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.
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.