Welcome to our May 2023 Metro Atlanta Real Estate Market Update. In this report, we will dive into the latest statistics and trends to give you a comprehensive overview of the market. May continued to witness a decline in sales compared to the previous year, while average sales prices remained robust across various neighborhoods. Let’s explore the numbers and insights for each region.
North Fulton: The North Fulton area experienced a 22% decrease in new listings and a 30% drop in the number of sales compared to May 2022. However, average sales prices saw a promising increase of 10%, reaching $816,523. With an average of 21 days on the market, properties continued to move quickly. Detached homes averaged $923,701, while attached homes averaged $511,980.
East Cobb: In East Cobb, new listings decreased by 25% compared to last year, contributing to a 21% decrease in sales. Despite these declines, average sales prices rose by 10% to $625,222. Detached homes in East Cobb commanded an average price of $668,929, while attached homes averaged $344,575. Properties spent an average of 23 days on the market.
Buckhead: Buckhead saw a 17% decrease in new listings and a 29% drop in sales year-over-year. Nevertheless, average sales prices remained high at $874,665, showcasing a 8% decrease from the previous year. Detached homes in Buckhead averaged $1,491,655, while attached homes averaged $441,104. The average time on the market extended to 33 days.
Intown: In the Intown area, new listings decreased by 25%, resulting in a 34% decline in sales compared to May 2022. However, average sales prices showed resilience, increasing by 3% to $650,845. Detached homes in Intown averaged $816,310, while attached homes averaged $474,011. The average days on the market stood at 21.
Sandy Springs: Sandy Springs experienced a 14% decrease in new listings and a 42% drop in sales. However, average sales prices defied the trend, rising by 15% to $864,483. Detached homes in Sandy Springs commanded an average price of $1,324,563, while attached homes averaged $377,858. Properties spent an average of 18 days on the market.
Brookhaven/Dunwoody: Brookhaven/Dunwoody witnessed a 28% decrease in new listings and a 30% decline in sales compared to May 2022. Nonetheless, average sales prices demonstrated strength, increasing by 10% to $778,297. Detached homes in the area averaged $904,232, while attached homes averaged $493,287. The average time on the market was 17 days.
Metro Atlanta: Across the 11 counties of Metro Atlanta, new listings decreased by 20%, leading to a 28% drop in sales. However, average sales prices remained steady, with a 2% increase to $527,167. Properties spent an average of 29 days on the market. Detached homes averaged $565,873, while attached homes averaged $394,960.
The May 2023 Metro Atlanta real estate market experienced a decline in sales volume, reflecting the ongoing challenges of higher interest rates and inventory shortages. However, average sales prices continued to show resilience and upward momentum in most parts of town. As we navigate through this dynamic market, it’s crucial to stay informed and work with experienced professionals who can guide you through the buying or selling process.
If you have any questions or are interested in exploring the current market in more detail, please don’t hesitate to reach out to our team. We are here to assist you in making informed real estate decisions.
