Is the Atlanta Market Shifting Towards Buyers? Find Out

By Julia De Sosa-Rocha

Julia De Sosa-Rocha moved to Atlanta in 2004. She truly fell in love with Georgia's charm and southern hospitality. That is when she took a decision to change her career path and became a Real Estate Agent. Originally, she had a Law Background. She wanted to use all her knowledge to be that type of expert for her clients who will protect them in various real estate transactions. The idea of helping people & guiding them through the process of finding their dream home is her number one priority.

Who has the upper hand in today’s market: buyers or sellers? Let’s find out as I give you a quick market update where we compare our market now versus last year in 2023. We will focus on the Atlanta Metropolitan Area and a closer look at Alpharetta, my beloved home in North Fulton County.

Atlanta Metropolitan Area Update

As of September 2024, the average sale price for single-family homes is $524,792. In 2023, the average was $495,937. That’s a 5.5% increase in just one year.

Inventory also climbed from 12,255 homes to 17,802 active listings this year, which is a remarkable 45% increase. More homes on the market means more opportunities for buyers.

However, closings across the board have dipped by 4%. This is because rising home prices and higher interest rates are making buyers hesitant to enter the market.

Alpharetta Area Update

Now, let’s bring it home to Alpharetta market—our little slice of heaven in North Fulton. The average sale price here has risen to $$935,000 from $855,000 last year, which is a 9% jump.

We currently have 215 active listings, a 20% increase from the 169 homes available in September 2023. There’s more home for buyers to choose from and properties are also flying off the market. This is backed by the increase in the number of closing we had this September, which is 1,146 closings—a 5.5% increase over last year.

Homes in Alpharetta are moving fast, with the average time on the market at just 28 days compared to 36 days across Atlanta.

You might be wondering: Why is inventory up but sales are slowing? What’s causing this shift? Here’s what’s happening:

Higher cost of living is squeezing buyer’s budgets and home prices are at a record high. With interest rates hovering around 6.5% to 7%, some buyers prefer to wait on the sidelines and see what will happen next.

But, the GOOD news is, experts predict rates will drop toward the end of this year or early 2025. So, hang tight—it’s going to get better soon!

So, there you have it! A quick look at the real estate market here in Alpharetta and across Atlanta Metro. Whether you’re thinking about buying, selling, or just curious about your options, I’m here to guide you every step of the way.

Let’s discuss your next real estate move. Give me a call, send me a text, or DM me—my contact details are (404) 886-0566 and juliarealtyatl@gmail.com. Opportunities are here. I’ll help you take a step to make your dreams a reality.