A study by Georgia Multiple Listing Service confirms what many have suspected, or already known, about Atlanta: there’s a huge shortage of homes for sale here.
In fact, according to the data — relayed recently in this news release by Virgent Realty — Atlanta’s shortage of homes is the worst in the whole freaking country as of May 2016.
One need only browse specific neighborhoods for single-family home listings on a site like Zillow or Estately for anecdotal confirmation that this city has the scarcest inventory of any major market.
In Cabbagetown, as of this morning, there’s currently two single-family homes available; in Reynoldstown, there’s seven; larger Old Fourth Ward boasts just 15; and so on.
The silver lining here? If you’re selling your home, it's a bona fide seller’s market out there, but the problem remains: upon selling, you’re hard-pressed to find another one if staying local. (Although, yes, a bump in equity could put you at higher price points, where competition typically wanes).
According to Virgent, median home prices are way up, while days on the market are down all across the region because of this historic housing inventory shortage.
While Atlanta’s shortage is the country’s worst, the exception to the rule is way-north-OTP Forsyth County — the only region where the trend has slowed from a year ago.
For homesellers not living in Forsyth, the market will continue to work in their favor as median prices are expected to rise in the near term with sellers testing the high end of the market, according to the data.
Thinking about selling? Now is the time, it would seem. But good luck finding another landing place in Atlanta.
- Atlanta Has No Inventory (And it's Great for Homesellers) [Virgent Realty]