On a national and global scale, this week kicked off with dire news of a free-falling stock market and possible looming recession (again). Closer to home, a fresh housing report indicates broader economic forces could be having a real impact in metro Atlanta, too.

According to July data compiled by Georgia MLS, evidence suggests the housing market is noticeably cooling off across metro Atlanta and the rest of the state, following years of white-hot price increases and supply restrictions fueled by societal and lifestyle changes kicked into overdrive during the COVID-19 pandemic.  

Georgia MLS analysts say the cause is interest rates that remain much higher than a few years ago.

The average 30-year fixed rate for a mortgage today is 6.89 percent. That means homebuyers can expect to pay $658 per month in principal and interest alone for every $100,000 borrowed, according to Forbes Advisor.

That’s down from average mortgage rates north of 7.7 percent last fall—but a far cry from the 2.6 percent halcyon rates of early 2021.

Georgia MLS’s report provides a snapshot for what the agency considers Atlanta's 12 core counties. Those are Cherokee, Clayton, Cobb, DeKalb, Douglas, Fayette, Forsyth, Fulton, Gwinnett, Henry, Paulding, and Rockdale counties.

One of the more telling bar graphs released in the Georgia MLS data shows the number of active listings across the 12-county region this year versus last. Georgia MLS

The findings could trigger anxiety in homeowners considering selling in the near future—but they could also signal good news for metro Atlantans looking to become homebuyers soon. 

In terms of supply, the more than 17,000 active listings across the metro in July represents a whopping 60 percent jump in available inventory versus the same month last year.

The data suggest affordability is also increasing, if gradually.

The metro’s $415,000 median sales price is still $15,000 higher than last year, but prices have trended down by nearly 4 percent since June. The number of days homes are sitting on the market is also increasing, according to Georgia MLS.

Meanwhile, bright spots for homebuilders and sellers are found in the “units sold” and “sales volume” categories, which have both spiked since summer 2023.

A metro Atlanta market snapshot released by Georgia Multiple Listing Service today. Georgia MLS

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