There have been many questions revolving around the real estate market over the past several weeks. Many are adjusting to the changes with precautions such as social distancing, and virtual open houses, but even so, homes are still being bought and sold at a steady, and quite frankly, an increased rate. The amount of new listings in March has risen by 13% since February, and mortgage rates have been attractive lending buyers the opportunity to lock in those rates to buy now. Open houses are limited but viewership isn’t. Many throughout Atlanta are seeing this as an opportunity to begin their transition, such as empty nesters who are looking to downsize, or growing families who need a bigger home for their children. In fact, there has been a major increase in pending sales, roughly 66% this month, displaying an enticing market for sellers this time around.
According to the U.S. Census Bureau, an average of 36 people move to Atlanta each day. The city is the number one most affordable large city and number two for professional opportunities – it’s no surprise so many people continue to migrate here! With not much change in demand, housing prices aren’t predicted to drop anytime soon. The average sold price is actually up by 6% from $377,034 to $399,473 month over month from February, and sellers are taking advantage with buyers who are adapting and buying fast. Many homes are spending less time on the market with the average DoM (days on market) down by 16% in March, and sellers continue to see trend of multiple offers just days after listing.
Atlanta’s diverse economy shows steady growth and we anticipate this to continue throughout the next quarter despite many adjustments. Advisors have been leveraging the latest in technology to keep momentum pushing forward and Governor Kemp has even signed an executive order allowing for remote real estate closings providing more flexibility for those social distancing. Real estate sales across metro Atlanta have experienced notable growth, revealing stable and promising conditions for new to market homes. For more information on market trends in regard to current nation-wide circumstances, contact us.