The average sales price for single family detached homes sold in Cobb, DeKalb, Forsyth, Fulton and Gwinnett counties in August was $327,968, or an increase of 4% from August 2016, and a 2% increase of the total number of homes sold.
As home-buying demand continues to outpace supply in Metro Atlanta, the month’s supply of inventory for Metro Atlanta in August remains at three months, well below a normal market which is considered to be six month’s supply according to the National Association of Realtors. Unless a substantial amount of supply enters the market, this trend is likely to continue through 2018.
The area covered in the Hatch Neighborhood Report shows the average sales price for August dropping 3% from August 2016 to $792,947, and the number of sales through August 2017 didn’t significantly change from the same time last year, demonstrating the continued tight inventory.
The neighborhoods with the largest increase in sales for single family detached homes were Northeast Buckhead (+40%), and Historic Vinings (+63%). Neighborhoods showing growth in average sales price over August 2016 are Morningside/Virginia Highlands (+17%), and those in the Morris Brandon elementary school district (=15%). Check out how specific neighborhoods are performing by downloading this issue.
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The Hatch Neighborhood Report compares sales data year-over-year to measure the health of the housing market of Buckhead and the surrounding areas and to compare their sales activity to the metro area as a whole.