As the summer cycle ends and we usher in fall, the housing market experiences its normal decline in prices and number of sales, however the Atlanta metro area sustains price momentum. The average sales price for single family detached homes sold in Cobb, DeKalb, Forsyth, Fulton and Gwinnett counties in September was $327,155, or an increase of 4% from September 2016, and a 1% increase of the total number of homes sold. The month’s supply of inventory for Metro Atlanta in September remained at three months*, for the 7th month in a row.
The area covered in the Hatch Neighborhood Report shows the average sales price for September dropping 1% from September 2016 to $787,887, and the number of sales through September 2017 remaining the same as this time last year, demonstrating the continued tight inventory.
Since the intown market can vary greatly by neighborhood, it’s important to dive deeper into the data. Neighborhoods in the Sarah Smith and Morris Brandon elementary school districts remain top-performing markets in Buckhead in 2017, with the largest increase in both sales and average price for single family detached homes. Historic Vinings and west Smyrna are emerging as top-performing markets in Cobb county. Check out how specific neighborhoods are performing by downloading this issue.
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* Normal market is considered to be six month’s supply according to the National Association of Realtors.
The Hatch Neighborhood Report compares year-to-date sales data to the previous 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. Reporting sales activity for the year allows us to identify top-performing neighborhoods.