Second Half Of 2024 Continues High Inventory, Big Opportunities ($1M+)

Lets take a look at the second part of the year (July-December 2024) to take note of any trends happening.

** Link to Market Metrics page at the bottom of this post. **

All data is for condos priced above $1M
(High-Rise, Mid-Rise + Lofts, no town homes are included)

The $1M+ condo market in Atlanta during the second half of 2024 was marked by high inventory levels and slow sales, creating a strong buyer’s market. Each month, there were between 84 and 97 condos for sale, with November reaching the highest inventory of the period. However, actual sales remained low, ranging from just 2 to 10 units sold per month, with December seeing a slight improvement in activity. Pending sales (contracts signed but not yet closed) were modest, fluctuating between 4 and 9 units monthly, peaking in September. Despite some signs of increased buyer interest late in the year, inventory consistently outpaced demand, keeping buyers in a favorable negotiating position.

The “Months of Inventory” metric, which indicates how long it would take to sell all available condos at the current sales pace, fluctuated significantly. Inventory was already high in July and August, at 21 and 23 months, but spiked dramatically in September to 47.5 months—a clear indicator of a sluggish market. September’s sluggishness, however, may have been compounded by external factors beyond typical market dynamics. With a presidential election looming in November and the holiday season approaching, both buyers and sellers often hesitate to engage in the market, delaying decisions until the new year. These trends likely contributed to the inventory buildup in September and slower sales activity in the months leading up to December. By October inventory began to improve, dropping to 11.3 months and declining further to 8.9 months by December. These lower levels signaled a faster pace of sales in the final quarter, which was more balanced but still leaned toward buyers due to the overall supply remaining relatively high.

While the second half of 2024 clearly favored buyers, the headline numbers only tell part of the story. The detailed analysis below explores days on market, buyer and seller leverage, the impact of The Dillon Buckhead, and how Atlanta’s luxury condo market may have looked very different when new construction activity is taken into account.

The Atlanta luxury condo market remains stronger than the headline numbers suggest, even if recent trends appear to be moving in the wrong direction. Subscribe for complimentary Insider Access to continue reading the full breakdown.