The real estate market in the Atlanta metropolitan area is still going strong in January. The market remains competitive, with the average sales price up in Sandy Springs and an increase in homes on the market in both Dunwoody and Sandy Springs.
- The average sales price is significantly up in Sandy Springs and slightly down in Dunwoody
- Both Dunwoody and Sandy Springs saw an increase in average days on market
- Months’ supply of homes in both Dunwoody and Sandy Springs increased
- Homes for sale increased dramatically in Dunwoody and slightly in Sandy Springs
Though the number of homes increased in both locations and spent more time on market, the average sales price indicates a good market.
Average Sales Price
In Sandy Springs, the average sales price in January 2023 was $783,275, which is a 28.2% increase over 2022. In Dunwoody, the average sales price dropped slightly, from $561,522 to $501,641.
Average Days on Market
The average days on market increased in both Sandy Springs and Dunwoody. From 2022 to 2023, the days on market in Sandy Springs went from 28 to 43 – a 53.6% increase. In Dunwoody, the average days on market increased more significantly, from 17 to 45 – representing an increase of 164.7%.
Months’ Supply of Homes for Sale
Months supply of homes for sale is a key indicator of supply and demand in the market. Essentially, it predicts how long the current inventory will take to sell – without new listings.
Both Dunwoody and Sandy Springs had significant increases in months supply of homes from 2022 to 2023. In Dunwoody, the increase was 120% — from 0.5 to 1.1. Sandy Springs was at a 66.7% increase from 2022 to 2023 – from 0.9 to 1.5.
Homes for Sale
The housing market was volatile in recent months, but it’s beginning to stabilize with available inventory coupled with rising prices – indicating healthy demand.
In January 2022, there were 102 homes for sale in Sandy Springs and 24 homes for sale in Dunwoody. Now, Sandy Springs has 110 homes for sale – an increase of 7.8% — while Dunwoody has 42 homes for sale – an increase of 75%.
Pending sales typically take between 15 and 60 days from contract to closed sale. Some homes will be a closed sale while others will return to active status or get pulled from the market. Pending sales is still a valuable metric for understanding the types of homes – and locations – that buyers are looking for.
Sandy Springs had 66 pending sales in January 2023, which is a 26.7% decrease from 90 in January 2022. Dunwoody is similar, with 24 pending sales – a decrease of 22.6% over 31 in January 2022.
Though still competitive, the Atlanta metropolitan area’s housing market is beginning to stabilize. Homes are spending more time on market, but there’s more inventory available and higher-priced homes. Despite volatility in other markets, Dunwoody and Sandy Springs remain steady.