Sandy Springs saw a rise in home sale prices during the 3rd quarter of 2023. As mortgage rates continue their rapid ascent, we are seeing substantial reductions in inventory year-over-year. While there are many who are reluctant to give up their +/- 3% mortgage rates, Sandy Springs home values are holding remarkably strong due to our gorgeous neighborhoods with oversized lots, fine restaurants, retail, and entertainment, all within its close-in location along Atlanta’s perimeter.
|Year||July – Sept 2022||July – Sept 2023||Difference YOY|
|Single-Family Homes||Total Sold||172||132||23.2% Decrease|
|Average Sales Price||$1,075,182||$1,161,418||8% Increase|
|Condos/Townhomes||Total Sold||210||171||18.6% Decrease|
|Average Sales Price||$346,806||$383,663||10.6% Increase|
Hirsh Real Estate is enjoying another great year of sales in Sandy Springs, and here are the attributes our clients have been drawn to:
Buyers who are dependent upon a mortgage are stretching to get the most they can for their dollar, so they are unable to come out of pocket to renovate.
One sold listing in Princeton Square is a great example of this… The kitchen and master bath had been renovated about 15 years ago. The entire interior sheetrock, kitchen cabinets, and primary bath vanity were painted a beautiful Benjaman Moore white. Old brown carpeting was replaced with fresh light carpet, all windows cleaned until sparkling, and the entire main level and primary bedroom were staged with fresh, current, neutral interiors. The exterior was pressure washed, and shutters and fresh paint were added. We received 6 offers and sold the house over asking price. The sellers spent $25,000 to gain an additional $100,000 over what the house would have fetched in its pre-listing condition. The buyers were willing to overlook features such as a drive-under garage, unfinished basement, and sloped, wooded backyard just to be able to have the interior and exterior refreshed, charming, and move-in ready!
Another buyer’s experience was an exercise in patience, as she searched for over a year to find her perfect dream home within limited inventory. It needed nothing except her interiors at move in, which is why this Sandy Springs townhome won her over.
Yet another Hirsh RE listing boasted a gorgeous lot with a totally unique home. It sold inside the perimeter in Sandy Springs for $1,335,000.
Of course, Hirsh RE also sold the most expensive home in Sandy Springs to date this year! The Loudermilk estate, which is 15,000 square feet and sits on 14+ acres, sold for close to $9,000,000.
What do all of these sales have in common? Each property was either move-in ready with no work required or had a unique feature which could not be shopped. The request we repeatedly have this year from our buyers is to find them a home that does not require any updates. Our best advice to sellers in this market is to retouch and freshen all blemishes before listing. Do not overlook the details! Have every window professionally cleaned, clean everything else until it’s gleaming, and have the home professionally staged. If you need to, consider taking out a home equity loan to do the minimum work required to make your home move-in-ready, and you will certainly get a premium price in today’s market.