Sales Market
Latest: April 2024
The Atlanta housing market in 2024 presents a balanced scenario that may benefit both buyers and sellers. With a stabilization in home prices and a more balanced market supply, buyers may find slightly better conditions for purchasing homes compared to previous years. The home prices in Atlanta have shown some stabilization, with the median listing price remaining steady year-over-year​ (Realtor)​.
Pricing Trends:
Home prices in Atlanta have been experiencing a gradual increase. As of February 2024, the median sale price for homes was $430,000, marking an 11.7% increase from the previous year. This suggests a strong market with continued demand​ (Redfin)​. However, the overall growth rate has shown signs of slowing, which could reduce competitive pressure and potentially make home buying slightly more accessible for some buyers​ (Norada Real Estate Investments)​.
Sales Activity:
The Atlanta real estate market has been active, with homes selling relatively quickly. The average home goes pending in about 55 days, which is slower compared to 39 days from the previous year, reflecting a slight cooling in market velocity​ (Redfin)​. Approximately 15.7% of homes sold above the listing price as of March 2024, indicating that while the market remains competitive, there's more room for negotiation compared to hotter market periods​ (Realtor)​.
Forecast and Opportunities:
Looking ahead, the Atlanta housing market is expected to see continued demand driven by its strong economic fundamentals and relative affordability compared to other major U.S. cities. The median home value in the Atlanta-Sandy Springs-Roswell area is projected to grow by about 6.0% over the next year, suggesting confidence in the continued attractiveness of the market​ (Norada Real Estate Investments)​.
Rental Market
Latest: April 2024
In 2024, Atlanta's rental market continues to exhibit stability with a slight monthly decrease in average rents. As of March 2024, the average rent in Atlanta was approximately $2,045, showing a small month-over-month decrease of $8, which suggests a stabilization in the rental prices​ (Redfin)​.
Rental Prices:
Rental prices across Atlanta vary significantly based on neighborhood and property type. Some of the more expensive areas include Inman Park, where rents can go as high as $3,425, and Candler Park at around $4,600. On the other end, more affordable areas include Oakland City and West End, with rents around $1,100 and $1,395 respectively. This wide range reflects Atlanta's diverse housing options and neighborhood characteristics​ (Rent.com)​​ (Redfin)​.
Economic Factors:
The overall cost of living in Atlanta aligns closely with the national average, with housing costs slightly higher by about 2%. Utilities are notably lower, around 17% less than the national average, which could contribute positively to the affordability of living in the city despite higher rents in certain neighborhoods​ (Zumper - Apartments for Rent & Houses)​.
Neighborhood Variance:
The rental market in Atlanta is diverse, with some neighborhoods experiencing significant price fluctuations. For example, Grant Park and Morningside-Lenox Park have seen decreases in rent by 1.84% and 19.93%, respectively, while areas like Old Fourth Ward and Kirkwood reported increases of 17.67% and 13.98%, respectively. Such variations highlight the dynamic nature of the rental market in different parts of the city​ (Redfin)​.
Atlanta, GA, USA