Is it possible for a real estate market to be too good for its own good?
Interest rate increases have done little to dampen the Buckhead housing market during the first quarter of 2022. Instead, demand has continued to be stronger than the supply of available homes. The top 10 homes sold during the first three months of this year start at $4.5 million and increase from there! Buyers from western and northeastern states continue to add to robust local demand, resulting in an increasing number of bidding wars over homes that have the right features and are properly priced. I have seen several situations where prices have been bid up $300,000 to $500,000 above the asking price…these are the stories we used to hear about the market in NYC or San Francisco, but now it is here in Buckhead.
So back to the original question: Is it possible for a real estate market to be too good for its own good? I do not have the answer and I am not able to predict the direction of a market being driven by unprecedented circumstances. Only time and hindsight can tell, but from where we stand today, there is no end in sight.
164 single family homes were sold in Buckhead in the first quarter of 2022. The top of the market was a $9.3 million home, while the average Buckhead home sale closed at $1.5 million.
The condo market in Buckhead is strong, with 352 sold in Q1. Condo sale prices ranged from $107,000 to $4.5 million. The average condo sold in Buckhead was a 1,439 square foot unit for $455,7167.