February Intown Atlanta Market Report

By Bill Adams, President

This month I will highlight what I call Intown Atlanta’s Million Dollar Neighborhoods. There are eleven communities in our report where the Average Sales Price is $1 million or more. I also want to look back to 2021 and 2016 to illustrate the upward trend in pricing in these neighborhoods over the last five and ten years.

First, let’s look at the current state of the overall Intown Market. This month the Average Sales Price is $834,374, a 5% increase over the last year and a 14% increase over the last two years. The Average Number of Days on the Market increased to 44 days, representing a 10% year-over-year increase and a 50% increase over the last twenty-four months. A total of 1,372 properties sold over the last year, reflecting a 5% decline in sales.

To provide a perspective on how we arrived at the current market conditions, we will look back over the last decade to see how prices have escalated. As noted above, today’s Average Sales Price for the market is $834,374. In 2016 the Average Sales Price was $432,562 and in 2021 it was $564,486.

The Million Dollar markets are as follows: Ansley Park, Druid Hills, Glenwood Estates, Great Lakes, Inman Park, Lake Claire, Midtown, Morningside, Oakhurst, Poncey Highland, and Virginia Highland. The chart below shows the price growth in these neighborhoods over the last decade.

As you can see from the chart, in 2016, only one neighborhood-Ansley Park- had an Average Sales Price of over $1 million. By 2021, two additional neighborhoods, Druid Hills and Morningside, joined Ansley Park in the Million Dollar Club. Over the last five years, as prices rapidly escalated, eight additional neighborhoods- Glenwood Estates, Great Lakes, Inman Park, Lake Claire, Midtown, Oakhurst, Poncey Highland, and Virginia Highland- became Million Dollar neighborhoods.

By this time next year, three additional communities may join this exclusive club. The City of Decatur, Candler Park, and Winnona Park are in the $900,000s and could reach an Average Sales Price of $1 million or more over the next twelve months.

These Million Dollar Neighborhoods account for 28% of the 39 communities in our survey and illustrate the growing affordability challenge in the Intown Atlanta single-family residential market. Next month, I will spotlight several Intown communities that are still considered affordable.

Please let me know if you have any questions.