Atlanta Housing Market May Bloom Next Year According to a Study

2023 saw a major housing market slowdown. A record low of 15.5% of properties listed for sale this year are deemed affordable for the average household.

The same situation can be felt in major cities across Georgia. According to a recent Redfin research, the national rate of home affordability decreased from 20.7% in 2022 to 20.3% in 2023.

From 20.8% in 2022 to barely 13.8% in 2023, the percentage of affordable housing in Atlanta saw a major slump.

Last year’s decline in affordability wasn’t the only thing. Additionally, the supply of cheap houses plummeted, reaching an all-time low. A 40.9% decrease from 596,135 affordable listings in 2022 to 352,500 in 2023 is a decrease of more than a million listings annually during the preceding ten years.

However, senior economist Elija de la Campa of Redfin believes that more affordable homes will become available by 2024, and that improvement is already underway.

The slowdown set the table for the new year house listings. Many buyers are likely to take advantage of the low mortgage rates and more listings.