Market Update
T he one constant in real estate is change , and that was shown many times over this quarter . Buyers , sellers , and the industry in general , continue to adjust to the recent broker compensation changes . Q3 finally saw the Fed cut rates , welcomed news as mortgage rates eased into the low 6 % range for a standard 30-year loan . And , the anticipated news of the election , both candidates are pushing their plans to address the real estate market . Through it all , the greater Atlanta housing market remains reliably solid , anchored by a strong , diverse economy .
Q3 is a transitory quarter . Active coming out of spring , then summer vacations and the start of school quickly calmed things for several weeks . The fall market begins as the quarter ends so it ’ s a textbook “ shift ” period to analyze . Key indicators continue to show that the greater Atlanta market is balancing , doing so with the very desirable “ soft landing ”. Median prices for active , contracted , and sold homes are up in Q3 compared to the same time in 2023 and 2022 . Active listing price in Q3 was $ 443K compared to $ 439K and $ 424K respectively . While list prices continue to increase , they are doing so at a more palatable pace . Median sale price in Q3 was $ 450K , up from both previous third quarters . This quarter was $ 450K compared to $ 435K and $ 425K respectively . Waiting to buy provided no benefit .
Greater Atlanta mirrors the broader national trend ; the number of listings are up ; the number of contracts and sales are down . 34K homes were listed for sale in Q3 , an increase of 24 % from Q3 2023 and 8 % from Q3 2022 . Closed sales in Q3 totaled 12.6K , a drop of 9.2 % from Q3 2023 and 23.7 % drop from Q3 2022 . Stubborn rates froze the market , buyers waited longer than expected for the Fed to move . Those buyers in the market had less competition and pressure . Most sellers were happy to sit with a great rate , but life happens , and homes get listed . This trend continues as the market balances .
It ’ s taking a bit longer to sell a home . Average days on market for Q3 was 37 ; certainly not alarming but an increase over both Q3 2023 and Q3 2022 . We sit at 37 days compared to 27 and 24 respectively . This is due to the decreased number of buyers and increased inventory , basic supply and demand . More inventory , fewer buyers , the return of due diligence and contingencies , and a more typical sales environment . This benefits everyone .
The greater Atlanta housing market enters the last part of 2024 on a solid foundation . The market is largely balanced at this point and forecasts remain optimistic . Recent industry changes , economic swings , and the upcoming election are clarion calls for home buyers and sellers , collaborate only with seasoned professionals ! Ansley ’ s agents and staff have always put our clients first , long before the industry mandate . We are experienced , focused , and driven by a single mission ; to ensure that every client achieves the best possible result . Let ’ s get that done together .