By Bill Adams, Founder, Adams Realtors & Adams Commercial Real Estate
Welcome to the March 2023 Intown Atlanta market report. Read on for an overview of the numbers, including a look at what neighborhoods have increased the most in price and unit sales over the last year.
The tight supply of properties for sale and strong demand, despite higher mortgage rates, continues to drive prices higher. This month, for the first time, the Average Sales Price for the Intown Atlanta market exceeded $700,000 at $704,937. The year over year increase in Average Sales Price is a very healthy 12%. The Average Days on the Market edged up to 30 days, an increase of 4% in the last 12 months. The Number of Units Sold over the last year fell 23% to 1,878 properties.
Back during the Great Recession, there were many months when most of the communities in our report experienced a year over year decrease in Average Sales Price. This month only two markets, Cabbagetown at -5% and Chosewood Park at -3% were in negative territory.
Of the remaining 37 Intown Atlanta markets, twelve reported price appreciation of 20% or higher over the last year. Poncey Highland led the pack with a 46% increase in Average Sales Price. Winnona Park was next with a 32% increase, followed by East Lake at 29%, Candler Park at 27% and Adair Park at 26%. Great Lakes, Hapeville, Kirkwood, and Old Fourth Ward all were up in price by 23%. Poncey Highland was next with a 22% increase, followed by Oakhurst at 21% and Glenwood Park at 20%. The days of an owner receiving 10 or more offers on their home may be over. However, as demonstrated by the remarkable numbers above, demand is still strong for Intown living.
On the supply side, only six of the 39 markets had an increase in unit sales over the last year. Great Lakes was up 86%, Lake Claire 31%, Cabbagetown 28%, Sylvan Hills 9%, and Adair Park and Candler Park had an 8% increase in units sold. Glenwood Estates experienced a 60% drop-off in sales while West End sales fell 59% and Lenox Place sales were down 55%.
The lack of inventory and higher interest rates have had a negative effect on the single-family residential market in Atlanta and nationwide. As you see in our report, contrary to these head winds, the Intown Atlanta market, at least from a price standpoint, continues to thrive. Please let me know if you have any questions.
Need help navigating the Intown Atlanta housing market? Please reach out to us at 404-688-1222. Questions or comments about this market report? Reach me at email@example.com.