The 2023 real estate market in Atlanta continues to be a dynamic and changing environment. According to the latest statistics for February 2023, the real estate market in Atlanta saw some ups and downs in different areas. Let’s dive deeper into the data and see what it means for those who are looking to buy or sell a property in and around Atlanta.
Starting with the North Fulton area, we saw a significant decline of 32% in new listings compared to the same month last year. However, the average sales price has increased by 2% to $664,231. The days on the market (DOM) increased 105% to 39 days, meaning that it takes longer to sell a property in this area than it did last year. For detached homes, the average sales price increased by 6% to $765,477, while attached homes had a more modest increase of 3% to $470,673.
Moving to East Cobb, the trend was similar with a decline of 27% in new listings compared to February 2022. However, the average sales price has remained stable at $513,107. The DOM increased by 38 days, showing that homes are taking longer to sell than they did last year. For attached homes, the average sales price increased by 26% to $371,634, while detached homes had a decrease of 2% to $537,572.
In the Buckhead area, there was a decline of 25% in new listings, but the total active listings have increased by 33%. The number of sales for detached homes decreased by 61%, which is a significant drop compared to the same month last year. However, the average sales price for attached homes has remained stable at $439,570, while detached homes had a decrease of 7% to $1,113,050. The DOM for a home in Buckhead decreased slightly to 42 days.
In the Intown area, we saw a decline of 22% in new listings, but the total active listings have increased by 12%. The number of sales decreased by 52%, but the average sales price has increased by 5% to $581,622. The average price for a detached home rose to $728,571, and for attached homes $454,942.
Sandy Springs had a decline of 11% in new listings, but the total active listings have increased by 22%. The number of sales decreased by 35%, and the average sales price has increased by a whopping 96% to $1,626,156 for detached homes. The average sales price for attached homes has also increased by 29% to $376,434. The DOM for a home in Sandy Springs was 45 days, up from 23 last February.
Lastly, Brookhaven/Dunwoody had a decline of 12% in new listings, but the total active listings have increased by 34%. The number of sales in February decreased by 33%. The average sales price for a detached home rose 6% to $740,612. For attached homes, the average sales price had a decrease of 9% to $411,849.
Overall, the Metro Atlanta real estate market experienced a significant decrease in new listings and number of sales compared to February 2022. The number of new listings decreased by 18%, and the number of sales decreased by 37%. However, the average sales price increased by 3%, indicating that although there were fewer transactions, the properties that were sold fetched a higher price.
It’s interesting to note that the average days on the market increased from 24 to 46, which is a significant jump of 92%. This indicates that properties are taking longer to sell, possibly due to a return to seasonality which was not yet the case in February of 2022.
