Atlanta REALTORS® Market Brief: October 2022
November 20, 2022
The October 2022 Market Brief, compiled by First Multiple Listing Service (FMLS), provides a regionally focused synopsis of monthly sales and home prices for residential properties in Metro Atlanta. This summary covers 11 counties: Cherokee, Clayton, Cobb, DeKalb, Douglas, Fayette, Forsyth, Fulton, Gwinnett, Paulding, and Rockdale.
Demand: October residential sales were at 4,592, a decrease of 32.4% from the previous year.
Price: Average and median sales prices continue to outpace 2021’s figures, with positive gains. The median sales price in October was $395,000, an increase of 7.9% from last October. The average sales price was $476,000, up 9.2% from the previous year.
Supply: Atlanta area housing inventory totaled 13,118 units in October, an increase of 43.8% from October 2022. New listings totaled 6,584, down 17.4% from October 2022 and down 14.2% from the previous month. The month’s supply over a 12-month period increased to 2.2 months.
A Word from 2022 Atlanta REALTORS® President Karen Hatcher:
“Inventory is up 32.8% since October 2021 but this has not had a huge impact on the available properties as we still only have 2.2 month’s supply,” reports Atlanta REALTORS® Association President Karen Hatcher. “The median home price has been adjusting as inventory has increased but sellers are still experiencing a 7.9% increase over 2021 prices.”
“A positive for buyers is that 'no contingency offers have subsided' and we are also seeing sellers contribute to closing costs again,” says Hatcher.
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The data in this report was compiled by First Multiple Listing Service (FMLS). For more information on details of this month's report, please contact the Association at 404.250.0051.