November Intown Market Report
By Bill Adams, President
For November 2024, the Average Sales Price is $775,568, a 7% year over year increase and a two-year increase of 13%. Once again, the Average Number of Days on the market over the last 12 months is unchanged at 39 days. The Number of Units Sold increased slightly, when compared to the two previous months, to 1,449 properties sold over the last year. This is still a 4% year over year decrease in sales activity.
Like last month’s report, I would like to compare today’s Average Sales Prices to those from 2014 and 2019. This month our focus is on the Intown North neighborhoods covered in our report. Most of these communities have had significant price appreciation over the last five and ten years. The chart below shows the Average Sales Price (ASP) in each of the three time periods as well as the five- and ten-year increases in actual dollar amounts.
Historically, the Intown North neighborhoods have been the communities with the highest Average Sales Prices. The chart above shows the dramatic price appreciation over both the last decade and the last five years. In 2014, only one community, Ansley Park had an Average Sales Price of over $1 million. In 2019, there were two neighborhoods with Average Sales Prices of more than $1 million-Ansley Park and Morningside. This year the Old Fourth Ward is the only neighborhood that does not have an Average Sales Price of over One Million Dollars. Price appreciation has also affected the Overall Market of 39 communities where over the last 10 years the Average Sales Price has increased by almost 90% and 50% over just the last 5 years.
This price appreciation has put these neighborhoods out of reach for most middle-class home buyers. For most first-time home buyers, unless they have financial support from the “bank of Mom and Dad”, buying a home in one of the Intown North neighborhoods will remain an impossible dream.
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.
