We recently release our latest Southeast Cross Market Insights Report covering Atlanta, Birmingham and Charlotte for August 2023. This blog post provides a high level overview of those markets.
In summary, active inventory has consistently tightened in Atlanta, while active listings have recently risen in Charlotte and Birmingham. Closings and new listings have remained low across all markets, given homeowners have little incentive to list. In Q1 2023, average purchase prices reached their lowest point in all three markets. They have since rebounded and are approximately 2% shy of peak levels. In July, STOLs across all three markets converged at 99%. This is a dramatic change from the 4-6% discounts observed earlier this year. While purchase prices have posted a V-shaped recovery since the beginning of the year on a p.s.f. basis, list prices p.s.f have been relatively unchanged. In all three markets, assets with >60 DOM have continued to decline since Q4 2022, while those with <30 DOM have experienced minimal growth. With 20-year high mortgage rates and near all-time high sale pricing, median income households have become increasingly priced out of the market, particularly in Birmingham and Charlotte.
Interested in learning more about Entera and our Market Insights reports?
Click here to request a consultation with our experts.