2024 Year-End Real Estate Market Report - Morris Brandon Elementary District
/Covering 2024 and Year-To-Date Through January 28, 2025
Photo of Bobby Jones Golf Course, which sits Adjacent to The Springlake and Memorial Park Neighborhoods in Morris Brandon Elementary District. These neighborhoods are off to the right, though not directly shown in this photo.
Overview of Current Market Conditions
As of January 28, 2025, there are 30 active listings in the Morris Brandon Elementary School District, ranging in price from $599,900 to $4,990,000. In the first 28 days of 2025, there have been 4 sales, compared to 10 sales during the same period in January 2024.
Looking at the previous 90 days (ending January 28, 2025), there were 35 sales, which averages to 11.7 sales per month. With 30 active listings, this equates to 2.6 months of inventory. This indicates a continued strong seller’s market for single-family homes in the lower to mid-price ranges.
What Defines a Seller’s Market?
Under 6 months of inventory: Seller’s Market
6 months of inventory: Balanced Market
Over 6 months of inventory: Buyer’s Market
2024 Sales and Pricing Trends by Range
$750K–$1M: Strong Seller’s Market
At the close of 2024, this price range had only 2 months of inventory, solidifying its status as a strong seller’s market.
$1M–$2M: Strong Seller’s Market
With just 1 month of inventory, demand remained incredibly high in this price bracket throughout 2024.
$2M–$3M: Seller’s Market
This range showed slightly more inventory, with 4 months of supply at the end of 2024, but still leaned firmly toward a seller’s market.
$500K–$750K: Mixed Market
This price range was balanced in December 2024 with 6 months of inventory. However, the five preceding months (July–November 2024) consistently reflected a seller’s market.
$3M–$5M: Buyer’s Market
This segment consistently saw buyer’s market conditions throughout 2024 due to fewer buyers at this price level.
Year-Over-Year Sales Data
2024 Total Sales: 155 single-family homes sold, up from 144 in 2023 but still below the pre-pandemic peak of 205 in 2019.
Luxury Market Growth: 100 homes sold for over $1M in 2024, compared to 85 in 2023 and 79 in 2019. This means approximately 65% of single-family homes sold last year in Morris Brandon Elementary School District exceeded $1M.
Quarterly Comparisons
Q4 2024 Sales: 42 homes sold, a 24% increase from 32 sales in Q4 2023, but still 21% lower than the 53 sales in Q4 2019.
The median sold price of single-family homes in the Morris Brandon Elementary school district increased 7 percent to $1,235,000 in 2024 from $1,153,893 in 2023.
Market Drivers and Historical Context
The housing market in the Morris Brandon district has experienced notable shifts in the past several years. After the Federal Reserve’s sharp interest rate reductions in 2020, historically low mortgage rates (around 3%) fueled demand and drove sales to a record 302 in 2021.
Since the Fed began raising rates in 2022, mortgage rates have climbed to the 6–8% range, significantly reducing affordability and resulting in fewer sales in both 2022 and 2023. However, 2024 saw a modest rebound in sales activity, driven by buyers adjusting to higher rates and recognizing that the ultra-low rates of 2020–2021 are unlikely to return soon.
Margaret Mitchell Area home within a 5-minute walk of Morris Brandon elementary whose sellers chose to list the home in October 2024, trusting the Wren Atlanta Team with Harry Norman Realtors to represent them. They got the home under contract within 5 days, resulting in a higher sales prices per square foot than numerous comparable homes nearby.
The chart below shows how the number of single-family homes for sale in Morris Brandon district dropped significantly after 2020 and 2021. This is often explained as the locked-in effect, where homeowner’s who secured low mortgage interest rates in 2020 and 2021 have been less inclined to move after rates increased. As buyers get used to the higher rates, many experts expect the number of homes for sale to increase in 2025.
“Home buyers will have more success next year. The worst of the affordability challenges are over as more inventory, stable mortgage rates and continued job and income growth pave the way for more Americans to achieve homeownership.””
Active Listings and Inventory Trends
December 2024 Active Listings: 37, down 16% from 44 in December 2023 and 46% from 69 in December 2019.
Inventory by Price Range:
Under $3M: Strong seller’s market across most segments.
$3M–$5M: Buyer’s market conditions due to fewer transactions and higher days on market.
In each year over the last 10 years, single-family homes priced $3 million - $5 million spent more time on the market than single-family homes priced at $3 million and below. What is noteworthy is that when comparing the average days on market for homes priced $3 million - $5 million in 2024 to homes in this same price range in the previous 9 years, this price range is selling faster in 2024 than in each of the years except for 2022. There has also been a steady downward trend since 2016 in the average number of days on market for homes priced at $3 million and below.
This chart demonstrates that demand for single-family homes in Morris Brandon Elementary district is still strong.
Days on Market: Faster Sales for Well-Priced Homes
December 2024 Average Days on Market: 11 days—down 85% from 75 days in December 2023 and a staggering 93% decrease from 157 days in December 2019.
Homes that are priced appropriately continue to sell quickly, highlighting strong buyer demand in the area. This is evident when looking at the median number of days on market in December 2024: just 4 days.
Conclusion
The Morris Brandon Elementary School District remains a highly desirable area, with strong demand driving competitive conditions in most price ranges. While the market experienced a slight rebound in sales volume in 2024, current inventory levels and quick sales for well-priced homes underscore the importance of strategic pricing and timing for sellers.
For buyers, the market continues to favor those who act decisively, particularly in the $750K–$2M range, where inventory remains low. However, those in higher price brackets may find opportunities in a buyer’s market setting.
If you’re considering buying or selling in 2025, now is the time to plan your strategy. With interest rates likely to remain higher than previous years, timing and preparation are key to achieving your goals.
Thinking about buying or selling in the Atlanta area? The market is constantly shifting, and having the right strategy is key. Whether you're looking to maximize your home's value or find the perfect place to call home, we're here to help. Contact us today for expert guidance and a personalized game plan!
