Grant Park Real Estate Market Report
1Q 2019 Real Estate Stats, Home Values and Recently Sold Homes in Grant Park Atlanta
It’s time again for the Grant Park Atlanta real estate market update! The year started off a bit slow but picked up as the weather (i.e. rain!) cleared up a bit. You’ll see below that home sales were on par with the same time last year and even though homes took quite a bit longer to sell, we still experienced another interesting spike in home values. Hope you enjoy the latest Grant Park Real Estate Report and if you have questions after reviewing, please don’t hesitate to reach out to us at 404-205-8800 or 404-432-1844.
Overview of the 1Q 2019 Grant Park Market
A total of 19 single family homes sold in Grant Park in the first quarter (January – March) of 2019. It’s right on par with the same time last year when 20 home sold.
GRANT PARK HOME PRICES
The average single-family home price was $546,193. That’s a $43,000 increase (8.5%) from the same time last year!
- Grant Park home prices ranged from $267,000 to $829,000 in 1Q 2019
- The median sales price was $537,500
- There were several recently renovated homes that sold in Grant Park (zip code 30312), but only one was a newly constructed home (built in 2018).
ARE BUYERS REALLY PAYING TOP DOLLAR?
The answer this quarter is…. usually. For the last 4+ years, full price offers were the norm in Historic Grant Park, but at the start of the year, it looks like the buyers were feeling confident enough to negotiate a bit. The average (and median) list price to final sales price was 96.5%, so buyers were negotiating about 3.5% off the asking price.
At the same time last year, buyers were only getting an average of 1% off the asking price.
Even though 3.5% vs 1.0% may not sound like a lot, here’s a quick example:
On a $550,000 home, 3.5% off is $19,000 and 1.0% off is only $5,500. That’s a difference of $13,500!
HOW QUICKLY ARE HOMES SELLING?
A the same time last year, Grant Park homes sold in 11 days (median), but this year it took 22 days — 2x longer to sell a home!
Based on our experiences working with both buyers and sellers at the start of 2019, there are two probable reasons for the increase in the time it takes to sell a home in Grant Park:
- Many buyers are now priced out of the Grant Park neighborhood. Now that the average home price is well over $500,000, many home buyers just can’t afford to purchase a home in this charming historic Atlanta neighborhood. There are fewer buyers looking in the higher price range, so it is taking a bit longer for homes to sell.
- Home sellers are listing their home (a bit) too high. Since home prices have been rising at an exponential rate over the last 4+ years, Intown homeowners are feeling very confident and want to list at the high end of their home’s potential value (or more!). Pricing a home just 2% or 3% over the fair market value can sometimes cause a serious delay in the sale. Occasionally, homeowners will receive an offer in the first week or two, but typically, they have to reduce the price a few weeks later and they lose all the excitement and interest from buyers who are searching for new listings. Check out the homes that sold in 1Q 2019 (at the bottom of this report) and you’ll see that there are several that listed a little bit too high and ended up sitting on the market for 2 to 4 months.
If you aren’t sure what the true market value of your home is, we recommend NOT looking at your Zestimate, but calling three local real estate agents and asking them to do a quick 10-minute tour of your home. Before they tour your home, pull together a list of recent upgrades and/or benefits your home offers – this will be a bit help to the real estate agents when determining the value of your home.
You can also get a ballpark idea of your home’s current value with the Urban Nest “no-strings-attached” home valuation report. Get yours today.
Current Homes for Sale in Grant Park
Recently Sold Homes in Grant Park Atlanta
Sold between 1/1/2019 and 3/30/2019 | Single Family Homes
Grant Park Atlanta real estate market home sale stats for 1Q 2019 were extracted from the Atlanta MLS (FMLS) on April 25, 2019, and interpreted by Kerry Lucasse with the Urban Nest Real Estate Group eXp Realty Atlanta. Information deemed accurate but is subject to change. Please note that in the chart above, “DAYS” just means “Total Days on Market” or how long it took the home to sell.
If you would like a copy of the full Grant Park Atlanta real estate market report, including photos of the recently sold homes, please text or call Kerry at 404-432-1844. She would be happy to email you a copy!