The Unexpected Boom in Real Estate
By Barbra Wollner
The house-hunting bonanza that gripped many Americans along with the resilience of the real estate market was one of the biggest surprises of 2020. Low interest rates were a huge driver that helped move renters to buyers, convinced sellers that it was time to list, and made investors jump on any opportunity that they could find. But, let’s talk about the Atlanta market, specifically.
In May 2021, Realtor.com noted the median list price for homes in Atlanta as $395K, trending up 19.7% year-over-year and the median listing price per square foot was $252.
But here’s where we’re seeing a slight shift:?
The median days on market in Atlanta has gone down since the previous month, and slightly down since? this same time last year. And the sale-to-list price ratio is currently 100%, which means that homes are selling closer to asking price but not over asking price.
The question on everyone’s mind; Is this a Bubble like what we saw in 2007? Arguably, no it isn’t. Prices are rising but we’re seeing more down payments, almost twice the typical down payment, and rates are fixed so more equity is being built and there’s a more of a solid dynamic. To help you cut through all the noise in the industry, including the most googled real estate questions, check out Brian Buffinis BOLD Predictions: Mid-Year Update.
With all of that in mind, home prices are still at the top of the market with inventory still low, so it is key to work with a realtor to navigate this complicated and changing market. The Wollner Group is here for you and would love to help you buy, sell, or invest!
?
?