by CLAIRE BRENNAN
According to the most recent data from RE/MAX Georgia, February home sales and median home sale prices increased faster in the Atlanta area than the national average.
Home sales in the Atlanta area increased 1 percent to 5,759 in February 2018 from 5,705 in February 2017. The national average — based on trends from 53 metropolitan areas across the country — decreased 0.2 percent from last year.
The median sales price in Atlanta is up 9.8 percent year-over-year, from $204,900 to $225,000, compared to a nationwide 8.1 percent year-over-year increase to $228,700.
In the Atlanta area, DeKalb County had the highest increase in median sales price, jumping 22 percent from $209,000 to $255,000 in the past year.
“The median sales price in greater Atlanta is increasing at a faster rate than the national average — with double-digit year over-year percentage increases in Fulton, DeKalb and Clayton counties,” said John Rainey, vice president of RE/MAX Georgia.
Homes in the Atlanta area spent an average of 55 days on the market in February, compared to a national average of 62 days. Both the Atlanta average and the national average for time on the market decreased six days from last year to this year.
Housing inventory in Atlanta is still low, with February 2018’s supply at 2.2 months — a decrease of 0.7 months from last year and down from 2.5 months in January 2018.
“As local inventory continues to shrink, we don’t expect this trend to significantly slow down anytime soon,” Rainey said. “But potential homebuyers shouldn’t be discouraged. There are still countless opportunities for homebuyers to find their dream homes. They just need to be patient.”