A report recently published by Redfin shows that metro Atlanta homes are being bought up at a rate the likes of which the region has never seen.
Last month, metro Atlanta’s median home sale price rose to $245,000—an 11.3 percent year-over-year increase.
It seems like the typical single-family house in metro Atlanta isn’t “a good distance south of $200,000,” after all. Still, it is below the national average of $305,600.
But the housing stock also declined by more than 6 percent, “leaving just 2.6 months of supply, far below the 6 months which signals a balanced market,” according to the report.
The market speed Atlanta is seeing is not unusual, either. May was the fastest-ever month nationwide, at least since Redfin started tracking this data in 2010. Of the 174 markets analyzed in the report, the average home sale took just 34 days to contract—a two-day drop from April’s average.
In metro Atlanta, the average home was matched up with its buyer in a mere 20 days. Compare that to the 47 days sellers waited in May 2017.
Metro Atlanta’s home values, however, are rising faster than most of the other areas observed, beaten by only eight cities, such as Detroit, Orlando, and Las Vegas. San Jose saw a 27.6 percent increase in median sale price, bringing its number to $1,250,000.
The upward sale price trends in metro Atlanta, for a number of reasons, should not be surprising. In March, RE/MAX Georgia found that the city’s housing price gains dwarf the national average two-fold.