How Are Rising Mortgage Rates Affecting Real Estate in Sandy Springs? Plus Top Ten Sandy Springs Home Sales Of 3rd Quarter 2022

Our community saw a very steady rise in the number of home sales month-over-month through May of 2022. After the crescendo of 87 homes sold in May, the numbers began to drop at almost the exact rate they had risen. This comes as no big surprise as 30- year fixed mortgage rates more than doubled from an average 3.22% in January to 6.7% by the end of September.

The good news for buyers is that we are finally starting to see sale prices in Sandy Springs falter, and even drop, in the high end of the market. While the highest priced home to sell in Sandy Springs this quarter was over $5 Million, the prices for the next 9 sales fell a bit from Q2. Last quarter we saw all 10 top sales at $3 Million or more, while Q3 saw only 4 sales above $3 Million. Moving forward, we expect to see inventory improve while prices adjust to a more reasonable level.

Here are number of sales and average close price for single family homes in Sandy
Springs year to date.

Month Number of Sales Average Close Price
January 52 $953,008
February 55 $1,064,302
March 66 $1,197,725
April 69 $1,074,433
May 87 $1,074,997
June 68 $1,294,836
July 65 $1,051,942
August 54 $1,073,675
September 52 $1,118,206

Attached housing for 3rd quarter, 2022 shows the same basic trajectory as single family housing, illustrating that prices across the board have been affected by the mortgage rate hikes. Steady increases have transitioned into price fluctuations in Q3. Further correction in prices should continue as inventory will hopefully increase making this a good market for buyers again.

Number of sales and close price for attached housing YTD in Sandy Springs:

Month Number of Sales Average Close Price
January 69 $315,544
February 69 $292,659
March 78 $341,959
April 82 $354,669
May 103 $415,504
June 73 $412,615
July 56 $309,262
August 86 $362,443
September 66 $350,767

As inventory rises, bidding wars begin to go by the wayside, and home prices start to drop, we will see our seller’s market begin to transition into a buyer’s market for the first time in several years.

And finally… The top 10 home sales in Sandy Springs for the 3rd quarter of 2022: