Atlanta REALTORS® Releases October 2020 Statistics on Housing Market
The Atlanta REALTORS® Market Brief examines sales, prices in the 11-county metro area
Atlanta, GA (November 13, 2020) – Atlanta REALTORS® Association (ARA), the largest association of its kind in Georgia, released its October 2020 Market Brief on residential housing statistics for 11 area counties in metropolitan Atlanta. The Market Brief, compiled by First Multiple Listing Service (FMLS), provides the only regionally-focused synopsis of monthly sales and home prices for single-family residential properties.
Demand: October residential sales were at 6,909, an increase of 12.9% from the previous year.
Price: Average and median sales prices continue to gain traction and outpace 2019’s figures, with positive gains. The median sales price in October was $311,000, an increase of 15.2% from last October. The average sales price was $376,500, up 15.3% from the previous year.
Supply: Atlanta area housing inventory totaled 12,418 units in October, a decrease of 36.6% from October 2019. New listings totaled 8,465, down 4.2% from October 2019 and down 5.2% from the previous month. The month’s supply over a 12-month period decreased to 2.0 months.
A Word from 2020 Atlanta REALTORS® President Jennifer Pino:
"The Metro Atlanta market continues to see strong activity as a result of extremely low-interest rates and changing buyer needs", reported Jennifer Pino, President of the Atlanta REALTORS® Association. "As a result of high demand and the ongoing issue of low inventory, the average sales price for the area has increased by 16.8% to over $375,000."
"As we move into the winter months, interest rates do not appear to be changing and we expect that inventory will remain at these low levels. With demand projected to remain strong, these factors should continue to put upward pressure on the average sales prices over the next few months."
The Atlanta REALTORS® Market Brief is designed to offer an overview of the Atlanta residential market by providing a synopsis of sales and home prices and covers 11 counties: Cherokee, Clayton, Cobb, DeKalb, Douglas, Forsyth, Fulton, Gwinnett, Fayette, Henry and Paulding. The numbers in the reports are updated each month to reflect any additional recordings from the previous month. Each month, the numbers reported for the previous month are updated to reflect additional recordings.
For more information or details on the reports, please contact Atlanta REALTORS® at 404-250-0051.