April 2023 Intown Atlanta Market Report
By Bill Adams, Founder, Adams Realtors & Adams Commercial Real Estate
Welcome to the April 2023 Intown Atlanta market report. This month marks three full years since the start of the Covid-19 pandemic so, along with an overview of this month’s numbers, we’ll take a look at what happened to real estate prices in Atlanta and its surrounding neighborhoods during the pandemic.
For April 2023, the Average Sales Price for the overall market is $708,452 an 11% increase over last year and about a one half of 1% increase in price over the last 30 days. The Average Number of Days on the market is 30 days, unchanged from last month and up from 28 days a year ago. The Number of Units Sold continues to fall. Over the last year, 1,780 properties sold, a decrease of 27% and 98 units less than March’s number.
Now let’s look at the Covid-19 pandemic’s effect on Intown Atlanta market prices with a special emphasis on the small municipalities that surround the City of Atlanta. In April 2020, the Average Sales Price was $517,756, the year over year increase from the prior year was 1%. Meanwhile, this year the ASP was $708,452 a 37% increase in price over the last three years.
Let’s look at what has happened to real estate prices during the pandemic in the six cities that we track in our report:
As I have stated in previous reports, when the pandemic hit, I expected the residential real estate market to grind to a halt. That did happen for the first few months in the late spring of 2020. By the summer of 2020, though, the market began to pick up again and, even with higher interest rates, demand continues to drive prices up. Remote working during the pandemic caused people to focus on their living situation, and as a result, demand increased even higher.
Pine Lake, College Park, Hapeville, and East Point used to be affordable alternatives to Intown Atlanta neighborhoods. Home prices in these cities are now out of reach for many people in our workforce. The chart above illustrates the dramatic price increases that have occurred in those four cities over the past three years, along with Avondale Estates and Decatur. The Covid-19 pandemic resulted in a major disruption in most people’s lives. For the Atlanta residential real estate market, it added fuel to an already overheated market.
Looking for a home or 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 wtadams@adamscre.com.
