Halfway through 2017, the Atlanta housing market seems like a plane on auto-pilot: gaining a little speed and altitude, even as it runs lower on fuel.
The first half of the year saw a 7 percent increase in the median price of homes sold and a 4 percent uptick in the number of sales, according to a report by re/Max Georgia released this week.
"The complexity of Atlanta's housing market is certainly reflected in these latest numbers," said John Rainey, vice president of Re/Max Georgia. "The market clearly favors sellers, who will benefit from strong buyer demand and rising prices."
The median price of a home sale in the first half of this year was $240,695, according to the report. There were 32,737 homes sold.
But about that fuel...
Experts say that in a healthy market, the number of homes listed for sale should represent about six or seven months of sales. That way, there’s a balance of power between sellers and buyers.
Metro Atlanta has been a sellers’ market for quite some time.
In metro Atlanta, the number of homes for sale – also called inventory – has been weak for more than two years. And it has been falling for the past year.
In first half of last year, inventory represented 3.0 months of sales. That was down during the first half of this year to 2.7 months, according to Re/Max Georgia .
That tilt toward sellers is also signaled by the number of days that homes spend on the market. Nationally, the average home is on the market for 47 days.
In metro Atlanta, the average home listed for sale during the first half of this year was on the market for 52 days, down from 56 days in the first half of last year, Re/Max said.
The quickest turnarounds are in Cobb and Gwinnett counties, both areas where homes are on the market an average of 33 days. That compares with last year’s average of 40 days in Cobb and 44 days in Gwinnett.
Metro Atlanta Housing
The first half of the year, change from 2016
Median price $240,695 +7%
Number sales 32,737 +4%
Days on market 52 -7%
Months of inventory 2.7 -10%
Source: Re/Max Georgia
More stories on Atlanta’s housing market from AJC reporter Michael E. Kanell
Why does the number of listings keep falling?
Black share of housing drops
Metro housing market out of whack
Rising home prices could taint Atlanta’s rep
Home flips on the rise
Atlanta apartment rents rise (Not as much as homes)
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