AREA HOMES ARE SELLING FOR MORE + TWICE AS FAST, 19% HIGHER IN 2021 OVER 2020
HARRY NORMAN REALTORS® YEAR-TO-DATE MARKET UPDATE OUT NOW
Incredible Properties Throughout the State Are Now for Sale Giving Buyers Luxury, Access + Amenities
The strength of the Atlanta housing market continues to create headlines. Just recently a Morningside bungalow sold in only 4 days, for $150,000 over asking price and a home in Milton sold in 4 days for more than $75,000 over the asking price. Welcome to the residential real estate landscape of 2021.
With high demand and limited supply, it is no surprise that the average sale price reflects demand-driven growth. The average sold price in metro Atlanta in the first nine months of 2021 was 19% higher than the same nine months of 2020. Sometimes big homes can drive up average prices, however, in 2021 the average price per square foot of homes sold also grew by 19%. Regardless of the size of the home, the value growth was notable.
“We regularly look at market performance month-to-month, or quarter-to-quarter, for short-term sales trends,” said Luke Trigwell, Harry Norman, REALTORS® Vice President of Marketing. “As 2021 rounds out there is also interest in the year over year and after looking at the first nine months (Jan-Sep 2021) it reveals the long-term trends which showed that the Atlanta market consistently climbed, and continues to climb, to new heights.”
In addition to the price growth some of the findings include:
* Increases in the number of homes sold
* 50% decline in average days on market
* Strong rebound for the luxury housing market
The number of homes sold January to September in metro Atlanta increased 8% compared to last year. While it’s true more transactions took place at the lower end of the market, due to profound inventory shortages in that price range, the greatest percentage growth in unit sales came at the higher end where homes exceed $1M. The number of homes sold over $1M increased by an astonishing 79% compared to the same period in 2020. The luxury real estate market was quick to pause when the pandemic hit in 2020. And while it was a slower comeback, the market came back fast and strong. This bounce back contributed to the significant annual growth of $1M+ home sales we saw from January to September of 2021.
Homes continue to sell fast! In fact, the year-to-date average days on market is half that of last year. January to September saw a market-wide average of only 22 days on market compared to 43 days last year, which is still low based on the 60-day benchmark that is historically considered balanced. For high-demand areas and price points, even 22 days felt like a long sales period as numerous homes went under contract within 24 hours, and that’s before a sign even went in the yard! If you would like to understand more about the housing market, Harry Norman, REALTORS® recently published a Year-To-Date Market Update. This report looks at different areas and drills down the metrics by price point. Enjoy this industry leading report and more on the Harry Norman, REALTORS® Insights Hub (www.harrynorman.com/insights).