Summertime is coming to an end, so you know what that means. Metro Atlanta schools are welcoming their students for the 2022-2023 school year. Many of you may be pondering what that means for the real estate industry as we enter the fall semester. Historically, Atlanta real estate typically begins its transition from the summer market to the fall market, and under normal circumstances, Atlanta has a very predictable cycle as we transition into new seasons. For instance, a “summer slump” usually ensues for the primary portion of the season, and when we near the “back to school” period, that quickly subsides as the market picks back up from a buying and selling perspective. However, the past few years have been quite unique due to COVID-related cycle disruptions.
Cyclical Market Conditions
Spring, known as the “hot” market, begins in February and ends in May. This period has the highest levels of demand and the greatest chance for bidding wars. This means sellers can typically achieve higher prices during this period. Summer is known as the “slow down” period. This season begins in late May and lasts until August. This period is marked by lower demand and similarly low inventory. This is mainly due to summer travels and children being out of school. Fall “resurgence” begins in late August and lasts until late November. This period is marked by higher demand levels and an increase in inventory. This is a result of summer travels subsiding, kids going back to school, and the desire to be in a new home before the winter holidays.
FMLS, TrendGraphix, Active Pending and Closed, Metro-Atlanta, 2017-2022, All Product Types
So far in 2022, we have seen evidence that this cyclical market trend is returning to Atlanta. The Spring period saw extraordinarily high levels of demand, which resulted in significant price increases. The,n as we transitioned into summer, a great portion of the decrease in that demand can be attributed to the surge in flight and hotel bookings, which are reporting some of the highest travel rates on record. As we move into August, demand has already begun increasing, which, unless mortgage rates unexpectedly jump, we should see continuing until late November. Right now, it is both a great time to list and to buy since more buyers will be shopping and rates remain low.
As we approach the fall season, reach out to one of our experts for tips on entering the market strong at evatlanta.com.
