Bill Adams, Founder, Adams Realtors & Adams Commercial Real Estate
Welcome to the June 2023 Intown Atlanta market report. We are now a little over a year into the latest era of high mortgage rates. Of course, one’s definition of high-interest rates probably depends on your age. If you were purchasing a home in the early 1980s, a fixed rate, 30-year mortgage would probably have an interest rate of 17% or so. Several years ago, that fixed-rate mortgage would have had a rate of under 3%. Mortgage rates today are around 7%, up from 5% a year ago.
Although the imbalance between the demand for homes and the supply is still driving home prices upward, the rise in interest rates has slowed the rate of increase. This month the Average Sales Price for the market is $706,467, a year-over-year increase of 8% and a decrease of .22% in the past 30 days. The Number of Days on the Market rose to 33 days, an increase of 33% over the last year, while the Number of Units Sold fell to 1,656, a decrease of 32% in the past 12 months.
Almost 1/3 of the markets in this report reported a decrease in Average Sales Price or an increase of 2% or less.
Ansley Park, with an Average Sales Price of $1,886,415, experienced a decline in value of 5% over the past year.
Cabbagetown, with an Average Sales Price of $582,867, had a 1% increase in the past 12 months.
Homes in Chosewood Park sold for an Average Sales Price of $381,256, a fall of 28% over the past year.
College Park, with an Average Sales Price of $405,186, experienced a year-over-year increase of 2%.
Druid Hills was unchanged over the past 12 months with an Average Sales Price of $1,120,375.
The Average Sales Price in Glenwood Estates fell 8% in the past 12 months to $922,500.
Homes in Hapeville averaged $305,170, a decrease of 6%.
Oakland City’s Average Sales Price is $357,633, a year-over-year increase of 2%.
The Average Sales Price for homes in Reynoldstown rose 1% over the past year to $638,525.
Sales prices in Summerhill are unchanged at $516,955.
Finally, the Average Sales Price for properties in Sylvan Hills fell 1% to $325,873.
I have stated in previous reports that over my 40+ years in the Intown Atlanta market prices typically do not fall, they tend to flatten out. The only exception was during the Great Recession where prices fell across the board. Apart from some of the neighborhoods mentioned above, prices are continuing to increase, just at a slower pace. This may be the beginning of a “price plateau” where home prices remain relatively flat for a period of time. Over the next several months, I will revisit the rate of change in the Average Sales Price to see if we are indeed at a plateau and if so, how long it will last.
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 firstname.lastname@example.org.