The Atlanta housing market is slowing down. Should you still buy or sell?

Is the real estate market slowing? You may hear about this on the news or from your friends. Today, I'll respond to this question and give my thoughts about the topic.

Without a doubt, the market is starting to shift. There are now more homes coming on the market compared to a few months ago. One of the few main reasons we're seeing this change is because the Federal Reserve is fighting inflation by raising interest rates. Since the bond market has been affected, this has also affected the overall housing market. 

How do rising interest rates change the market? We currently have fewer offers compared to the past few months. For buyers, this presents an opportunity. If they've been priced out of the market because of fierce competition, they now have a fighting chance to win their dream home. 

The market is starting to shift.

The average number of days on market in the Atlanta metro area also increased from three days to 15. This is still a relatively fast-moving market. A normal, quick market pre-pandemic had about 21 to 28 days on the market. 

It's important to keep the context of our market in mind. Home price appreciation over the last year was around 30% to 34%—this was not a normal market. The average home appreciation during the pre-pandemic market nationally was at 8%, while in Atlanta, it was at 8% to 12%. Our market isn't slowing down—it's adjusting to pre-pandemic levels. It is still a great market with wonderful opportunities for buyers and sellers. 

If you have any questions about the current state of the market or how it affects your buying or selling plans, don't hesitate to reach out to us by phone or email. We are here to be your real estate economists and consultants for life.