand for the next several months.
- Atlanta MSA: $3.42B (+61.4% y/y, +4.2% m/m)
- 12-county Atlanta Core: $2.97B (+61.8% y/y, +4.6% 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 is now $295,000 (+15.2% y/y, +5.6% m/m). ABC News reports that, “Low interest rates and remote work have supercharged demand from homebuyers over the past year,” leading to the surge in home prices.
- Atlanta MSA: $309,907 (+16.9% y/y, +3.6% y/y)
- 12-county Atlanta Core: $324,250 (+16.8% y/y, +3.3% m/m)
11,612 residential units were sold in April 2021 throughout our membership (+35.2% y/y, -1.1% m/m). Residential sales did drop slightly from March to April, possibly due to the gradual easing on pent-up consumer demand as mortgage rates begin to tick back up and vaccines have become widely available. Inventory is also expected to rise, easing market pressures.
- Atlanta MSA: 9,042 units sold (+33.6% y/y, -1.0% m/m)
- 12-county Atlanta Core: 7,501 units sold (+34.7% y/y, -0.6% m/m)
The Georgia MLS membership currently has 14,706 new listings, a modest (+5.7%) increase from March 2020. 10,013 active listings are currently on the market, nearly two-thirds less of the active listings available last year (-62.5% y/y, +4.2% m/m). 15,182 listings were under contract in April (+38.3% y/y, -4.9% m/m).
- Atlanta MSA: 11,521 new listings (+21.7% y/y, +5.0% m/m); 7,267 active listings (-62.6% y/y, +5.6% m/m); 11,831 under contract listings (+36.1% y/y, -5.8% m/m)
- 12-county Atlanta Core: 9,622 new listings (+22.8% y/y, +6.5% m/m); 5,973 active listings (-62.5% y/y, +6.6% m/m); 9,739 under contract listings (+37.8% y/y, -5.8% m/m)
2021’s real estate activity started strong, and we only anticipate things to heat up throughout the spring and summer high season. Despite the feelings of frenzy, analysts predict that the housing market is not in any danger of a bubble, as in 2008. Both urban and suburban markets are thriving, and, “today the average 30-year fixed-rate mortgage remains near record lows, lenders rely on stricter underwriting requirements, and homeowners have more liquidity.”
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 firstname.lastname@example.org.