As we enter the spring season of 2023, the Metro Atlanta real estate market remains strong despite a decrease in new listings and the number of sales compared to the same period last year. According to the latest market results for March 2023, there were 6,704 new listings and 10,140 total active listings, which is a decrease of 17% in new listings but a 29% increase in total active listings compared to March 2022. The number of sales also decreased by 36%, while the average sales price increased by 3% to $482,920. Overall, the market is still favorable for both buyers and sellers, and it will be interesting to see how the market evolves in the coming months.
Let’s take a closer look at some of the key areas in the Atlanta market. In North Fulton, the number of new listings has decreased by 24%, while the total active listings have increased by 20%. The number of sales has dropped by 38%, but the average sales price has increased by 11% to $825,052. The average number of days on the market has also risen to 38 days.
Moving on to East Cobb, the number of new listings has decreased by 22%, and the total active listings have increased by 15%. The number of sales has decreased by 40%, and the average sales price has also slightly decreased by 3% to $503,535. The average number of days on the market has increased to 37 days.
In Buckhead, the number of new listings has decreased by 26%, and the total active listings have increased by 30%. The number of sales has decreased by 50% to 295, but the average sales price has increased by 2% to $770,228. The average number of days on the market has also slightly increased to 34 days.
In Intown, the number of new listings has decreased by 15%, and the total active listings have increased by 25%. The number of sales has decreased by 40%, and the average sales price has increased by 2% to $614,523. The average number of days on the market has increased 29 days.
In Sandy Springs, the number of new listings has decreased by 14%, and the total active listings have increased by 15%. The number of sales has decreased by 33%, but the average sales price decreased by 4% to $713,589. The average number of days on the market has also increased to 27 days.
Lastly, in Brookhaven/Dunwoody, the number of new listings has decreased by 34%, and the total active listings have increased by 14%. The number of sales has decreased by 31%, but the average sales price has increased by 7% to $676,248. The average number of days on the market has also increased to 32 days.
Overall, the luxury real estate market in Atlanta has experienced some changes since March 2022, but it remains a desirable destination for homebuyers. Despite a decrease in the number of sales, the average sales price has remained stable or increased, indicating that the market is still competitive. If you are in the market for a luxury property in the Atlanta area, Dorsey Alston Realtors can help you navigate the changing landscape and find the perfect home.
