As the summer months transition into fall, the Metro Atlanta real estate market remains robust. In this August 2023 market report, we’ll explore the latest statistics and trends, offering valuable insights into the dynamic real estate landscape. While some fluctuations in new listings and sales volume are typical during this time of year, average sales prices continue to show strength in neighborhoods across the city.
North Fulton: In North Fulton, there was a 13% decrease in new listings compared to August 2022, resulting in a 22% reduction in total active listings. Despite this, the number of sales saw a moderate 22% decrease. Notably, the average sales price climbed by 7% to $789,924. Detached homes averaged $884,623, while attached homes averaged $551,993. On average, properties spent 17 days on the market.
East Cobb: East Cobb experienced an 18% reduction in new listings and a 14% decrease in the number of sales year-over-year. Nevertheless, the average sales price showed resilience, increasing by 6% to $609,334. Detached homes in East Cobb averaged $674,446, while attached homes averaged $341,321. The average days on the market stood at 16.
Buckhead: Buckhead recorded an 8% increase in new listings and a 30% drop in the number of sales compared to August 2022. This shift in sales dynamics, however, did not deter average sales prices, which surged by an impressive 17% to $858,360. Detached homes in Buckhead averaged $1,622,150, while attached homes averaged $469,121. On average, properties spent 29 days on the market.
Intown: Intown neighborhoods experienced an 8% decrease in new listings and a 13% drop in the number of sales year-over-year. Despite these changes, average sales prices demonstrated strength, increasing by 11% to $627,092. Detached homes in Intown averaged $827,841, while attached homes averaged $452,528. The average time on the market was 25 days.
Sandy Springs: Sandy Springs saw a 10% decrease in new listings, resulting in a 29% reduction in the number of sales compared to August 2022. Average sales prices, however, displayed resilience, increasing by 11% to $701,046. Detached homes in Sandy Springs commanded an average price of $1,061,796, while attached homes averaged $375,665. Properties spent an average of 20 days on the market.
Brookhaven/Dunwoody: In Brookhaven/Dunwoody, new listings decreased by 12%, and there was a 19% drop in the number of sales compared to the previous year. Nevertheless, average sales prices showed strength, increasing by 21% to $789,110. Detached homes averaged $941,781, while attached homes averaged $442,807. The average time on the market was 20 days.
Overall Market: Across the 11 counties of Metro Atlanta, new listings decreased by 12%, resulting in a 22% reduction in the number of sales compared to August 2022. However, average sales prices maintained their strength, increasing by 7% to $516,656. Detached homes averaged $551,412, while attached homes averaged $398,896. Properties spent an average of 25 days on the market.
Conclusion: The August 2023 Metro Atlanta real estate market experienced typical seasonal shifts, with a decrease in new listings and sales volume compared to the previous year. However, average sales prices continued to demonstrate strength and resilience across Metro Atlanta. As we move into the fall, staying informed about market dynamics is crucial for making informed real estate decisions.
If you have any questions or would like a more in-depth analysis of the current market, please don’t hesitate to reach out to our team. We’re here to provide you with the insights you need to navigate the evolving real estate market.
