Atlanta ranks fifth in U.S. for May home sales

Atlanta ranked fifth among major U.S. cities in the number of home sales in May, despite a slight year-over-year decline in transactions, according to the most recent RE/MAX National Housing Report.

Closed sales fell 0.8% annually to 7,723 transactions. Month over month, they increased by 9.4%. Chicago, New York, Dallas and Houston occupy the top four spots, respectively.

Courtesy of RE/MAX.

Atlanta also ranked fifth in the United States for the largest percentage increase in new listings on the market in May. The metro area saw a 22.8% year-over-year increase, with new listings increasing to 12,275 from 9,998 in May 2023. In this category, San Diego, Phoenix, Seattle and Denver respectively took the first four places.

The median price of homes sold in Atlanta increased 1.3% month-over-month and 3.8% year-over-year to $405,000. Homes spent an average of 35 days on the market in May, down 0.7% from April’s 35 days, but up 8% from May 2023’s 32 days. Atlanta jumped 13.7% month-over-month and 74.2% year-over-year to 2.6 months.

“More and more sellers are seeing the benefits of listing their home now. They get the asking price and enjoy the benefits of a relatively quick sale,” Amy Lessinger, president of RE/MAX, said in a press release. “Increased inventory also provides more options for homebuyers, leading to increased sales. Mortgage rates continue to influence the pace of the real estate market. If inventory continues to grow and mortgage rates don’t change, prices could eventually start to fall.