The first quarter of 2024 has brought a surprising shift in the Sandy Springs real estate landscape, with condos and townhomes taking the spotlight. Both total units sold and average sales prices for condos and townhomes have surged by over 15% compared to the same period last year, while single-family home sales remained relatively stagnant.
The rise in demand for condos and townhomes is a notable departure from previous trends, where single-family homes typically dominated the market. This shift suggests a changing preference among buyers, possibly driven by factors such as affordability and lifestyle choices.
In contrast, sales of single-family homes saw a slight decrease of 1.8% in total units sold compared to Q1 of 2023. The average sales price for single-family homes also experienced a modest decline, dropping by 2% year over year.
Looking ahead, we are optimistic about the continued growth of the condo and townhome market, due to their appeal to a diverse range of buyers, including young professionals, empty nesters, and investors. However, market conditions can change rapidly, and we advise buyers and sellers to stay informed and seek professional guidance when navigating the real estate market.
| Year | Jan – March 2023 | Jan – March 2024 | Difference YOY | |
| Single-Family Homes | Total Sold | 112 | 114 | 1.8% Decrease |
| Average Sales Price | $1,281,234 | $1,253,482 | 2% Decrease | |
| Condos/Townhomes | Total Sold | 135 | 156 | 15.5% Increase |
| Average Sales Price | $350,478 | $405,178 | 15.6% Increase |
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