How Fast Are Home Prices Rising in YOUR Atlanta Neighborhood?
This is one of the most popular questions from our friends and clients. Now that the Intown Atlanta real estate market is starting to show signs of a shift, we are on a mission to make sure you are well-informed – especially if you are thinking of buying or selling a home in the next few years.
Home Value Increase by Neighborhood
Below you’ll find the Intown Atlanta single-family home appreciation rates over the last year (2018 to 2019). This chart definitely looks different from a few years ago when home prices were rising at an exponential rate… in every neighborhood.
Top Neighborhoods for Home Appreciation
Midtown Atlanta homes saw the largest increase. The median home sales price rose a whopping 11.3%!
East Atlanta is #2 on the list with a 5.7% increase in home prices over the last year. Part of this is due to new construction, as well as pent-up demand for housing near the East Atlanta Village.
Reynoldstown is a close third with a 5.6% increase in the median home sales price. Thanks to the Beltline and new developments along the Memorial Drive corridor both builders and renovators have been pushing home values way up in this eclectic ‘hood.
Top Neighborhoods with a Dip in Home Values
Oakhurst, Inman and O4W are what most people consider some of the hottest Intown ‘hoods, so the fact that they saw the largest DECREASE in the median sales price is probably a shock to many of you.
The median home sales price in Oakhurst dropped a staggering 8.8% from 2018. Why?! There were fewer luxury new construction homes sold this year and over the last 5 years, home prices have skyrocketed in this oh-so-charming neighborhood, so it appears that things may be leveling off to a more traditional appreciation rate.
Inman Park is #2 on the list with a 5.2% decrease in home prices over the last year. Like Oakhurst, we’ve had double-digit appreciation over the last few years and extremely low inventory. We expect things to remain status-quo in 2020.
OLD FOURTH WARD
O4W experienced a modest drop in home values, with a 2.4% decrease in the median home sales price.
Median Home Prices by Neighborhood
The details behind the charts in this article! View the median home sales prices for 2018 and 2019, as well as the year-over-year increase (or decrease).
|City of Decatur||$550,000||$547,500||$2,500||0.5%|
|Old Fourth Ward||$585,000||$599,500||-$14,500||-2.4%|
What to Expect in 2020
A few of you are probably a little surprised at the numbers, but please know that the 2020 real estate market is expected to be a good one. While ‘good’ no longer means non-stop bidding wars and homes selling for 10% over asking price on the first weekend, it is going to be more of a balanced market.
If you are a home buyer, a balanced market means that you won’t be faced with as many bidding wars, you may have more homes to choose from and when you see a home you like, you may be able to sleep on it for a night before having to make an offer!
If you are selling a home and it is priced at the fair market value and in good condition, it will most likely sell in the first 2 to 4 weeks and you’ll get close to the asking price.
The fine print: All neighborhood sales data was extracted from the First Atlanta Multiple Listing Service on January 16, 2020, and interpreted by Kerry Lucasse with the Urban Nest team at eXp Realty. Information is deemed reliable but not guaranteed. If you have questions about the report or would like a list of recently sold homes in your neighborhood, please text Kerry at 404-432-1844.