Here’s what you need to know about Metro Atlanta’s housing market.

What was November like for our housing market? Metro Atlanta’s market is changing, so today, we’re going to cover all the stats you need to know.

First, prices continued their deceleration; however, prices in Metro Atlanta are still up just over 4% year over year. We predict that prices will probably fall a tiny bit more before the end of the year before stabilizing in 2023.

Prices will stabilize because inventory remains low. We still have a supply and demand issue, although the absorption rate has gone up to 2.3 months of inventory, meaning that if nothing else came on the market in metro Atlanta, it would only take a little over two months to sell everything that's on the market. This means we’re definitely still in a seller’s market.

"If you buy now, you will be in a very strong negotiating position."

Meanwhile, the average days on market remain stable at around 33 days. The biggest change that I'm seeing is the rapid decline in pending contracts, and that is purely because of the rise in interest rates. This trend will continue until interest rates settle down, which we believe will be around 5%. 

We do have some people locking in rates in the high 5% range right now, which they're excited about. We think that there will continue to be people who are putting their purchases on hold, which means that if you are a buyer and are willing to purchase at current rates, you will be in a very strong negotiating position.

There are positives and negatives to every market. If you are planning on buying or selling next year, the No. 1 thing that you can do right now is go ahead and put together a strategy for timing. What is it exactly that you're waiting to happen in the market, and how will you know when it happens? If you wait for the perfect moment, you might just miss your chance.

Please, don’t hesitate to call or email us with any questions. We are always willing to help!