As we move into the last quarter of the year the real estate market in Metro Atlanta and nationally continues to change. The main challenge in the market right now is affordability with interest rates hovering around 7%. Prices continuing to stay high has kept a lot of first time homebuyers out of the market. It has also affected current homeowners that have been wanting to either move up or downsize. These homeowners are sitting on rates around 3% and not willing to give that up and bite the bullet with a new mortgage around 7%. Despite all of this, the local market here in the Atlanta area continues to stay strong. The average sales price is holding at $415,000 slightly down from just over $420,000 last month. The numbers that really jump out are pending and closed sales. These numbers took another tumble to lows we have not seen in nearly three years down around 1,600 closed and 1300 pending sales compared to August. Inventory increased slightly with months supply going from 2.3 to 2.6 months. This is still very low and balances out the lack of sales. Days on the market continues to be low going from 12 to 13 days. Please see attached market stats below and don't ever hesitate to reach out to us if you have any questions about the market, buying, selling, investing or your home value. Stay tuned for next months update!
https://fmls.stats.showingtime.com/infoserv/s-v1/UeFi-cGb
https://fmls.stats.showingtime.com/infoserv/s-v1/UeFL-edx
https://fmls.stats.showingtime.com/infoserv/s-v1/UeFz-yXn
https://fmls.stats.showingtime.com/infoserv/s-v1/UeF3-3IZ