ATLANTA — At the end of 2024, the Atlanta metropolitan area saw a big boost in how many houses were listed for sale.
According to data from Georgia MLS, which tracks real estate statistics in the state, the number of homes listed for sale was up more than 42% from December 2023 to December 2024.
In 2023, there were 14,561 actively listed homes for sale. At the end of 2024, there were 20,710.
According to the data from GAMLS, there was also a nearly 25% increase in new listings, going from 5,320 in December 2023 to 6,578 in 2024.
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The median sales prices were also higher, by about $18,000, the data showed.
While the end of the year showed a big boost compared to the previous one, month-to-month wasn’t as positive.
In November 2024, GAMLS showed there were 22,446 active listings of homes, meaning the monthly numbers went down almost 8%. Similarly, the number of new listings also fell from November to December, going from 7,856 to 6,578, a more than 16% drop in new listings.
Still, home sales increased when it came to dollars, rising by $3,000 to a median sale of $388,000 in December. The overall market sales volume in December 2024 was $2,372,837,146, according to GAMLS.
The higher inventory and higher sales volume comes as mortgages have reached their highest levels since July.
Freddie Mac, the federally-backed mortgage company, reported on Thursday that the latest 30-year fixed rate mortgage in the United States was averaging 6.91%. In July, the rate was a reported 7.22%.
“Inching up to just shy of seven percent, mortgage rates reached their highest point in nearly six months,” Sam Khater, Freddie Mac’s Chief Economist, said of the latest rate. “Compared to this time last year, rates are elevated and the market’s affordability headwinds persist. However, buyers appear to be more inclined to get off the sidelines as pending home sales rise.”
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While the Atlanta housing inventory was higher, similar to the U.S. housing supply, research into those numbers indicates it’s because homes are not selling.
Channel 2 Action News reported that the U.S. housing supply was at its highest in four years just before the New Year, but analysts said it was due to unsold homes.
Real estate company Redfin says the United States’ housing supply is at its highest level since 2020, but the company said it’s because many homes are on the market but haven’t sold.
“For all the talk of America’s housing shortage, one would think that’s great news. But the story is nuanced; a major reason for the jump in supply is a pileup of unsold homes, many of which buyers have deemed undesirable because they seem overpriced,” Redfin said in their report.
More than half of home listings in the United States in November had been on the market for at least two months, 60 days, without going under contract.
For the Atlanta housing market, 54.6% of homes sat unsold for at least two months as of November, with Redfin reporting more than 24,233 homes were for sale in the area between Nov. 18 and Dec. 15. With more than 54% going on market but not selling, the data meant more than 13,200 homes had still not sold in the Atlanta area.
“A lot of listings on the market are either stale or uninhabitable. There’s a lot of inventory, but it doesn’t feel like enough,” said Meme Loggins, a Redfin Premier real estate agent. “I explain to sellers that their house will sit on the market if it’s not fairly priced. Homes that are priced well and in good condition are flying off the market in three to five days, but homes that are overpriced can sit for over three months.”
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