Atlanta Housing Market: Trends & Prices
Atlanta Real Estate Market Overview
(Last Updated – 01/2022)
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. By any name, roughly 500,000 people choose to live in Atlanta.
Atlanta’s roots go back to 1837, when it was located at the end of the Western & Atlantic railroad line. Today, the city is still a major transportation hub thanks to Hartsfield-Jackson Atlanta International Airport, the world’s busiest airport for daily passenger flights. Because of direct flights to Europe, Asia, and South America, business travel is booming in Atlanta, where there are more than 2,500 international businesses.
According to the Council for Community and Economic Research’s 2021 Q2 Cost of Living Index , the overall cost of living in Atlanta is 5.6% above the national average, with housing costs coming in at 13% over the national average. Despite some of the higher costs, a lot of people clearly love living in Atlanta. The population increased by nearly 79,000 over the past decade, according to the latest census data, and nearly 79% of Atlanta homeowners stayed in the same house over the past year.
A 2021 study by Wallethub found that Atlanta is one of the best cities for first-time homebuyers. The study considered affordability, quality of life, crime rates, and 20 other key factors.
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First-time buyers and more seasoned house hunters 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 popular neighborhoods.
Overall Atlanta Market Trends
Good news for prospective Atlanta homebuyers: The real estate gurus at Redfin consider the Atlanta housing market to be only somewhat competitive.
For context, typically you can expect homes in this city to receive multiple offers, to sell for around 1% below the list price, and to sell in about 25 days.
Recommended: Local Housing Market Trends by City$396,250
Median Sale Price
$245
Avg. Price Per Sq. Ft
25 days
Avg. Time on Market
Atlanta Housing Market Forecast
The Atlanta housing market has seen a lot of activity recently. According to Zillow, home prices surged 16.6% over the past year. The Atlanta real estate market was already favoring sellers before the pandemic, and real estate experts predict that this trend will continue over the coming months as inventory is unable to keep up with demand.
The good news is that many homes sell in Atlanta for around list price, so if you fall in love with a house that is within your price range, chances are you won’t need to go much over your budget. In fact, Redfin reports that 13% of Atlanta homes actually saw a price drop over the past year.
Demographics of the Atlanta Market
Atlanta is a city that is always changing. While there is plenty of historic architecture to enjoy, brand-new skyscrapers are popping up along the skyline in popular neighborhoods like Midtown and Buckhead.
Before you decide to become an Atlanta property owner, let’s take a closer look at some fast facts about the Atlanta real estate market.
Median Income: $59,948
Median Age: 33.3
College Educated: 51.8%
Homeowners: 43.5%
Married: 29.2%
Popular Atlanta Neighborhoods
Government officials and residents work hard to support all of Atlanta’s 242 distinct neighborhoods, 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.
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If you’re looking for charm, look no further than the Virginia Highland neighborhood. Cute bungalows are intermixed with shopping villages, and the entire area is pedestrian-friendly.
You can enjoy turn-of-the-century architecture as well as new construction. Overall, this is a vibrant and diverse neighborhood to live in.
Quick Facts
Population:
23,973
Median Age:
35.2
Housing Units:
12,002
Bike Score:
70
Walk Score:
78
Transit Score:
43
Average Household Income:
$183,864
Virgina Highland Housing Market
Housing prices have skyrocketed in Virginia Highland, so this area may be out of reach for some. Home values increased by 59.7% since last year.
Despite the surge, Redfin data shows that the median price for homes in this neighborhood was actually over $800,000 three years ago, so some may actually consider the current prices a steal by comparison.
Virginia Highland is currently considered somewhat competitive. Some homes get multiple offers, but most sell for 1% below list price in around 19 days.
Median Sale Price
$627,500
Average Price Per Square Ft.
$334
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, 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:
86,184
Median Age:
36.8
Housing Units:
50,255
Bike Score:
58
Walk Score:
92
Transit Score:
44
Average Household Income:
$205,410
Buckhead Housing Market
The housing market in Buckhead is a bit hit or miss. The more popular homes in this charming neighborhood sell in around 14 days, but the average home spends 36 days on the market.
While housing prices have increased in this somewhat competitive market in the past year by 7%, the typical home sells for about 2% below list price.
Median Sale Price
$574,600
Average Price Per Square Ft.
$293
Old Fourth Ward
Old Fourth Ward was voted the ninth-best neighborhood in America by HotSpot Rentals. High scores in categories related to walkability, transportation, entertainment options, and beautiful weather all contribute to the appeal of this neighborhood.
Quick Facts
Population:
11,683
Median Age:
33
Housing Units:
7,609
Bike Score:
83
Walk Score:
79
Transit Score:
58
Average Household Income:
$85,433
Old Fourth Ward Housing Market
Those looking for a home in the Old Fourth Ward housing market may find themselves facing competition.
Typical homes in Old Fourth Ward sell in about 30 days and for about 1% below list price; however, if you end up picking a popular home, you will have to commit faster, as those homes tend to go pending in around 12 days.
Median Sale Price
$414,970
Average Price Per Square Ft.
$360
Midtown
Midtown is proud to be the South’s first “EcoDistrict,” and residents are passionate about collaborating on initiatives that improve both environmental and economic performance.
This pedestrian-friendly neighborhood offers robust transit options and lots of greenery, and has a diverse mix of land uses.
Quick Facts
Population:
15,041
Median Age:
33
Housing Units:
10,745
Bike Score:
74
Walk Score:
86
Transit Score:
65
Average Household Income:
$119,835
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 1% below the list price.
Typical houses in Midtown sell in about 35 days, so you have a little bit of time to make a move. However, if you have your sights set on an in-demand home, those can sell in around 14 days.
Median Sale Price
$364,500
Average Price Per Square Ft.
$346
Kirkwood
If you’re an architecture buff, 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 here.
For those more passionate about the great outdoors than the great indoors, there are several beloved parks in Kirkwood, like Gilliam Park, which has a bike trail and a community garden.
DeKalb Memorial Park has tennis and basketball courts. You can also stop by Bessie Branham Park, Can Park, or the Kirkwood Urban Forest and Community Garden.
Quick Facts
Population:
13,820
Median Age:
35.6
Housing Units:
6,686
Bike Score:
56
Walk Score:
61
Transit Score:
41
Average Household Income:
$105,744
Kirkwood Housing Market
It may be a smart idea to move quickly if you find your dream home in the Kirkwood neighborhood. It is considered to be a somewhat competitive real estate market, and the median sale price dropped by 7.6% since last year.
Typical houses go pending in around 22 days, with some homes getting multiple offers. In-demand homes go pending in only 11 days and tend to sell for 3% above list price.
Median Sale Price
$554,500
Average Price Per Square Ft.
$283
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 mortgage 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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