If you’ve been following real estate trends in Metro Atlanta, you know we're in a seller’s market.
As a whole, demand is up and so is pricing – two factors that give home sellers the upper hand in transactions.
But is that the case throughout Metro Atlanta? This week, we set out to discover if specific pockets of the area are following suit on this overall trend.
We looked at the top five counties in which Knock is active. We analyzed prices, days on market and new listings to determine which areas are more favorable to buyers or sellers at the moment.
Overall, we found that most areas are indeed favorable to sellers. In some locations within Dekalb and Gwinnett, it’s the perfect time for buyers to make their moves.
If you’ve been thinking about selling your property in Cobb, now might be a good time to do it. In 2015, there were 5% more new listings over 2014, and the median price of homes rose by 5%.
In 2016, the growth of new inventory slowed, increasing by just 3% over 2015. Meanwhile, prices went up by 6% to a median of $235,000.
So, the growth of new inventory is declining, while prices are increasing. That's good news for sellers.
We are seeing this same trend when we drill down to several areas in Cobb County. For example, Kennesaw is incredibly favorable right now for sellers. Year over year, new inventory decreased by 0.6%, but the median price of homes went up 8% to $215,000.
It’s a good time to buy in Dekalb. In 2015, sellers added 4% more inventory over 2014, but the median price of homes shot up a staggering 11%. That pricing growth slowed in 2016 as the county only saw a 5% increase in pricing to $223,000. Meantime, new inventory increased by 5% on a year-over-year basis.
More inventory + a slowdown in pricing growth? Buyers, make your moves.
It’s a particularly good time to purchase a home in Decatur. Sellers have added 6% more inventory to the market over the previous year, but prices have only increased by 0.3% to $173,250 – leaving buyers in a good position to find the home of their dreams at a decent price.
Forsyth is solely comprised of Cumming, Georgia – so our analysis here is pretty simple. It's an incredibly good time for sellers to list their properties.
In 2016, there was significantly less new inventory in Cumming over 2015 with a 10% decrease of listings. However, the median price of homes went up by 5%, meaning that sellers in this area have the upper hand.
Overall, it seems like Fulton County is slightly more favorable to sellers. In 2016, sellers added just 4% more new inventory to the market over the previous year—a dip from the 6% they added in 2015. The median price of homes went up by 5%—just below the 6% pricing growth we saw in 2015.
A slight slowdown in inventory growth + a bump in pricing? The market is heating up for sellers.
When we focus on popular pockets of the county, like Roswell and Atlanta, that trend looks stronger. In Roswell, the number of new listings went down by 7% in 2016. Yet, the median price of properties grew 7% to $347,000 during that same period. In Atlanta, new inventory dropped by 3% on a year-over-year basis. Meanwhile, pricing increased slightly by 2%, making the median price of homes in the city $225,000.
Overall, sellers have the upper hand in Gwinnett. In 2015, they added 10% more new inventory over the previous year, and saw a 9% increase in prices. New inventory growth slowed significantly in 2016 to 6%. Pricing growth slowed just a tad in 2016, as the median price of houses went up by 8% to $202,500.
Significantly less inventory + a tiny dip in pricing growth? Sellers have it.
This trend varies depending on the area, however. In Grayson, we’d recommend buyers to make their purchases now. In 2016, sellers added more new inventory than they did in 2015 and prices dropped by 2%.
It’s a different story in Suwanee and Norcross. In both markets, the numbers of new listings went down significantly on a year-over-year basis, and prices jumped significantly. Last year’s sellers in Suwanee brought in 8% more than they did in 2015, while those in Norcross saw an 11% jump in pricing.
Regardless of our buy/sell recommendations here, it’s clear that Metro Atlanta is a high-demand market. By 2040, the area is expected to grow by 2.5 million people. The next several years will be critical for homeowners and investors who want to make their mark in the city, making it more important than ever to get the home selling process down pat. To learn more about how Knock uses data science to price houses effectively, read up on our strategy.