2023 saw the largest drop in the number of both single family homes and condos sold in Sandy Springs in recent history. From its peak in 2021, Sandy Springs saw a 44.3% drop of single family homes sold and a 45.5% drop of condos/townhomes sold. Clearly, the exponential rise in mortgage rates has resulted in a drastic reduction in inventory keeping more homeowners in their homes over the last 2 years and also sidelining many buyers due to affordability. This will create pent up demand at some point in the future. The good news for sellers is that in spite of this extreme drop in the number of homes sold, average sales prices continue to rise to record levels.
Substantial reductions in mortgage rates in 2024 could lead to a release of some of this pent up demand and an increase in inventory for buyers.
At Hirsh Real Estate, we are proud to announce some major successes despite such a challenging market. In 2023, not only did we secure the sale of the most expensive home in Sandy Springs, but we also sold three of the top five sales in the city. Here’s a look at the top 10 homes sold in Sandy Springs during 2023.