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Atlanta, GA: Real Estate Market & Trends 2018

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BY JWC I @JW_CHERRY3 [/vc_column_text][/vc_column][vc_column width=”1/2″ css=”.vc_custom_1575438964954{margin-top: -14px !important;}”][vc_column_text][/vc_column_text][/vc_column][vc_column css=”.vc_custom_1575308240051{margin-top: -15px !important;}”][vc_column_text]

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This article has been updated with more recent data. For more information on the Atlanta real estate market, click here.

As Georgia’s crown jewel, Atlanta continues to be one of the hottest real estate markets to rebound since the recession. The past year has seen median home prices in A-Town increase 6.2 percent to $167,800, while appreciation rates rose 6.2 percent during the same period, compared to the national average of 6.1 percent. The most encouraging news for current homeowners in the Atlanta real estate market are appreciation rates. In the last three years, the home appreciation rate for the Atlanta real estate market has gained an average of 45.8 percent, or $52,200 in equity, compared to the national average of 22.6 percent, or $39,833.

For all intents and purposes, the Atlanta real estate market is heading in the right direction and home values are expected to rise for the foreseeable future. In particular, popular neighborhoods in Atlanta are expected to continue the upward swing, which includes several areas: Midtown, North Buckhead, Downtown, Kirkwood, Morningside-Lenox Park, and Grant Park.

Atlanta Real Estate Market Statistics:

The Atlanta real estate market has enjoyed quality equity gains over the last few years. In fact, price appreciation and principle payments have boosted total equity growth in since the recession. For a more comprehensive breakdown of equity, refer to the following:

• Homes purchased in the Atlanta, GA housing market one year ago have appreciated, on average, by $12,452. The national average was $15,781 over the same period.
• Homes purchased in the Atlanta, GA housing market three years ago have appreciated, on average, by $58,930. The national average was $49,356 over the same period.
• Homes purchased in the Atlanta, GA housing market five years ago have appreciated, on average, by $75,642. The national average was $68,727 over the same period.
• Homes purchased in the Atlanta, GA housing market seven years ago have appreciated, on average, by $64,836. The national average was $59,758 over the same period.
• Homes purchased in the Atlanta, GA housing market nine years ago have appreciated, on average, by $19,029. The national average increased $16,435 over the same period.

Price appreciation in the Atlanta, GA real estate market continues to rise, as gains in the last three years have extended the trend of positive prices growth after the recession. Factors assisting appreciation in Atlanta is the number of properties in some stage of foreclosure, or lack thereof. According to RealtyTrac, there are currently 2,843 properties in some stage of foreclosure. However, the number of foreclosure filing was 27 percent lower than the month of May 2018 and 31 percent lower than the same period last year. The number of new foreclosure filings by foreclosure type is as follows:

• Auction homes have decreased by 59.0 percent over the past month, and 66.1 percent over the last year.
• Bank owned properties have increased by 17.0 percent over the past month, and 37.5 percent over the last year.

Atlanta, GA: Real Estate Market Summary:

• Current Median Home Price: $167,800
• 1-Year Appreciation Rate: 6.2%
• 3-Year Appreciation Rate: 45.8%
• Unemployment Rate: 5.2%
• 1-Year Job Growth Rate: 3.1%
• Population: 5,700,000
• Median Household Income: $55,733

Atlanta, GA: Real Estate Market (2018) — Q1 Updates:

The first quarter of 2018 has been mildly successful for the Atlanta real estate market. While the current median home price is $167,800, down from the national average of $215,767, home appreciation is right on track. Appreciation gains in Q1 are right on pace with the national average — 6.2 percent compared with 6.1 percent. Gains for the last three years, however, total an appreciation gain of 45.8 percent — almost double the national average of 22.6 percent.

What makes Atlanta’s real estate market so appealing for homeowners and investors is affordability. In fact, the historical average for monthly mortgage payment to income in Atlanta is 10.2 percent, compared to the national average of 19.5 percent. The good news is home affordability is even better in Atlanta, as the monthly mortgage payment to income in Atlanta was 7.9 percent in the first quarter of 2018, compared to the national average of 14.5 percent.

Another component to the Atlanta real estate market is new housing construction, which is significantly on the rise. Compared to the national average of 11.3 percent, housing permits for single-family homes have increased 17.2 percent in the last year alone. In fact, the current level of construction is 78.2 percent above the long-term average.

The Atlanta real estate market in 2018 is expected to continue its upswing. According to the National Association of Realtors, the real estate market in Georgia is expected to experience higher price growth than in the U.S. However, like most of the housing markets across the nations, the inventory shortage is expected to be a factor moving forward.

*The information contained herein was pulled from third party sites. Although this information was found from sources believed to be reliable, WeEmpowerU Academy LLC makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. Any reliance on this information is at your own risk. All information presented should be independently verified. WeEmpowerU Academy LLC assumes no liability for any damages whatsoever, including any direct, indirect, punitive, exemplary, incidental, special, or consequential damages arising out of or in any way connected with your use of the information presented.