October Highlights
Demand: October residential sales were at 6,476, a decrease of 12.0% from the previous year.
Price: Average and median sales prices continue to outpace 2020’s figures, with positive gains. The median sales price in October was $370,000, an increase of 18.2% from last October. The average sales price was $438,500, up 16.6% from the previous year.
Supply: Atlanta area housing inventory totaled 8,822 units in October, a decrease of 28.3% from October 2020. New listings totaled 7,851, down 9.0% from October 2020 and down 2.2% from the previous month. The month’s supply over a 12-month period decreased to 1.3 months.
A Word from 2021 Atlanta REALTORS® President Cynthia Lippert:
“Overall, inventory levels have shown some stabilization in 2021, but a massive shortage continues, fueling price increases and slowing sales figures. And with new listings down 29% in September, the gap may continue to widen.,“ stated Cynthia Lippert, 2021 President of the Atlanta REALTORS® Association.
“October saw prices up 18% from last year, a notable uptick from September’s growth, shoring up predictions that prices will continue to rise significantly in 2022.,” says Lippert. “Although 2021 has kept us on our toes in many ways, don’t expect any last minute surprises from the market through the end of the year. If anything, we should prepare for more of the same: record low inventory levels, rising prices, and unrequited buyer demand, all of which continues to hold sales numbers down.”