The Housing Market in Atlanta has transitioned to a sellers market. Since its’ peak of 138,442 in October 2007, the number of houses for sale in Atlanta has fallen by almost 100,000 homes to 38,832 in January 2013. When the housing bubble burst, the market was flooded with available homes. Prices then were low, those who could afford it brought them up. Now with the economy on the upswing, the number of those able to purchase a home is increasing. This trend has caused the housing market in Atlanta to transition to a sellers market.
Housing Inventory for Atlanta
Atlanta Housing Transitions to Sellers Market
As of March 2014 the number of houses on the market has risen, but only a meager 9,000 to 47,280. According to the Atlanta Journal and Constitution, buyers and their realtors are getting frustrated with the lack of choices. However, sellers and their realtors are ecstatic due to higher bid prices and copious offers.
Asking prices are on a steady incline since the beginning of the year. The lowest median asking price in Atlanta was $150,800 in January of 2012. As of March 2014 the median asking price has risen to $189,933, a 26% increase in just two years. The trends are pointing to a continued strong sellers market in the coming years.
With the supply of housing falling and prices rising, new construction will begin to increase in the coming year. Last year brought a 67% increase, from 2012, in new housing development, a total of 13,862. Looking ahead, according to MetroStudy, 2014 is projected to see 25% more new construction than the previous year. Projections for 2014 housing development in the Metro- Atlanta area call for a total of a 92% increase from 2012. A big chunk of this is a new apartment building in Midtown. This mammoth will bring some 180 new condos to market as well as 350 apartments for an overall total of 800 units. With most large developers currently building apartments , it is good see that these 180 units will be in among the only newly constructed condominiums in Atlanta.
If you are in the market for a home in the City of Atlanta, here is a good place to start.