What did we see in the real estate market in the month of June 2023?
Welcome to our monthly real estate market update! In this edition, we'll be diving into the key insights and trends that shaped the real estate market in June 2023. Read below for key statistics and what we experienced with our clients in the month of June.
June proved to be a month of stability in the real estate market. The market remained steady with indicators showing similarities to the past 60 days. One notable aspect was the sustained low inventory levels, hovering around a two-month supply.
Average Days on Market
The average days on market remained slightly higher than usual, settling around the 30-day mark. While this may seem longer than desired, it's important to consider the context and potential factors contributing to this figure.
Rising Average Sales Prices
One significant trend in the June 2023 real estate market was the continued increase in average sales prices. The prices have been steadily rising due to a sustained demand for properties. Since Atlanta is such a large market, we’ve got our eyes on particular area and neighborhoods to provide our clients with hyper-local data when they are preparing to buy or sell.
Detached Average Sales Price
Attached Average Sales Price
What we saw with our clients
June witnessed a surge in activity within the real estate market. We saw a considerable number of homes go under contract and new listings enter the market. This heightened activity can be attributed to the end of the school year, as families often plan their moves during the summer months to minimize disruptions for their children. It's a period that sees an uptick in real estate transactions year over year - and this year was no exception.
Multiple Offer Situations
We are still experiencing multiple offer situations in the competitive market landscape, particularly when properties are priced appropriately. While we expect an increase in multiple offers as interest rates decrease, it likely will not be to the extent we’ve seen in previous COVID years. The best thing you can do to win? Reach out for a 15 minute consultation and we’ll share with you!
We will be sharing a comprehensive quarterly recap later in the month, which will shed more light on the market's trajectory over the past three months. We hope to offer a clearer picture of the overall real estate landscape to help you make informed decisions and choices about your real estate decisions to stay in alignment with your goals and aspirations!