ATLANTA — National trends are pointing to a cooling housing market, and at least for now the trendlines continue to point further downward.
But what about in Atlanta and the broader South? What's the outlook like?
The downward push is continuing here, too.
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Recent reports from varying sources indicate an ongoing dip.
Let's start with the National Association of Realtors - in a report in May, the organization said that median existing-home price for all housing types nationwide in April 2023 was down 1.7% from April 2022: $395,500 down to $388,800.
That rate, however, was less pronounced in the South (perhaps because homes are already generally cheaper in the South) - in our region, existing-home median price was down to $357,900, or 0.6% from April 2022.
Meanwhile total sales were down 20% between April 2022 and April 2023, suggesting a downward pressure on sellers. Norada Real Estate Investments also reports that in March 2023, home sales were down 26% in the Atlanta market.
The listings firm Redfin also tracks sales data, and finds the median sale price in Atlanta compared to a year ago was down 3.2% in May to $440,500. Zillow's tracking likewise has home values down, with an average at $384,388 - 0.5% below where it was a year ago.
As one counterweight, however, realtor.com has the market essentially flat from a year ago - with a median listing price of $439,945 and a median sale of $435,000 in May 2022 versus $439,000 and $438,000 in May 2023.
But broadly speaking, the trendlines point downward on housing prices in the Atlanta area.
In March, Redfin also published a list of the 100 markets where price cooling is happening fastest - and Atlanta came in at No. 26.