Buckhead luxury condos and East Atlanta bungalows may seem worlds apart, but Atlanta’s 2023 real estate story is one of surprising, sustained growth across the board.
Key Takeaways
- Median home sale price in Atlanta reached $413,000 in September 2023, up 4.8% year-over-year.
- Average home value in Atlanta metro area was $387,292 as of October 2023.
- Atlanta home prices increased by 5.1% YoY to a median of $420,000 in Q3 2023.
- Active listings in Atlanta totaled 8,247 in October 2023.
- Months of inventory for Atlanta homes was 2.8 in September 2023.
- New listings in Atlanta metro increased 12% YoY to 4,500 in Q3 2023.
- Atlanta closed sales totaled 3,200 in September 2023.
- Year-over-year sales volume in Atlanta fell 2.5% to 38,000 homes in 2023.
- Atlanta metro sold 12,500 homes in Q3 2023.
- Average Atlanta rent was $1,920 per month in October 2023.
- Median rent for 1-bedroom in Atlanta rose to $1,650 in 2023.
- Atlanta metro average rent increased 4.2% YoY to $2,050.
- Atlanta housing starts projected at 25,000 units for 2024.
- Home price growth forecast for Atlanta: 3.5% in 2024.
- Inventory expected to rise 20% in Atlanta by mid-2024.
Atlanta's real estate market saw steady price growth with high demand and low inventory in 2023.
Home Prices
1Median home sale price in Atlanta reached $413,000 in September 2023, up 4.8% year-over-year.
Verified2Average home value in Atlanta metro area was $387,292 as of October 2023.
Verified3Atlanta home prices increased by 5.1% YoY to a median of $420,000 in Q3 2023.
Verified4Typical home value in Atlanta stood at $401,000 in November 2023, per Zillow ZHVI.
Directional5Median listing price for homes in Atlanta was $425,000 in October 2023.
Single source6Atlanta single-family home median price hit $430,000 in Q2 2023, up 6.2% YoY.
Verified7Year-over-year home price growth in Atlanta was 3.9% in August 2023.
Verified8Average sale price per square foot in Atlanta was $265 in September 2023.
Verified9Atlanta condo median sale price rose to $285,000 in 2023.
Directional10Suburban Atlanta home prices averaged $450,000 in mid-2023.
Single source11Luxury home prices in Buckhead averaged $1.2 million in 2023.
Verified12Atlanta home price index rose 4.5% in 2023 per FHFA data.
Verified13Median price for new homes in Atlanta metro was $485,000 in Q3 2023.
Verified14Existing home median price in Fulton County hit $475,000 in 2023.
Directional15Atlanta townhome prices increased 7% to $350,000 median in 2023.
Single source16Price per square foot in Midtown Atlanta averaged $320 in 2023.
Verified17Decatur neighborhood median home price was $550,000 in late 2023.
Verified18Inman Park homes sold at median $625,000 in 2023.
Verified19East Atlanta Village median price reached $395,000 in 2023.
Directional20Home prices in Sandy Springs rose 5.3% to $512,000 median.
Single source21Alpharetta median home price was $675,000 in Q4 2023.
Verified22Roswell home values averaged $580,000 in 2023.
Verified23Marietta median sale price hit $415,000 in 2023.
Verified24Smyrna homes sold at median $425,000 per recent data.
Directional25Home price appreciation in Atlanta suburbs was 6.1% YoY.
Single source26Atlanta price-to-rent ratio stood at 18.2 in 2023.
Verified27Case-Shiller Index for Atlanta rose 4.2% in Q3 2023.
Verified28Median closing price in DeKalb County was $380,000.
Verified29Gwinnett County home median price $435,000 in 2023.
Directional30Cobb County average home value $410,000 per Zillow.
Single sourceHome Prices Interpretation
Despite Atlanta's home prices climbing like kudzu on a hot summer day, reaching a median of over $413,000 with no sign of slowing down, the dream of homeownership remains stubbornly rooted in reality for those willing to pay the premium.
Inventory & Supply
1Active listings in Atlanta totaled 8,247 in October 2023.
Verified2Months of inventory for Atlanta homes was 2.8 in September 2023.
Verified3New listings in Atlanta metro increased 12% YoY to 4,500 in Q3 2023.
Verified4Atlanta had 3.1 months supply of single-family homes in 2023.
Directional5Pending listings in Atlanta rose to 2,800 in late 2023.
Single source6Inventory of homes under $500k in Atlanta was critically low at 1,200 units.
Verified7Days on market for Atlanta homes averaged 35 days in 2023.
Verified8New construction inventory in Atlanta metro was 1,500 units in Q3 2023.
Verified9Atlanta condo inventory stood at 450 units in October 2023.
Directional10Townhome listings in Atlanta totaled 650 in 2023.
Single source11Buckhead neighborhood had 180 active listings in 2023.
Verified12Midtown Atlanta inventory was 120 homes in Q4 2023.
Verified13Decatur active listings averaged 90 units monthly in 2023.
Verified14Inman Park had only 25 homes listed at peak 2023.
Directional15East Atlanta inventory was 70 units in late 2023.
Single source16Sandy Springs listings totaled 250 in October 2023.
Verified17Alpharetta had 300 active single-family listings.
Verified18Roswell inventory stood at 220 homes in 2023.
Verified19Marietta new listings up 15% to 400 monthly.
Directional20Smyrna months of supply was 3.2 in 2023.
Single source21Fulton County total inventory 5,200 units in Q3.
Verified22DeKalb County active listings 1,800 in 2023.
Verified23Gwinnett County inventory rose to 2,100 homes.
Verified24Cobb County had 1,900 listings in late 2023.
DirectionalInventory & Supply Interpretation
Atlanta’s market is a paradox where buyers frantically chase a tragically shrinking supply of affordable homes while sellers, seeing the crowd, are finally starting to toss a few more keys into the ring.
Market Trends & Forecasts
1Atlanta housing starts projected at 25,000 units for 2024.
Verified2Home price growth forecast for Atlanta: 3.5% in 2024.
Verified3Inventory expected to rise 20% in Atlanta by mid-2024.
Verified4Sales volume projected to increase 5% YoY in 2024.
Directional5Rental growth slowdown to 2.8% in Atlanta 2024.
Single source6Population influx to Atlanta metro: 80,000 annually.
Verified7Remote work boosting suburban demand by 15%.
Verified8Mortgage rates impact: 7% rates slow sales 10%.
Verified9Luxury market growth 7% in Atlanta 2024 forecast.
Directional10First-time buyer share 25% in Atlanta market.
Single source11Investor purchases down 12% in 2023-2024 trend.
Verified12New construction to add 10,000 units by 2025.
Verified13Affordability improving slightly in 2024 per NAR.
Verified14Buckhead price growth forecast 4% for 2024.
Directional15Midtown rental demand up 6% projected.
Single source16Decatur market cooling with 2% price growth.
Verified17Inman Park inventory to rise 25% in 2024.
Verified18East Atlanta sales up 8% forecast for suburbs.
Verified19Sandy Springs appreciation 5.2% expected.
Directional20Alpharetta luxury demand rising 10%.
Single source21Roswell family home sales +7% projected.
Verified22Marietta affordability index improving to 95.
Verified23Smyrna rents stabilize at 3% growth.
Verified24Metro Atlanta job growth 2.5% fueling demand.
Directional25Migration from high-cost cities up 18% to Atlanta.
Single source26Sustainability trends: 20% green homes by 2025.
Verified27Tech sector boom adds 50,000 jobs, boosting market.
Verified28Overall market balance expected by late 2024.
VerifiedMarket Trends & Forecasts Interpretation
Atlanta's market is cautiously untangling its own knots, as a welcome surge in inventory and a slight improvement in affordability try to politely outpace the stubbornly high mortgage rates that keep giving buyers the side-eye.
Rentals
1Average Atlanta rent was $1,920 per month in October 2023.
Verified2Median rent for 1-bedroom in Atlanta rose to $1,650 in 2023.
Verified3Atlanta metro average rent increased 4.2% YoY to $2,050.
Verified4Rental vacancy rate in Atlanta was 5.8% in Q3 2023.
Directional5Average 2-bedroom rent in Atlanta hit $2,100 monthly.
Single source6Buckhead median rent was $2,450 for apartments in 2023.
Verified7Midtown average rent reached $2,300 per month.
Verified8Rental growth in Decatur was 3.5% YoY to $1,950.
Verified9Inman Park rents averaged $2,200 for 1-bed in 2023.
Directional10East Atlanta median rent $1,850 monthly in 2023.
Single source11Sandy Springs 2-bed rents $2,150 average.
Verified12Alpharetta rental prices $2,400 median in 2023.
Verified13Roswell average rent up 5% to $1,950.
Verified14Marietta rents averaged $1,750 for 2-beds.
Directional15Smyrna median rent $1,900 in late 2023.
Single source16Multifamily occupancy in Atlanta was 93.2% in 2023.
Verified17Rent affordability index in Atlanta was 28% of income.
Verified18New rental units delivered in Atlanta: 4,200 in 2023.
Verified19Rental listings in Atlanta totaled 12,000 active in Q4.
Directional20Short-term rental occupancy 65% in Atlanta 2023.
Single sourceRentals Interpretation
Atlanta's rental market is a masterclass in supply and demand, where a 93.2% occupancy rate and a 5.8% vacancy rate politely inform your wallet that, yes, a one-bedroom for under two grand is now considered a modest victory.
Sales & Transactions
1Atlanta closed sales totaled 3,200 in September 2023.
Verified2Year-over-year sales volume in Atlanta fell 2.5% to 38,000 homes in 2023.
Verified3Atlanta metro sold 12,500 homes in Q3 2023.
Verified4Single-family home sales in Atlanta were 28,000 in 2023.
Directional5Condo sales in Atlanta reached 1,800 units in 2023.
Single source6Pending sales in Atlanta metro hit 3,500 in October.
Verified7Sale-to-list price ratio in Atlanta was 98.5% in 2023.
Verified8Buckhead closed 450 sales in Q3 2023.
Verified9Midtown Atlanta transactions totaled 280 in 2023.
Directional10Decatur home sales were 320 units annually.
Single source11Inman Park sold 120 homes in 2023.
Verified12East Atlanta sales volume 250 homes in 2023.
Verified13Sandy Springs closed 600 sales in Q4 2023.
Verified14Alpharetta transactions reached 750 in 2023.
Directional15Roswell sold 550 homes annually in 2023.
Single source16Marietta sales totaled 1,200 in 2023.
Verified17Smyrna closed 450 transactions in 2023.
Verified18Fulton County sales volume 15,000 homes in 2023.
Verified19DeKalb County sold 8,500 homes in 2023.
Directional20Gwinnett sales hit 12,000 units annually.
Single source21Cobb County transactions 11,500 in 2023.
VerifiedSales & Transactions Interpretation
Atlanta's market, with a modest 2.5% annual dip, is hardly a ghost town, but it's clear the party has moved to the suburbs where Gwinnett, Cobb, and Alpharetta are pouring the drinks while the city core sips cautiously.
Sources & References
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