Bill Adams, Founder, Adams Realtors & Adams Commercial Real Estate
Welcome to the August 2023 Intown Atlanta market report. I’ll first review the monthly real estate numbers and then continue to look back at how the market has changed over the past 10 years. This time I’ll examine the pricing change in neighborhoods now averaging sales prices of over $1 million.
Despite high mortgage rates, prices in the Intown Atlanta market continue to climb. For the overall market, the Average Sales Price is $723,985, an 8% year-over-year increase and a nearly 2% month-over-month increase.
The Number of Days on the Market climbed to 40 days while the Number of Units Sold fell dramatically to 1,614 properties. Over the last year, 654 fewer properties sold than in the prior 12-month period. Two years ago, 2,690 properties sold. That is 1,076 more sales than occurred in the last year, a sure sign that a lack of supply and high interest rates have a negative effect on Intown Atlanta sales volume.
In this report, I would like to carry on the theme from last month of looking back at the past 10 years of the Intown Atlanta market. This month, I would like to compare the Average Sales Prices of the neighborhoods with prices now averaging more than $1 million to their averages in 2013.
Ten years ago, in 2013, the real estate market was just beginning to recover from the Great Recession. Starting in 2013, the Intown Atlanta residential real estate market has experienced a decade of price increases.
In our August 2013 Intown Market Report, the Average Sales Price for the market was $373,713. As stated above, this month the Average Sales Price is $723,985, an over 7% annual increase over the decade.
In 2013, Ansley Park was the only neighborhood with an Average Sales Price close to $1 million. Now there are seven neighborhoods with averages over $1 million and Average Sales Prices that have more than doubled in the last 10 years. The price appreciation that has occurred since 2013 has been great for homeowners. However, it represents an example of the affordability crisis in Atlanta and throughout the nation.
Please let me know if you have any questions or need help navigating the Intown Atlanta housing market. Reach out at 404-688-1222. Questions or comments about this market report? Reach me at wtadams@adamscre.com.