Q4 Market Report | Page 2

Market Update

A s the curtain falls on 2023 , the housing industry pundits are all a dither with their “ forecasts ” and “ what to expect in ‘ 24 ” missives . Most of those experts will miss the mark , mainly because real estate markets are unique , and one size does not fit all . The greater Atlanta housing market outperformed most other national markets over the last two years . It saw controlled expansion during the pandemic and had a quicker recovery from interest rate shock than most other regions . This market felt the bump but got back into gear comparatively quick . It ’ s what the Atlanta metro market is ; wellgrounded , resilient , and consistent .

Q4 tends to be the slowest quarter of the year , this year was no exception . The biggest difference between Q4 ‘ 23 and Q4 ’ 22 was the adjustment to the rate increases . “ Interest rate shock ” had a major impact on the market a year ago ; this year the market acclimated . Listings spent 2 fewer days on the market this quarter ; 36 days in Q4 ’ 23 compared to 38 for Q4 ’ 22 .
From a pure numbers standpoint , overall volume in Q4 ’ 23 was a bit lower than Q4 ’ 22 . The number of listings were down 6.3 %. Homes under contract were down 4.2 % and the number of closed sales for this quarter was off 14.1 % from a year ago . Owners that locked in low rates were content to stay put , as were those with small or no mortgages . Nationally and here around Atlanta , owners seemed content to let things play out .
While the market fluctuated over the year , prices never substantially dipped . Buyers settled into the rates and prices saw modest gains . Q4 ’ 23 saw a median sale price increase of + 5.6 % compared to Q4 ’ 22 and prices for homes under contract were up 4 %. While the market is moving toward balance , sellers remain in control as quality inventory remains eagerly sought after . List prices are up 2.3 % from Q3 ’ 22 to Q3 ’ 23 . Numbers like that are much preferred over the crazy double-digit swings of ’ 20 - early ’ 22 .
The importance of working with skilled real estate professionals bears repeating . This has been clear over the last several years and will be again in 2024 . Fundamental change is underway ; the bloated agent population is quickly being shed , “ disruptive companies ” are withering away , and everyone is being reminded that a real estate transaction is a single , unique event . It takes an extraordinary amount of work to make it look boring , but this is precisely what the seasoned professionals at Ansley do . All day , every day .