Strong and steady is the name of the game in the Atlanta-Sandy Springs-Roswell housing market. Not only have prices remained unchanged in the area, but building permits and consumer demand have stayed largely stable, too – despite higher mortgage rates and other headwinds.
It seems the National Association of Realtors (NAR) was right to call the Atlanta metropolitan statistical area (MSA) the No. 1 market to watch this year, citing its affordability and robust job market.
Will that continue as we head toward 2024? Here’s what data from the U.S. News Housing Market Index tells us.
How the Atlanta Housing Market Changed in 2022
Like most of the country, the Atlanta MSA saw building permits fall quite a bit across 2022, peaking in March with nearly 3,000 single-family permits, but bottoming out at just under 1,200 by the year’s end.
Fortunately, things have improved since that point, and single-family permits are on the rise once again. From May to July of this year, 7,132 permits were approved in the area. That’s up slightly from the 6,891 approved during the same period a year ago, but it’s also a marked improvement compared to the last few months of 2022, when permits hit their lowest point in at least five years.
Multifamily development has seen the opposite trend. Permits on these properties rose steadily throughout 2022 and have declined notably since the start of 2023.
Still, multifamily permits are getting approved at higher rates than a year ago. Between May and July, 4,439 were approved in the Atlanta-Sandy Springs-Roswell MSA, an increase of 13% from 3,924 a year prior.
Atlanta Housing Supply and Demand
Housing supply is low in the Atlanta market. The MSA currently has just a 2.4-month supply of homes for sale – less than the national average but up nearly two weeks compared with a year ago. (For reference, a balanced market – in which supply and demand are equal – requires about six months’ worth of inventory.)
Atlanta Housing Supply and Demand
Housing supply is low in the Atlanta market. The MSA currently has just a 2.4-month supply of homes for sale – less than the national average but up nearly two weeks compared with a year ago. (For reference, a balanced market – in which supply and demand are equal – requires about six months’ worth of inventory.)
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