Here’s how hot the Atlanta housing market is right now

Real estate works similarly to other markets.

At the moment, the housing market isn’t doing buyers any favors.

According to Forbes, inventory around the country is at record-setting lows, and houses that are available are bought in no time. Additionally, the business magazine cited a recent National Association of Realtors’ report saying national prices have increased by 15.8% on average year-over-year.

But what is the current market like in Atlanta?

Explore3 things you can do to buy a home in a seller’s market

Real estate brokerage Redfin noted that home prices were up 9.8% in April 2021 compared to last year. On average, homes sold for $384,000 last month.

In 2020, homes were sold after 34 days on the market. That’s now been cut to 22 days. And 1,654 homes sold in April 2021 — that’s more than a 50% year-over-year increase.

Redfin rates Atlanta as a somewhat competitive housing market with a score of 55. Multiple offers are placed on some homes while average homes sell for around 1% under the list price. Homes go pending in about 31 days. If a home is hot, it goes pending even sooner — in about 9 days — after selling for about 1% above the list price.

On average, 36.5% of homes have sold above the list price, which is more than an 88% increase year-over-year.

ExploreAtlanta home prices rose 10% in past year - less than other big cities

Homes also receive an average of 3 offers.

“Househunting is stressful in the best of circumstances. It’s especially so in a seller’s market when inventory is low, and multiple buyers are competing for the same properties. Multiple offers can happen in any market, though,” The Balance reported.

The personal finance and news website offered several tips to navigate buying a home with multiple offers. They include showing the seller you’re qualified and submitting a large earnest money deposit, a good-faith deposit that goes toward your downpayment.

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