The Metro Atlanta real estate market showed resilience in 2023 as the average home price rose above $530,000 by year end, a 3.1% increase from 2022. Home values increased despite challenges from high interest rates, mostly due to continued low inventory.
As for 2024, most experts are optimistic about this year’s housing market.
Jessica Lautz, Deputy Chief Economist at the National Association of Realtors (NAR), says:
“For home buyers who are taking on a mortgage to purchase a home and have been wary of the autumn rise in mortgage rates, the market is turning more favorable, and there should be optimism entering 2024 for a better market.”
As Mike Simonsen, President and Founder of Altos Research, explains…
“Pretty much all the signals for housing in 2024 are pointing for growth.”
What about the local North Atlanta market?
Market Action Index continues to hold steady at 41, but remains above the balanced market of 30 and signals a Continued 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 local home prices?
Local real estate prices remained elevated in 2023, despite several calling for a decrease in home values. Rising mortgage interest rates have tempered buyer demand, listing inventory remained low to keep a balance of supply & demand.
Most experts predict stable real estate values over the next 5 years, with typical appreciation hovering around 3.5% per year.
What will Mortgage Rates do this year?
Mortgage rates were one of the biggest challenges for buyers in 2023. Buyers saw rates reach a high of 8% at one point, but rates have lowered over the last few months of 2023 into the high 6% range. The Federal Reserve appears to be winning it’s battle against inflation and are signaling possibility of rate cuts in 2024, which could send mortgage rates even lower this year.
The average payment of a home has dropped $400 since October and this should motivate some buyers to begin looking again in 2024.
Should I buy or sell in 2024?
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.
Who represents you matters!
When it comes to buying or selling real estate in North Atlanta, you deserve better than an average agent. Seek a Strategic Guide from Path & Post!
Path & Post Team continues to be a leading producer in North Atlanta with over 1500+ 5-Star Reviews on Zillow & Google & Facebook. 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
