The Atlanta Real Estate Market is the #1 market to watch in 2023, according to the National Association of REALTORS (NAR).
NAR identified 10 real estate markets that it expects to outperform other metro areas in 2023. It’s no surprise the Atlanta-Sandy Springs-Marietta, Georgia area ranked at the top of the list with cities like Marietta, Woodstock, Canton, Roswell, Alpharetta, Jasper, Kennesaw, Ball Ground, and Acworth all presenting a great cost-of-living compared to other parts of the country.
How’s the local market?
Market Action Index continues to slow down to 41 (from 49 in Oct), but remains above the balanced market of 30 and signals a Slight Sellers Market.
Buyers will still need to put their best offer forward to win the best listings. However, Sellers should expect less offers, more negotiations, and concessions moving forward.
What about home prices?
Local real estate prices peaked in the summer of 2022 and have since declined slightly. Rising mortgage interest rates have tempered buyer demand. Listing inventory has increased, but remains low compared to pre-pandemic markets.
Buyers will have more choices this year compared to the pandemic-era market, but don’t expect a crash in values. In fact, most experts predict a flat to slight increase in the price of homes in 2023.
What will Mortgage Rates do this year?
Mortgage Rates are the major reason buyer demand is low right now. It’s hard for buyers to see their buying power erode as the Federal Reserve fights inflation by raising short-term interest rates. However, the mortgage market responds rapidly and can fluctuate over 1.25% in less than two months. The Fed has signaled more hawkish increases to come in 2023. Buyers will keep a close eye on interest rates as they commit to long-term homeownership, keeping in mind they can always refinance to a lower rate if interest rates drop.
Speaking of long-term homeownership… since 1940 when you look at any 10-year period, if you bought a home at market value, your home was worth more than you paid for it after 10 years. Yes, that includes 2007.
Should I buy or sell in 2023?
It depends. Every decision to buy or sell is unique and based on several factors such as your financial situation, the length of time at your current and next home, what you gain or lose in the process, and most importantly the life transition that is prompting you to consider making a move.
Want to learn more or ask questions?
Path & Post Team continues to be a leading producer in North Atlanta with over 1,000+ 5-Star Reviews on Zillow & Google. We love talking about the local market and are always eager to answer your questions. Always speak to a real person at (770) 720-4663.
You can always get real-time market data by visiting pathpost.com/reports