Housing Market Update: Surge in Supply and Rising Prices Signal a Hot Market

Exciting News in the Housing Market!

The latest update from Redfin Real Estate News reveals a significant surge in housing supply, marking the most substantial increase in nearly a year. According to Redfin, the total number of homes for sale in the U.S. has risen by 5% compared to the previous year, marking the most significant year-over-year uptick since May 2023.

Local Market Insights

If you check out my local market update video on my YouTube channel, "Living In North Atlanta Georgia," or just type in @livinginNorthAtlanta, you'll see that all the cities covered have had an increase in listings hitting the market. However, most of these listings are already going fast!

Impact of Increased Inventory

This surge in listings comes after a period of low inventory, which has caused many potential buyers to delay their home purchase decisions. With more homes hitting the market, we're witnessing a renewal in buyer activity, as indicated by the increase in mortgage applications. My favorite lenders are super busy, but they always take great care of my clients.

Robust Price Growth

Despite the increase in inventory, price growth remains robust. Redfin reports that the median U.S. home sale price has risen by nearly 6% compared to last year, marking the second most substantial increase since October 2022. In Milton, GA, the average sales price jumped by two hundred thousand dollars according to March and April data, never ceasing to amaze.

Mortgage Rates and Market Momentum

While mortgage rates are currently slightly elevated, they are expected to gradually decline throughout the year. With all this positive momentum in the market, there's never been a better time to make your move!

How to Get Started

If you're interested in learning more about the current inventory and prices in your area, don't hesitate to reach out to my team and me. Not sure where to start? Simply send me a message in the comments, call me, or text me at 404-788-2580. Let me know if you’re looking for the link to our virtual seller video library or our virtual buyer video library to start learning tips and tricks from the comfort of your home.

Whether you’re looking to sell, buy, downsize, or upsize, we're here to help you strategize your next steps and turn your homeownership dreams into reality.