Atlanta Housing Market Remained Stable Amid Shifting Dynamics in May

Metro Atlanta’s housing market posted a solid month of activity in May, building on the recent Spring selling momentum. Month-over-month increases in sales volume and stabilizing pricing indicate that the market is fundamentally healthy overall while still undergoing a period of transition. “Growth in the second half of the year will depend on maintaining pricing discipline and successfully converting interested buyers into active contracts,” said Georgia MLS chief marketing officer John Ryan in a recent article by Atlanta Real Estate Forum. “The market remains resilient, but future momentum will be driven by the strength of the buyer pipeline.” Continue reading for a detailed analysis of key metrics and visit the Georgia MLS Market Statistics Page to view historic metrics since 2022.

Sales Volume

Georgia MLS agents sold $4.56 billion in residential volume across our membership footprint during May (+4.9% y/y, +7.8% m/m).

  • Atlanta MSA: $3.46 billion (+3.1% y/y, +6.4% m/m), 6,896 units sold (+1.4% y/y, +7.3% m/m)
  • Atlanta Core: $2.95 billion (+2.5% y/y, +6.4% m/m), 5,617 units sold (+1.1% y/y, +8.0% m/m)

Sales activity rose month-over-month from April to May in accordance with typical Spring trends. However, a decline in units put under contract further signals a shift in market dynamics, with less emphasis on seasonality.

Sales Price

The average price of a home in Metro Atlanta slightly increased in May. Accelerating sales volume and a slight dip in new listing growth led to increased competition for available homes. Sales price across Georgia MLS increased from $376,500 in April to $380,000 in May (+1.3% y/y, +0.9% m/m).

  • Atlanta MSA: $400,000 median sales price (+0.8% y/y, +0.0% m/m)
  • Atlanta Core: $418,000 median sales price (+1.8% y/y, +0.7% m/m)

Inventory

New listing growth in Metro Atlanta slowed slightly from April to May, although total active listings still grew month-over-month. Though more listings are still required for ideal balance between buyers and sellers, current inventory levels are among the healthiest they have been since the pre-pandemic market.16,477 new listings came onto the market in May (-6.8% y/y, -8.4% m/m), with 40,438 total active listings (+6.1% y/y, +3.3% m/m).

  • Atlanta MSA:
    • 11,564 new listings (-9.5% y/y, -8.7% m/m)
    • 27,075 active listings (+1.7% y/y, +2.8% m/m)
  • Atlanta Core:
    • 9,423 new listings (-10.8% y/y, -9.5% m/m)
    • 21,835 active listings (+0.2% y/y, +2.7% m/m)

With shifting buyer/seller dynamics, it’s more important to take advantage of all of the tools at your disposal to stay up to date on the latest trends and prepare for what’s next.  Explore the resources, products, and services available to Georgia MLS members to help give you a competitive edge.

As always, Georgia MLS is committed to supporting real estate professionals across the state. If you have any questions, please call us at 770-493-9000 or email membership@gamls.com.