December Intown Market Report
By Bill Adams, President
The Average Sales Price (APS) for the Atlanta Intown Market in our December 2024 survey is $792,078. This is a year over year increase in ASP of 9% and a two-year increase of 14%. The Average Number of Days on the Market edged up to 40 days, a 2% increase over the last year. The Number of Units Sold fell to 1,426, a year over year decrease of 6% and a two-year decline of 31%. This number is 23 units less than the number of properties that sold in our November report. Both high prices and high interest rates continue to contribute to the decline in sales.
This month we will continue our series of reports on price appreciation over the last five and ten years. Our subject will be the seven Atlanta in Dekalb neighborhoods that form the eastern boundary of the City of Atlanta. The communities north of the CSX rail line along DeKalb Avenue, Druid Hills, Candler Park, and Lake Claire have been gentrifying for the last 50 years. The neighborhoods south of the tracks, East Lake, East Atlanta, Kirkwood, and Edgewood, for the most part, begun to experience renewal in the last 20 or 30 years. Two of these communities, Druid Hills and Lake Claire, have an Average Sales Price of over $1 million. East Atlanta is the most affordable of these neighborhoods with an Average Sales Price of $528,434. Below is a look at price appreciation in these communities in the last half decade and decade.
Since 2014, all these neighborhoods except for Candler Park doubled in value. Prices in Druid Hills increased 2.5 times over the decade. As you can see from the chart, a home in Druid Hills costs almost $1 million more today than that same home in 2014. The neighborhoods south of DeKalb Avenue were all affordable in 2014. By 2019, these communities were rapidly appreciating and now, only East Atlanta can be considered somewhat affordable. Druid Hills (75%), East Lake (65%), Edgewood (57%), Kirkwood (57%), and Lake Claire (70%) all experienced most of their decade long appreciation since 2019. To me, the most astonishing statistic is that the Average Sales Price for the Overall Market is $792,078 and 73% of its appreciation since 2014 has occurred in the last five years. Thus, as we approach 2025 the 39 Intown markets that we survey have an Average Sales Price of just short of $800,000. That is truly amazing!
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