July 2023 Intown Atlanta Market Report
Bill Adams, Founder, Adams Realtors & Adams Commercial Real Estate
Welcome to the July 2023 Intown Atlanta market report. After looking at the usual monthly real estate numbers, I’ll take a look back at how the market has changed over the past 10 years and its effect on four Southeast Atlanta neighborhoods.
This month, the Average Sales Price for the overall Intown Atlanta market is $710,259, an increase of about $4,000 from last month’s average and a year-over-year increase of 7%. The average Number of Days on the Market rose to 39 days, three days more than last month and an increase of 51% over the past 12 months.
From time to time, I like to look back to see how the market has changed. Forty+ years in the business will give you a lot of perspective! Ten years ago, the real estate market was beginning to recover from the Great Recession. As I have stated before, the Great Recession was the only time in my real estate career that the sales prices in Intown Atlanta fell across the board.
In our July 2013 report, the Average Sales Price was $367,984, the Average Number of Days on the Market was 88 days and 2,016 properties sold from July 2012 to June 2013. Comparing our current numbers from the figures from 10 years ago is eye opening. In the last decade, home prices have almost doubled, houses are on the market for a lot less time and, primarily due to the lack of inventory, about 400 fewer homes sold this year than in 2013.
Next, let’s look at four Southeast Atlanta neighborhoods and how prices have changed since 2013.
Ten years ago, the Average Sales Price in Cabbagetown was $198,646. It is now $582,867, a 293% increase in Average Sales Price.
In Grant Park, the Average Sales Price in July 2013 was $263,513. The July 2023 Average Sales Price in Grant Park is $674,692, a 256% increase.
A decade ago, the Average Sales Price in Ormewood Park was $235,694. The current Average Sales Price in Ormewood Park is $634,666, a 269% price appreciation.
Finally, in Reynoldstown, the 2013 Average Sales Price was $187,583. This month the Average Sales Price in Reynoldstown is $656,144 an increase of almost 350%.
The numbers for the neighborhoods listed above are representative of the changes in the Intown Atlanta single family residential real estate market over the last decade. During that period, the market recovered from the Great Recession, confronted the Covid-19 pandemic and then felt the sting of higher home mortgage interest rates. Through it all, prices continued to rise and the market became less affordable.
Need help navigating the Intown Atlanta housing market? We have experts ready to help. Reach out to us at 404-688-1222. Questions or comments about this market report? Reach me at wtadams@adamscre.com.
