“Stay ahead of the curve. Understanding market conditions can make all the difference in the world when you're buying or selling.” - Mellanda Reese

As we step into the second half of 2024, the real estate market is buzzing with activity and new trends. Hi, I'm Mellanda Reese with Andora Realty Group, here to give you the latest scoop on the national housing market and how it impacts the vibrant city of Atlanta, GA.

The latest data from Realtor.com reveals a slight upward push in mortgage rates 📈, yet the demand for purchasing homes remains steady. For buyers in Atlanta, the good news is that home prices fell slightly in April, with the median home price down about 1.1% compared to last year 📉. This dip offers a breather for those frustrated by rising rates, making it a bit easier to secure a dream home in the bustling Atlanta market.

Adding to the buyer's advantage, there's been a 13.5% increase in new listings nationwide, and Atlanta is no exception 🏡. This surge in inventory provides more options for buyers to choose from, easing affordability challenges and presenting a wealth of opportunities to make an offer. Alongside pent-up buyer demand, many sellers are also keen to move. Realtor.com reports that 80% of homeowners have considered selling over the past 1 to 3 years. Those ready to sell are stepping up, even if it means facing higher mortgage rates for their next purchase.

Interestingly, we're seeing an influx of smaller, lower-priced properties entering the market, balancing out the higher-priced homes. In regions like the West Coast, multiple offers and shorter days on the market are becoming common, reflecting a dynamic and fast-paced environment.

Overall, the national real estate market remains on a seesaw, with its ups and downs, and mortgage rates acting as the wild card. For a deeper dive into the housing data specific to Atlanta, give us a call at Andora Realty Group. We're here to help plan your next big move with ease and expertise.

Remember, at Andora Realty Group, we aim to make your home buying and selling experience a happy one. I'm Mellanda Reese, Broker|Owner, and I look forward to assisting you in your real estate journey.