Whether you’re looking to buy or sell, timing your local market is an important part of real estate investment. This article has been updated to reflect recent changes in the Atlanta real estate market due to the coronavirus pandemic. The single-family residential housing market in metro Atlanta got impacted by the pandemic with home sales plummeting from April onward. There was a significant reduction of 25.8% in sales for April as compared to last year's numbers. According to the latest report from Atlanta REALTORS® (ARA), residential sales continued to decrease in May as well.
Home sales dropped by 36.8% from the previous year whereas average and median sales prices continue to gain saw positive gains. The median sales price in the Metro-Atlanta housing market in May was $291,000, an increase of 0.3% from last May. While Atlanta housing prices remain almost steady as compared to last year, the decline in sales reflects the impact of the shelter-in-place order that Metro Atlanta residents had to follow. It is expected that this trend would continue to affect the overall sales for the next few months until the pandemic is over.