Atlanta Housing Market: Trends & Prices

Atlanta Real Estate Market Overview

(Last Updated – 04/2023)

Atlanta is known by many names. Some prefer City in a Forest or City of Trees because of Atlanta’s unique tree canopy. Of course, Hotlanta also has a nice ring to it. By any name, roughly 500,000 people choose to live in Atlanta.

Atlanta’s roots go back to 1837, when it was located at the end of the Western & Atlantic railroad line. Today, the city is still a major transportation hub thanks to Hartsfield-Jackson Atlanta International Airport, the world’s busiest airport for daily passenger flights. Because of direct flights to Europe, Asia, and South America, business travel is booming in Atlanta, where there are about 8,700 internationally-owned establishments.

According to the Council for Community and Economic Research’s 2022 Cost of Living Index , the overall cost of living in Atlanta is 1.6% above the national average. Despite some of the higher costs, a lot of people clearly love living in Atlanta. The population increased by nearly 76,500 between 2010 to 2021, according to the latest census data. Also, nearly 79% of Atlanta homeowners stayed in the same house over the past year, according to 2021 census data.

A 2022 study by Wallethub found that Atlanta has one of the best real-estate markets in the U.S. The study considered 17 key factors, like economic environment and affordability.

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First-time buyers and more seasoned house hunters will all find something to love about living in Atlanta, so let’s take a closer look at Atlanta home prices, recent market trends, and popular neighborhoods.

Overall Atlanta Market Trends

Good news for prospective Atlanta homebuyers: The real estate gurus at Redfin consider the Atlanta housing market to be only somewhat competitive. For context, some homes in this city receive multiple offers, sell for around 2% below the list price, and sell in about 36 days.

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Atlanta Housing Market Forecast

The Atlanta housing market has seen a lot of interesting activity in recent years. According to Zillow, home prices dropped 2.4% in March 2023 compared to the past year. The Atlanta real estate market was already favoring sellers before the pandemic, and real estate experts predict that this trend will continue over the coming months. As we head into spring 2023, inventory is still unable to keep up with demand in Atlanta. The good news is that many homes sell in Atlanta for around 2% below list price, so if you fall in love with a house that is within your price range, chances are you won’t need to go much over your budget. In fact, Redfin reports that 25.4% of Atlanta homes actually saw a price drop over the past year.


*Graph taken from Zillow as of 3/2023

Demographics of the Atlanta Market

Popular Atlanta Neighborhoods

Government officials and residents work hard to support all of Atlanta’s 242 distinct neighborhoods, through community-based improvement, public festivals, and programs many residents can benefit from and enjoy. Neighborhood beautification is a particular passion throughout Atlanta, as are farmers markets and community gardens.

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Virginia Highland

If you’re looking for charm, look no further than the Virginia Highland neighborhood. Cute bungalows are intermixed with shopping villages, and the entire area is pedestrian-friendly. You can enjoy turn-of-the-century architecture as well as new construction. Overall, this is a vibrant and diverse neighborhood to live in.

Virginia Highland Housing Market

Buckhead

Buckhead is considered to be one of the more affluent neighborhoods in Atlanta and one of the most aesthetically appealing, with century-old trees, mansions, and midcentury homes to admire. Entertainment, parks, museums, and nightlife await Buckhead residents. Not to mention, they have some pretty ritzy shopping options too.

Buckhead Housing Market

Old Fourth Ward

Old Fourth Ward was voted the ninth-best neighborhood in America by HotSpot Rentals. High scores in categories related to walkability, transportation, entertainment options, and beautiful weather all contribute to the appeal of this neighborhood.

Old Fourth Ward Housing Market

Midtown

Midtown is proud to be the South’s first “EcoDistrict,” and residents are passionate about collaborating on initiatives that improve both environmental and economic performance. This pedestrian-friendly neighborhood offers robust transit options and lots of greenery, and has a diverse mix of land uses.

Midtown Housing Market

Kirkwood

If you’re an architecture buff, you’ll love the diverse home styles in the Kirkwood neighborhood. From Victorian and Craftsman-style homes to small cottages, there is a home for everyone here.

For those more passionate about the great outdoors than the great indoors, there are several beloved parks in Kirkwood, like Gilliam Park, which has a bike trail and a community garden. DeKalb Memorial Park has tennis and basketball courts. You can also stop by Bessie Branham Park, Can Park, or the Kirkwood Urban Forest and Community Garden.

Kirkwood Housing Market