Bill Adams, Founder, Adams Realtors & Adams Commercial Real Estate
Welcome to our September 2023 Intown Atlanta market report. As we wrap up Q3, I’ll review the monthly real estate statistics then compare Intown Atlanta house prices to averages in the United States, as well as across the entire state, to see how we differ.
This month the Average Sales Price for the Intown Atlanta market is $729,342, a 9% increase over the past year. The Number of Days on the Market is 40, a 54% increase over the last 12 months. In the Number of Units Sold category, only 1,604 properties sold in the last year. That’s a decrease of 625 units (28%) over the same time last year and a decrease of 999 units (38%) from two years ago.
Now let’s compare house prices in Atlanta’s Intown Market to averages across the country. According to the Federal Reserve Bank of St. Louis, the Average Price of a house in the United States at the end of the second quarter 2023 was $495,100. The St. Louis Fed also reports that the median U.S. home price is $416,100. The Zillow Home Values Index pegs the Average Price of a home in the country lower at $349,770. As much as I typically like Federal Reserve data, I feel like the Zillow number is more realistic.
What about the averages across our state? According to the Georgia Association of Realtors (GAR), at the beginning of the third quarter 2023, the Average Price of a house in Georgia was $358,000. Atlanta-based First Multiple Listing Service (FMLS) has member companies in many parts of the state and reports that the Average Price of a home in their coverage area is $493,551. Georgia MLS (GAMLS) has a broader coverage area in the state and shows an average sales price of $370,000, which is close to the number reported by GAR. The Georgia Association of Realtors average is probably the correct number because they have members in every corner of the state.
Looking at home prices in the 29 county Atlanta MSA, Georgia Multiple Listing Service states that the average price is $464,849. Narrowing down our focus to the 12 core counties that make up Greater Atlanta, First Multiple Listing Service reports that the average house sells for $550,674.
Narrowing our geography even further, Georgia Multiple Listing Service reports that the average price in the City of Atlanta is $605,116. The First Multiple Listing Service report for the City of Atlanta comes in a little lower at $572,895. This brings us back to the beginning. The 39 neighborhoods and small municipalities that make up our Intown Atlanta market report with an average price of $729,342.
One could probably go through this same exercise using close-in neighborhoods in other large Georgia cities and produce a similar outcome. As you may have gathered, the smaller the geographic study and the closer you are to the gentrified or gentrifying core neighborhoods of a city, the higher the average home price.
Please contact me at 404-688-1222 if you have any questions or need help navigating the Intown Atlanta housing market. Questions or comments about this market report? Reach me at email@example.com.