Find out where ATL housing stands in terms of pricing and availability.
Atlanta’s housing market is, in a word, competitive, with homes generally receiving multiple offers and selling within a month. However, the market has shown some signs of fluctuation in the last couple of years. Read on to learn more about the ebbs and flows that determine and define the Altlanta housing market.
The general trend
The median sale price in Atlanta was $409,000 last month, marking a 6.0% decrease compared to the previous year. Additionally, the median sale price per square foot was $276, down by 1.8% since last year.
Neighborhood-specific housing trends
Each Atlanta neighborhood featured below is experiencing its own unique trends.
- Midtown: Known for its lively vibe, Midtown’s housing market saw a median sale price of $389,000, a decrease of 2.8% from the previous year. The price per square foot showed a minimal increase to $402, indicating a relatively stable market.
- Downtown Atlanta: Contrasting Midtown, Downtown Atlanta experienced a 12.7% increase in median home prices, reaching $307,000. Homes stayed on the market for an average of 69 days, significantly longer than the previous year.
- West End: A culturally rich area, the West End’s average house price slightly decreased to $331,000, a 1.2% drop from the previous year.
- Southwest Atlanta: This neighborhood showed resilience with an average house price increase of 3.5%, reaching $238,000.
- Capitol View: Capitol View experienced a 4.4% increase in average house prices, settling at $418,000.
- Atlantic Station: Here, the median sale price decreased by 5.3% to $310,000, but the price per square foot rose significantly by 13.0% to $338.
- Grove Park: Grove Park saw a remarkable increase in housing prices, with an average of $318,000.
- East Atlanta: This area experienced a downturn with home prices decreasing by 6.1%, settling at a median price of $495,000.
- Northeast Atlanta: This area saw a substantial increase in median sale prices, which were up by 14.3% to $503,000. The price per square foot also rose by 5.2% to $383.
- Edgewood: As one of the most competitive markets, Edgewood’s average house price was $573,000, up by 12.3% from last year.
- Peoplestown: This neighborhood saw a significant decrease of 28.5% in average house prices, which stood at $413,000.
Atlanta rental market analysis
The rental market in Atlanta is full of options, with variations depending on the area and style of the apartment.
- General rental trends: In 2023, Atlanta’s average rent ranged from $1,662 for a studio to $2,487 for a two-bedroom apartment. One-bedroom apartments averaged $1,912 in rent.
- Northeast Atlanta rental market: This area is on the higher end of the rental spectrum, with the average rent for a one-bedroom apartment around $2,187. The market here shows stability with a slight variation in rent prices, indicating a consistent demand.
Further insights on the Atlanta rental market
Several factors, including the economic landscape, population growth and urban development influence the rental market in Atlanta. In recent years, Atlanta has seen an influx of new residents, driven by its growing reputation as the premier cultural, economic and entertainment hub in the Southeast. This population growth has led to increased demand for rental properties, especially in popular areas like Midtown and Buckhead.
Moreover, the city’s growing job market, particularly in sectors like technology, finance and healthcare, has attracted professionals seeking a setup near their workplaces, making it a top contender when we talk about best cities for hybrid work. This demand has led to the development of new apartment complexes and the renovation of older buildings, further diversifying the rental options available.
It’s all about The A
The Atlanta real estate market, both in terms of housing and rentals, presents a nuanced picture. While some areas show increasing home and rental prices, others are experiencing stabilization or even a decrease. This variety reflects the city’s diverse demographic and economic makeup, offering opportunities for buyers and renters depending on their preferences and needs.
