Dive Into the Atlanta Housing Market Forecast for 2024

Harry Norman, REALTORS® has released their annual Metro Atlanta Residential Real Estate Forecast — which gives great insights into what homebuyers, builders, and sellers can expect in 2024.

Dive Into the Atlanta Housing Market Forecast for 2024

If you’re thinking of buying, selling, or building a home…you need to know what to expect! Harry Norman, REALTORS has released their real estate forecast for Atlanta — and it’s good news. But before we get into what to expect in 2024, let’s take a look at what 2023 looked like.

In 2023, there was a 17% decline in the number of home sales compared to 2022. Harry Norman, REALTORS contributes this decline to higher interest rates and constrained inventory.

Homes spent more days on the market in 2023 — especially at the beginning of the year — but by summer, markets had warmed and the average amount of days on the market in August 2023 was 24 days.

Now for the good news…

According to Harry Norman, REALTORS, despite the decrease in home sales in 2023, there is expected to be increased activity in 2024. The current Georgia housing market is described as having a lot of potential homebuyers, but not a lot of available homes. Increased interest rates is the prime suspect here — potential sellers don’t want to sell right now, which keeps inventory low.

Even with that info, Harry Norman, REALTORS has said that they expect to see a 14-15% increase in home sales in 2024. Homes are expected to sell fast this year, and the amount of available inventory is expected to remain tight.

Let’s talk about prices! According to the Real Estate Forecast, “In Greater Atlanta, due to pent up demand and market growth, price appreciation is expected to outpace national averages, in the range of 6-8% in 2024.” Great news for sellers. If this remains true, 2024 would be Atlanta’s 13th year of consecutive price appreciation.

Mortgage interest rates are always on homebuyers’ minds. Harry Norman, REALTORS says, “In the past 18 months, mortgage rates surged to historic highs due to the Federal Reserve’s interest rate policies aimed at curbing inflation. However, a recent shift has seen rates steadily decline following pauses in the Fed’s rate hikes and subdued economic data.” According to research, the Federal Reserve plans to implement three rate reductions in 2024.

When it comes to new construction, there’s good news there too. Economists anticipate 2024 to be a slightly better year for homebuilders than 2023. Since there aren’t as many homes for sale…buyers are turning to new construction.

Georgia is on the cusp of significant growth, according to Harry Norman, with projections indicating an increase in population over time — taking it from just over 11 million currently, to over 13 million by the year 2040. If the growth projection remains, Georgia will become the fifth largest in terms of population size.

Atlanta added 14,300 residents just in the past year.

To look at Harry Norman, REALTOR’s in depth 2024 Real Estate Forecast, click here.

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Dive Into the Atlanta Housing Market Forecast for 2024