Atlanta Metro Area Sees A Spike in Home Prices Over 1 Year
Atlanta's home prices have increased 9.8% from just a year ago, according to a new report. However, like every other metro where home prices have ticked up, the city is struggling with inventory issues.
"The median sales price of a home sold in the region during February was $225,000, up from a median of $204,900 during the same month of last year, according to the real estate firm," according to National Mortgage News.
"In comparison, the national median sales price was $228,700 — an 8.1% increase over the year."
John Rainey, vice preside, Remax Georgia, told NMN that the inventory is low and it has led to a "double-digit year-over-year increase" in counties like Dekalb and Clayton. Rainey also predicts that this trend will over continue.
"The number of homes listed for sale last month represented only 2.2 months of sales. That is down from 2.9 months a year ago — a number that was already abnormally low," according to the report.
"The smaller that number, the more the balance shifts in favor of sellers since there are more and more potential buyers for each home on the market. It doesn't help that many of the new homes being built are too expensive for the typical first-time buyer."
Atlanta isn't the only metro in the U.S. facing this issue. All across the nation metros are seeing record home price increases that are directly tied to a lack of both new and existing home inventory.
To learn more about Atlanta's price increase and inventory struggles, click on the image above.
