Report: Atlanta housing market still heating up as inventory shrinks

Atlanta homebuyers beware: Despite the onset of real estate’s slow season, you may find it increasingly hard to score the home of your dreams.

According to a recent Redfin report, metro Atlanta’s housing inventory is shrinking, and the homes that are available are flying off the market.

Based on data for the four weeks ending October 14, the report states Atlanta’s housing inventory is down 19.7 percent from the same time last year.

Plus, more than one-fourth, or 28.8 percent, of homes for sale are going off market within two weeks.

To add to these interesting findings, the report also says 21.1 percent of homes sold are doing so above list price.

A caveat to that finding, though, is that the number remains below 2016 levels, when 25.5 percent of homes were selling for more than asking price, according to a September Redfin report.

One reason Redfin credits Atlanta with such a hot housing market is its high rank as a top migration destination.

Redfin

In fact, Atlanta jumped from No. 5 in 2017 to No. 2 in Redfin’s rankings of “Top 10 Metros by Net Inflow of Users and Their Top Origins,” per October numbers.

Simply put, Redfin users are looking to make the move to Atlanta.

They’d just better be prepared to shop around for their dream home.

• Akron, Richmond and Buffalo Among the Eight Inland Housing Markets that are Heating Up as the Coasts Cool [Redfin]
• Redfin: Number of homes selling above list price drops [HousingWire]
• 2018 Migration Trends accelerate as more people look to leave Denver, San Francisco, and Los Angeles [Redfin]