Atlanta REALTORS® Market Brief: February 2023
March 29, 2023
The February 2023 Market Brief, compiled by First Multiple Listing Service (FMLS), provides a regionally focused synopsis of monthly sales and home prices for residential properties in Metro Atlanta. This summary covers 11 counties: 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, Paulding, and Rockdale.
Demand: February residential sales were at 3,840, a decrease of 27.7% from the previous year.
Price: Average and median sales prices continue to outpace 2022’s figures, with positive gains. The median sales price in February was $387,000, an increase of 1.8% from last February. The average sales price was $461,500, up 4.4% from the previous year.
Supply: Atlanta area housing inventory totaled 9,230 units in February, an increase of 39.9% from February 2022. New listings totaled 5,416, down 22.8% from February 2022 and down 5.0% from the previous month. The month’s supply over a 12-month period decreased to 1.7 months.
A Word from 2023 Atlanta REALTORS® President Michael Fischer:
“As expected, sales rebounded this month and provided us with some momentum as we head into what is expected to be an active spring season,” reports Atlanta REALTORS® Association President Michael Fischer. “Average sales prices are now back to Metro Atlanta’s historical appreciation levels reflecting a 4.4% increase over the previous year.”
“We continue to be challenged by extremely low inventory levels and the changes in mortgage interest rates,” says Fischer. “Despite an increase in the number of active listings, our month’s supply, which is the measure of inventory vs the number of homes sold, has been trending lower over the past few months and is now down to 1.7 months.”
“We are hopeful that interest rates will stabilize and that we will possibly see a slight decrease in rate this year based on the Federal Reserve’s statements following their most recent meeting,” stated Fischer.
The data in this report was compiled by First Multiple Listing Service (FMLS). For more information on details of this month's report, please contact the Association at 404.250.0051.