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.
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)
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:
- Cherokee Tribune & Ledger-News, “Georgia MLS: Cherokee County’s median home price at record high”
- The Newnan Times-Herald, “Sales of residential properties on the rise”
- Atlanta Agent Magazine, “May brings enormous increase in Atlanta home sales by dollar volume”
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