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What are mortgage interest rates going to do in the last quarter of the year? Chief Marketing Officer John Ryan with Georgia MLS joins the Atlanta Real Estate Forum Radio podcast to discuss the current trends within the Georgia housing market. Ryan sits down with host Carol Morgan to share his predictions for the remainder of the year on the All About Real Estate segment.
Intending to provide an orderly and efficient space for real estate buyers and sellers, Georgia MLS is the largest real estate marketplace in Georgia. With over 52,000 agents and members, the marketplace company boasts 40,500 brokerages scattered around north Georgia, the metro Atlanta area and along the Georgia coast, as well as across a few southeastern states. Georgia MLS works closely with brokers, agents and appraisers to provide a marketplace that benefits the buying and selling process alike. In 2022, the company experienced 124,000 transactions adding up to approximately $48 billion.
Ryan said, “Georgia MLS is a magical marketplace that brings real estate together to make a homeownership happen!”
In the first half of 2023, the real estate market was hit by increasing interest rates and a lack of housing inventory. As a result, the current market is experiencing a consistent rise in median home prices. Experiencing firsthand the effects of interest rates and inventory changes, Georgia MLS has noticed a flattening rate of active listings on its marketplace.
Ryan said, “Going from a 3% interest rate in 2022 to a close to 7% interest rate in 2023 has put sellers on the fence.”
Slowly increasing, the current housing market is sitting on approximately two months of inventory. Looking strictly at the single-family residential selections on Georgia MLS, the marketplace only showcases 9,800 property listings in the 12-county core around metro Atlanta. Even though inventory is still below balanced market levels, Ryan predicts that the Atlanta market is still significantly active and will remain active in the year to come.
Ryan said, “As we know a balanced market is six months of inventory, and while we have seen a rise, there hasn’t been enough change to move the needle in terms of available properties.”
With affordability being a crucial factor in the home buying process, many consumers are searching for properties away from the city for more budget-friendly opportunities. Ryan mentions the rise in movement within northeastern parts of the state, such as Barrell County, as well as increased activity in southern parts of Georgia, including the Jackson and Macon areas. Looking at the 12-county core region of metro Atlanta, Fulton County is the most predominant area for real estate sales – followed by Dekalb, Gwinnett and Cobb Counties.
Tune into the full episode above to learn more about Georgia MLS or visit www.GeorgiaMLS.com.
A special thank you to Denim Marketing for sponsoring Atlanta Real Estate Forum Radio. Known as a trendsetter, Denim Marketing has been blogging since 2006, podcasting since 2011 and is currently working on strategies for the Google Helpful Content update and ways to incorporate AI into sales and marketing. Contact them when you need quality, original content for social media, public relations, blogging, email marketing and promotions. A comfortable fit for companies of all shapes and sizes, Denim Marketing understands marketing strategies are not one-size-fits-all. The agency works with your company to create a perfectly tailored marketing strategy that will adhere to your specific needs and niche. Try Denim Marketing on for size by calling 770-383-3360 or by visiting www.DenimMarketing.com.
The Atlanta Real Estate Forum Radio “All About Real Estate” segment, presented by Denim Marketing, highlights the movers and shakers in the Atlanta real estate industry – the home builders, developers, Realtors and suppliers working to provide the American dream for Atlantans. For more information on how you can be featured as a guest, contact Denim Marketing at 770-383-3360 or fill out the Atlanta Real Estate Forum contact form. Subscribe to the Atlanta Real Estate Forum Radio podcast on iTunes, and if you like this week’s show, be sure to rate it.