June Intown Market Report

By Bill Adams, President

For the month of June, the Intown market Average Sales Price is $749,459.  This figure represents a 4% increase over the last year and a 1.5% increase in the last month.  The Average Number of Days on the Market continues to drift upward and is now at 35 days, an increase of 4% in the last year.  Only 1,509 single family properties sold in the last 12 months, a year over year decrease of 9%.  As I have noted countless times in the last couple of years, the combination of low inventory and high home mortgage rates are the primary culprits behind the continued fall in the number of sales in the market. 

This month, we will focus on the small municipalities that surround the City of Atlanta.  Many of these cities were considered “affordable” alternatives to Intown Atlanta’s neighborhoods.  The chart below compares the Average Sales Price in 2019 to today’s average.  As you will see over the last five years, in most of these cities, affordable housing became a thing of the past.

Except for Decatur and Avondale Estates, these small cities have long been considered affordable.  Not long-ago Pine Lake and the Tri-Cities municipalities all had Average Sales Prices under $100,000.  East Point is the last of this group that averages under $300,000 and just barely so.  One can still find affordable properties in East Point, College Park, Hapeville, and Pine Lake, you just must look much harder to find those reasonably priced properties.

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