By Bill Adams, MBA, CCIM, ALC, CRB, Founder, Adams Realtors
Welcome to the September 2022 Intown Atlanta Market Report. I’ll first review the overall monthly numbers for the market and then take a look at price appreciation in some of our Intown Atlanta neighborhoods over the past decade.
For September, the Average Sales Price, for the market as a whole, is $668,903, an increase of 13% over the last 12 months. In an indication that home prices are beginning to flatten out, this is only a $258.00 increase in the Average Sales Price over the last thirty days and “only” a 1% increase over the last 2 months. A one percent increase over a two-month period translates to a 6% annual increase and may signal a return to more normal price appreciation. Average Days on the Market, at 26 days, continues to be below historical levels and is 24% fewer days than last year. Only 2,265 homes sold in the last 12 months, a decrease of 15% and a continuing sign of the limited inventory of homes for sale.
Over the last couple of months, we have looked at price appreciation during the last ten years in various Intown markets. This month, we will focus on several Southeast Atlanta neighborhoods and compare the Average Sales Price today with that from 2012. Several of these communities experienced dramatic price appreciation because there was literally no market for houses in these neighborhoods in 2012. According to First Multiple Listing Service, Chosewood Park from September 2011 to August 2012 had one sale for $24,000. In the last year, there were 10 sales in Chosewood Park with an Average Sales Price of $569,390. Here is a look at price appreciation in Southeast Atlanta since 2012.
|Neighborhood||Annual Percentage Increase||Average Sales Price 2012||Average Sales Price 2022|
|Old Fourth Ward||21.1%||$159,448||$782,149|
All these Southeast Atlanta communities had well above normal price appreciation over the last decade. Peoplestown, Summerhill and Chosewood Park, neighborhoods that were mere afterthoughts in 2012, experienced unprecedented price increases over the last ten years. Please let me know if you have any questions or comments and feel free to contact me at firstname.lastname@example.org.