Atlanta’s housing market saw a month-over-month decline in sales prices in January, even as supply continued to shrink, falling to just 0.9 of a month at the current rate, Atlanta REALTORS® Association reported. 

Home sales were also down, falling 8.8% year over year and 34.2% month over month to 4,289 transactions, ARA reported, citing data from First Multiple Listing Service. Inventory fell 24.2% year over year to 6,240 units in January, while new listings hit 6,166, a 24.1% jump from December and a 12.3% decline from January 2021. 

While sales prices were down monthly, they were still much higher on an annual basis. The median sales price of a home in Atlanta was $375,000, which represents a 23% year-over-year increase and a 0.5% month-over-month decline, while the average sale price was $438,500, representing a 16.9% annual rise and a 1.2% monthly drop. 

“It’s worth noting that 2022 will be the first year of somewhat normalized data, in that it’s not being compared to 2020,” Atlanta REALTORS® Association President Karen Hatcher said in a press release. “Carrying over from the strong trend at the end of last year, sales continue to show year over year decline as the inventory that’s making it to the market just isn’t sufficient to meet demand.” 

The ARA report covers 11 metro-Atlanta counties: Cherokee, Clayton, Cobb, DeKalb, Douglas, Forsyth, Fulton, Gwinnett, Fayette, Henry and Paulding. 

 

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