Atlanta Housing Market: Trends & Prices
Atlanta Real Estate Market Overview
(Last Updated – 06/2020)
The great city of Atlanta is known by many names. Some prefer City in a Forest or City of Trees because of Atlanta’s unique tree canopy. Of course, Hotlanta also has a nice ring to it. Whatever you choose to call Atlanta, almost 500,000 people call Atlanta home.
Atlanta’s roots began way back in 1837 when it was best known for being located at the end of the Western & Atlantic railroad line. Today, the city is still a major transportation hub thanks to its access to the Hartsfield-Jackson Atlanta International Airport, which happens to be the world’s busiest airport for daily passenger flights.
Due to the direct flights this airport provides to Europe, Asia, and South America, business travel is booming in Atlanta where there are more than 1,000 international businesses in operation.
The study also found that residents of Atlanta spend 26.55% of income on living expenses and that the median monthly rent is $1,157 in this city. A high cost of living may be why only 49% of Atlanta residents are homeowners. The average price per square foot in Atlanta is $241.
A 2019 study by Wallethub found that Atlanta is one of the best cities for first-time homebuyers to lay down roots. The study considered affordability, quality of life, crime rates, and 24 other key factors to determine which cities would top the list.
First-time homebuyers and more verteraned property owners will all find something to love about living in Atlanta, so let’s take a closer look at Atlanta home prices, recent market trends, and what makes some of Atlanta’s most popular neighborhoods so special.
Overall Atlanta Market Trends
Good news for prospective Atlanta home buyers. The real estate gurus over at Redfin consider Atlanta to only be a somewhat competitive market.
For a bit of extra context, typically you can expect homes in this neighborhood to receive multiple offers, to sell for around 2% below the list price, and to sell in about 44 days.
$355,000
Avg. Home Price
$211
Avg. Price Per Sq. Ft
44 days
Avg. Time on Market
Atlanta Housing Market Forecast
It looks like the Atlanta housing market is cooling down a bit this year. Atlanta house prices have gone up 7% since this time in 2019.
As the average house price in Atlanta is $355,000; a drop in prices could make this a super affordable city for many hopeful home buyers.
Demographics of the Atlanta Market
Atlanta is a city that is always changing and evolving. While there is plenty of historic architecture to enjoy, brand spanking-new skyscrapers are popping up along the skyline in popular neighborhoods like Midtown and Buckhead.
Before you make your decision to become an Atlanta property owner, let’s take a closer look at some fast facts about the Atlanta real estate market.
Median Income: $65,345
Median Age: 33.2
College Educated: 50%
Homeowners: 45%
Married: 33%
Popular Atlanta Neighborhoods
While it may seem like Atlanta’s 242 distinct neighborhoods would cause a disconnect throughout the city, Atlanta government officials and residents work hard to support all of the neighborhoods.
The various neighborhoods are brought closer together through community-based improvement, public festivals, and programs many residents can benefit from and enjoy.
Neighborhood beautification is a particular passion throughout Atlanta, as are farmers markets and community gardens.
Virgina Highland
If you’re looking for charm, look no further than the Virginia Highlands neighborhood. Cute bungalows are intermixed with fun shopping villages and the entire area is quite pedestrian-friendly.
You can enjoy turn-of-the-century architecture as well as brand new construction. Overall, this is a vibrant and diverse neighborhood to live in.
Quick Facts
Population:
24,112
Median Age:
35
Housing Units:
12,223
Bike Score:
70
Walk Score:
78
Transit Score:
43
Average Household Income:
$173,162
Virgina Highland Housing Market
Housing prices are dropping rapidly in the Virginia Highland neighborhood, so you may want to buy a home while you can snag an awesome deal. Home values in this area have dropped by a whopping 24.1% since last year.
Even with the drop in prices, this market isn’t too competitive at the moment. Some homes get multiple offers, but most sell for 1% below list price in around 24.5 days.
Average Home Price
$394,000
Average Price Per Sqare Ft.
$323
Buckhead
Buckhead is considered to be one of the more affluent neighborhoods in Atlanta and one of the most aesthetically appealing with century-old trees, large mansions, and midcentury homes to admire.
Entertainment, parks, museums, and nightlife await Buckhead residents. Not to mention, they have some pretty ritzy shopping options too.
Quick Facts
Population:
83,186
Median Age:
36.7
Housing Units:
48,732
Bike Score:
50
Walk Score:
76
Transit Score:
55
Average Household Income:
$191,490
Buckhead Housing Market
The housing market in Buckhead is a bit hit or miss. The more popular homes sell in around 17 days, but the average home spends 56 days on the market. If you find a deal that’s too good to be true, you might want to act quickly.
Housing prices have dropped massively in this neighborhood in the past year at a rate of 19.4%, so now might be a good time to find a home in this charming neighborhood at a bargain price.
Average Home Price
$463,000
Average Price Per Square Ft.
$256
Old Fourth Ward
Old Fourth Ward was voted as the 9th best neighborhood in America by HotSpot Rentals, so we can see why it’s such a popular neighborhood for Atlanta residents.
High scores in categories relating to walkability, transportation, entertainment options, and beautiful weather all contribute to the appeal of this neighborhood.
Quick Facts
Population:
10,928
Median Age:
33
Housing Units:
7,281
Bike Score:
83
Walk Score:
79
Transit Score:
58
Average Household Income:
$79,296
Old Fourth Ward Housing Market
Those looking for a home in the Old Fourth Ward housing market shouldn’t run into too much trouble. While this area is considered to be somewhat competitive at the moment, many homes sell for about 2% below their list price.
You won’t have to make a decision too quickly when it comes to making an offer on a home, as most Old Fourth Ward homes sell in about 49 days. So take a night or two to sleep on the decision.
Average Home Price
$431,000
Average Price Per Square Ft.
$266
Midtown
Midtown is proud to be the South’s first “EcoDistrict” and the community in this neighborhood is passionate about collaborating on initiatives that help improve both environmental and economic performance.
This pedestrian-friendly neighborhood offers robust transit options, lots of greenery, and has a diverse mix of land uses.
Quick Facts
Population:
14,261
Median Age:
34
Housing Units:
10,346
Bike Score:
74
Walk Score:
86
Transit Score:
65
Average Household Income:
$115,752
Midtown Housing Market
You might have a bit more flexibility if you’re house shopping in the Midtown neighborhood. This somewhat competitive real estate market sometimes sees homes receive multiple offers, but typically they sell for around 2% below the list price.
Houses sell in about 43 days, so you won’t have too long to make a move. Especially if you have your sights set on an in-demand home, which can sell in around 13 days.
Average Home Price
$313,000
Average Price Per Square Ft.
$356
Kirkwood
If you’re an architecture buff, then you’ll love the diverse home styles in the Kirkwood neighborhood. From Victorian and Craftsman-style homes to small cottages, there is a home for everyone in this stunning neighborhood.
For those more passionate about the great outdoors than the great indoors, there are several beloved parks in Kirkwood, like Gilliam Park which offers a bike trail and a community garden.
The DeKalb Memorial Park has a tennis and basketball court for sports lovers. Of course, you can also stop by the Bessie Branham Park, Can Park, or the Kirkwood Urban Forest and Community Garden.
Quick Facts
Population:
13,737
Median Age:
36.4
Housing Units:
6,550
Bike Score:
56
Walk Score:
61
Transit Score:
41
Average Household Income:
$95,141
Kirkwood Housing Market
It may be a smart idea to move quickly if you find your dream home in the Kirkwood neighborhood. It’s considered to be a very competitive real estate market with houses selling in around 19 days on the market.
Many homes in this area get multiple offers and some of the more popular offerings sell close to the list price.
Average Home Price
$499,000
Average Price Per Square Ft.
$310
SoFi Home Loans
It’s easy to see why Atlanta has become such a popular market to buy a home in. There are some really amazing neighborhoods to choose from whether you’re young and single or have a family to look after.
If you think Atlanta could be your home sweet home, then you may need to consider your home loan options.
If you’re buying a home or refinancing an existing mortgage, SoFi can help you make the process as quick and painless as possible.
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