30316 Real Estate Market Report
1Q 2017 (Jan-March) :: Including East Atlanta and Ormewood Park neighborhoodsThe 30316 real estate market is H-O-T. Inventory is low and demand for housing is off the charts. Ormewood Park, East Atlanta and a small portion of Cabbagetown are situated in zip code 30316 and all are highly sought-after - especially with home buyers that are in the $250K to $550K price range. In the latest edition of the 30316 Real Estate Market Report, you'll find everything from current home values to the time it takes to sell a home. Enjoy!
3Q 2016 30316 Real Estate Trends Report
30316 Home Sales
137 homes sold in the 1st quarter of this year, which is UP 10% from the same time last year.
Inventory levels are still quite low, with less than 2 months of inventory in Ormewood Park and East Atlanta.
The average sales price for a single family home skyrocketed to $299,639 -- UP $52,000 from the same time last year. This is one of the biggest spikes we've seen recently and a large contributor is most likely the limited number of homes for sale in the 30316 neighborhoods.
* The median sales price was $305,000
* 30316 home sales ranged from $81,500 to $679,900
How quickly are homes selling?
Homes in this popular Atlanta zip code are selling in homes are selling in 45 days on average, which is almost 50% faster than the same time last year. The median number of days on the market was only 15 days and that's a more accurate reflection of the current 30316 real estate market. There were a few new construction homes and home renovations that were listed before the work was completed, so that skewed the average a bit. If you price your home at or slightly below fair market value when you list it, there is a high probability that you will sell quickly -- and usually with a bidding war!
*** 53% of the 30316 homes sold in less than 2 weeks!
Are buyers still paying top dollar?
Absolutely! Ormewood Park, East Atlanta and Cabbagetown homes sold at 97.2% of the asking price (on average). So that means that buyers were able to negotiate 2.8% off the listing price.
Almost 50% of the homes sold for the full asking price or higher. Some buyers even paid as much as 16.0% OVER the asking price! So on a $350K listing, that would mean they offered $56,000 OVER asking price (whew!).