What is "Absorption Rate" and how does it affect your home in Andersonville?
You have probably heard that the real estate market is strong right now. How strong is it in our Andersonville neighborhood? The best factor to determine how strong a market is to look at the absorption rate. The absorption rate tracks how quickly properties are selling based on this formula: dividing the number of homes sold by the number of available homes currently for sale.
For example if 10 houses were sold in a month when 50 houses were for sale, you would determine the absorption rate like this:
10/50 = 20%.
An absorption rate of 20% or more is considered a Sellers Market. Even if you aren't interested in math, you probably wonder how this impacts our neighborhood of Andersonville. And the answer is absolutely stunning!
At the time of this writing, the absorption rate in Andersonville is 126%! This means not only is Andersonville a Sellers market, it is absolutely on fire. More homes will go on the market in the spring and summer which will lower this below 100%. If you are considering selling your property in 2022 or 2023, you could not have chosen a better time.
If you are looking to find out what your home, condo, or building is worth from a local Andersonville expert, I would be happy to come by and give you a free evaluation. I do it for neighbors every day. Call or text me at 312.477.9594.