In this August 2021 Atlanta real estate market report the number of new listings coming to market in August was as low as we have seen this year, which is reflected in the lower number of sales in most Atlanta markets.
Prices continued to rise, albeit at a lower pace, and days on market dropped almost 50% when compared to last year. Across the metro Atlanta market, new listings were down nearly 20% on average, while sales prices were up an average of 7%.
Here’s the Dorsey Alston breakdown of what happened last month in the metro Atlanta housing market compared with the previous year’s same time.
The North Fulton market experienced the most significant uptick in the average sales price, up 15% to $619,945 from $537,239, while also seeing the most significant drop in the average number of days on the market, from 40 days in August 2020 to just 13 last month. New listings were down 16%.
In East Cobb, average list price was up 15.6%, to $541,855 from $468,774 in August last year. However, the average sales price, up 7%, was $468,251. The number of new listings dropped 19%, while the average days on the market was 16, a 56.8% drop.
Similarly, average list price was up 14% in Buckhead to $927,569, but the average sales price was $706,820. The number of new listings declined 28%, one of the largest drops compared to the other studied markets.
The number of new listings in Intown neighborhoods fell 28.9%, from 342 to 243. The number of days on the market fell to 18, while the closed price remained stable, $566,892 last month compared to $555,739 a year ago. The total number of sales Intown in August were down 16.7%.
Sandy Springs saw a 23.7% jump in the number of sales. It was one of the only close-in markets to see an increase. New listings were down 12.6%, from 231 to 202, and closed prices saw a slight decline, to $541,442 from $556,463 on average. The number of days on the market fell to an average of 18 from 39 a year ago.
The Brookhaven/Dunwoody area had a 7% average increase in closed sales price, to $563,716 from $526,591. New listings were down to 274 from 309, an 11.3% decline. It too saw a slight increase in close sales volume, 238 from 231 a year ago August.
August is traditionally a slow month for both new inventory and buyer interest, but by most accounts, the momentum has picked back up as we head into the fall.
For more information on the real estate market in your area, contact a Dorsey Alston agent today by visiting https://www.dorseyalston.com/agents
