March Intown Market Report

This month’s Average Sales Price for the overall Intown Atlanta market is $740,910. This figure represents a 5% year over year increase, an 18% increase over the last two years and a 1% increase over the Average Sales Price in both January and February. The Average Number of Days on the Market continues to increase. This month it’s up to 39 days from 38 days in February, and 32 days in January. The Number of Units Sold is 1,501, a 20% year over year decrease in transactions, similar to the annual number of sales reported in January and February.

This month our report will focus on the Intown North neighborhoods: Ansley Park, Inman Park, Midtown, Morningside, Poncey Highland and Virginia Highland. These neighborhoods could arguably be called the cradle of neighborhood activism in the City of Atlanta. In the early 1970’s, there was a plan to construct an Interstate Highway, to be called I-485, through the heart of many of these communities. The proposed highway would start at the southern terminus of present-day Georgia 400 and head south to Inman Park. At Inman Park, it would connect with another proposed freeway which would roughly follow Moreland Avenue south to I-285. The threat of a highway in these neighborhoods lowered property values and served as a catalyst for neighborhoods to organize themselves to oppose the highway. As you can see in the chart below, the Average Sales Prices in these communities are some of the highest in the Intown market and reflect the fact the neighborhoods were able to successfully defeat the proposed highway project.

The neighborhood activists, after defeating the highway, confronted the banks about their “redlining” practices, worked with the City of Atlanta to improve city services and zoning practices and became involved with Atlanta Public Schools to improve the quality of public education in these communities.  All of these are quality of life issues that have had a direct effect on the value of single-family homes in these neighborhoods.   It is still important for Intown residents to be aware of what is happening in their communities.  In my opinion, the level of community involvement in a neighborhood has a direct impact on the quality of life in a community.  From a selfish standpoint, it also effects the value of your property.  

Our team is always standing by to answer any real estate questions you have and to support all of your real estate needs. We’d love for you to be in touch.