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Atlanta residential real estate

Spring Market Update 2025

Since my last update, the Fed has maintained a cautious stance on rate cuts, which has kept the 30-year fixed mortgage range bound between 6-7%. This cautious stance on rates is making for a subdued, if not balanced market both nationally and in Atlanta.

In December, the pending home sales index, a forward-looking indicator, fell 5.5%. This is an improvement from 2023 and fits into the seasonality of the market however, I am monitoring this for insights on sentiment as seasonality changes in the spring. 

The good news is that this balanced market has allowed for more available inventory. There are currently some excellent properties to both buy and lease. Here is an example of my latest luxury home lease in Briarcliff Woods. 

Overall, I am optimistic about the Atlanta real estate market in 2025. With our most recent Job growth rate at 4.1%, we are seeing a significant influx of people moving to Atlanta which is excellent for the 2025 real estate market.

Below is a detailed analysis of the national and local markets.

National Market Analysis

Median home price

In December, the national median home price was $407,500, the highest ever recorded. This is the 18th consecutive month of year-over-year price increases. 

Days on the market

The national average for the number of days homes were on the market in December was 35, compared to 29 days in December 2023. 

Supply

The national supply for December is 3.3 months, up 6.45% from December 2023, when it was 3.1 months. 

Buyers

First-time buyers accounted for 31% of sales in December, up from 30% in December 2023. Investors and second-home buyers accounted for 16% of home sales in December, flat from December 2023.

Region

Home sales in the country’s southern region are up 9% from December 2023. The median home price in the southern region during December 2024 was $361,800, up 3.4% from December 2023.

Atlanta Market Analysis

Median home price

The Atlanta median home sale price in January was $405,000, up 8% from January 2024. The median sales price is 10% off its June 2024 high of $450,000.

Days on the market

The Atlanta average for the number of days homes were on the market in January was 52, compared to 44 days in January 2024. 

Supply

The Atlanta supply for January is 3.4 months, up 47.8% from January 2024. A healthy market has 4-6 months of supply, so Atlanta still has moderate supply challenges, but we have surpassed the December national average.

Home sales

Atlanta home sales in December were down 1.1% from January 2024 and down 47% from the May 2024 high.

Atlanta has a good balance of supply and demand for this early in the year. Due to its location, economy, business environment, and population growth, Atlanta continues to be one of the most resilient markets in the country.

Likewise, as I said in the introduction, some sought-after listings have been coming on the market. Intown listings have been increasingly popular and moving fast due to the fair prices from previous years. One example is my listing of the beautiful designer loft in Midtown at 845 Spring Street NW, a high-demand building.

Conclusion

The Atlanta real estate market has gained more of a balance for buyers and sellers. Likewise, I am optimistic that the market will remain resilient in 2025 with the strong economy and job market.

Buyers can now find great opportunities in highly sought-after neighborhoods such as Midtown. The most important aspect is knowing where to look. With so many nuances in this market, engaging with a knowledgeable and experienced Realtor like myself can be crucial for navigating the market effectively. If you are ready to buy or sell a home, please do not hesitate to contact me.

April 2024: Quarterly Market Update

Since my last quarterly update, mortgage rates have been steady as the Federal Reserve continues to maintain interest rates at current levels. 

The current 30-year fixed mortgage rate is historically high when looking at the period of time since the 2008 financial crisis; see the 20-year chart below. 

30-year fixed rate average

However, demand has been steadily increasing despite the historically high rates. The most recent pending home sales data (a forward-looking indicator) from February shows an increase of 1.6%. 

As we enter the spring season, I am optimistic about the Atlanta real estate market. Since the start of the year, I have seen a significant increase in traffic from both buyers and sellers, which is very encouraging, given that it is so early in the season.

As you will see in the numbers, Atlanta is still in a constrained supply environment, well below the national average. This should help keep us in a dynamic yet stable local market in the near term.

Below, I outline the most recent data from a national and local market perspective.

National Market Analysis

Median home price

The national median home price in February was $384,500, up 5.7% from February 2023. In February, all four U.S. regions saw an increase in median home prices.

Days on the market

The national average for the number of days homes were on the market in February was 38, compared to 34 days in February 2023. 

Supply

The national supply for February is 2.9 months, up 6% from February 2023, when it was 2.6 months. 

Buyers

First-time buyers accounted for 26% of sales in February, down from 27% from February 2023. Investors and second-home buyers accounted for 21% of home sales in February, up from 18% from February 2023.

Region

In the country’s southern region, home sales are down 7.7% from February 2023. However, prices in the southern region have increased by 9.8% from January. The median home price in the southern region during February was $354,200.

As of March, the 30-year fixed rate mortgage average is 6.74%, up from 6.60% a year ago.

Atlanta Market Analysis

Median home price

The Atlanta median home sale price in March was $429,990, up 8.9% from March 2023. The median sales price continues to rise from its low of $400,000 at the beginning of the year.

Days on the market

The Atlanta average for the number of days homes were on the market in March was 35, compared to 43 days in March 2023. The average number of days homes are on the market is down 14.6% from the beginning of the year.

Supply

The Atlanta supply for March is 2.7 months, up 42% from March 2023. A healthy market has 4-6 months of supply, so Atlanta still has significant supply challenges. It is also below the national average of 2.9 months.

Home sales

Atlanta home sales in March were down 22.5% from February 2023 but up 38% from the beginning of 2024.

Atlanta is still challenged with finding a balance of supply and demand. However, the Atlanta real estate environment has remained positive so far this year, with healthy pricing and ongoing new construction to meet demand. 

Likewise, sellers are starting to step back into the market. Within the last several weeks, I’ve had two new properties come on the market in desirable areas: a one-bedroom, one-bathroom condo at the Mayfair Tower and a two-bedroom, two-bathroom condo at Lennox Green.

Conclusion

Home prices in Atlanta are stable, and buying and selling interest has picked up significantly despite historically high mortgage rates. I believe that the Atlanta market will continue to have a resilient and positive 2024 as we move into a busier season. However, we are still in a supply-challenged environment both nationally and locally, so I do not anticipate any significant fluctuations in price in the near future.

As of now, there are many attractive buying opportunities available in select areas of the Atlanta market. It is important to act quickly on these opportunities, as I am seeing properties moving faster than they have in 20203. 

To ensure that you find the best home for your needs, it is essential to work with an experienced realtor, such as myself. If you are ready to buy or sell a home, please do not hesitate to contact me.

Trilith Georgia

Why Trilith Development Stands out In Georgia Real Estate

If you have not heard about Trilith, I will put it on your radar today.

The Trilith development is becoming one of the state’s most sought-after residential planned communities. Located in Fayetteville, It is a model for innovative urban planning. As such, it has become an amazing community with architecturally beautiful homes and a burgeoning hub for the film and soccer industries.

In this post, I will share with you what makes Trilith one of the best options when considering residential communities in Georgia.

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Atlanta real estate

January 2024: Quarterly Market Update

Since my last quarterly update, mortgage rates have been decreasing. This decrease has caused home sales declines to level out and increase in some cases.

Looking forward to 2024, I remain optimistic about the Atlanta real estate market. I believe that we will continue to see a moderate decline in mortgage rates, perhaps settling around 6% in the back half of the year. This decline should propel demand forward, leveling out prices.

Likewise, as you will see in the numbers, Atlanta is still in a constrained supply environment, well below the national average. This should help keep us in a stable local market in the near term.

Below, I outline the most recent data from a national and local market perspective.

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Atlanta residential real estate

Two of the Most Important Factors When Buying and Selling in Real Estate: Experience and Data

We are undoubtedly in a challenging economic environment. Now, more than ever, we need to be industrious and thorough with how real estate transactions are approached. For this reason, I want to share with you two very important factors that I use as your realtor: Experience and Data.

Below I will share with you why I believe that these two factors are essential to provide the best service to clients in the future.

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Atlanta home renovation

Should You Remodel Your Home Before You Sell It?

With uncertainty in the residential real estate market, many homeowners are considering renovations in anticipation of selling their home when the housing market pressure eases. So is renovating your home something you should consider if you plan to sell in the future?

The answer to this depends on a few factors, including the condition of your home, what renovations are needed, and what potential buyers are looking for. Generally, making any immediate repairs or updates is a good idea to ensure your home is marketable. This could be as simple as a fresh coat of paint or an updated kitchen or bathroom. 

You should assess the cost and potential return on investment if the home requires more extensive renovations. It may be beneficial to make some renovations to increase the value of your home before selling it.

If you decide that remodeling is the right choice for your situation, below are four renovations that will add value and two to avoid.

Kitchen Remodel

For most people, the kitchen is the centerpiece of a home. It’s where you spend the most time gathering with friends and family, sharing meals and conversations, and starting or ending your day.  

Therefore, a comfortable and convenient kitchen layout can be a solid foundation for a home and an attraction for buyers. For this reason, it’s one of the first renovations to consider in your home.

In our Southeast region, minor kitchen remodels (a facelift and new appliances) can cost approximately $27,000 and have an ROI of 68.6%. 

Bathroom Remodel

Clean and modern bathrooms are another focal point buyers seek out. 

According to the Houzz and Home 2022 home study, guest and primary bathroom renovations were the most popular among homeowners behind kitchens. According to the study, 30% of new homebuyers remodeled their bathrooms. 

In our Southeast region, bathroom remodeling can cost an average of $25,000 and have an ROI of 55.1%.

New Garage Door

This one may be surprising to you. According to remodeling.com, which does extensive research on remodeling trends and costs, new garage doors had one of the top ROIs for home investment at 92.1%. An average garage door replacement costs close to $4,000 in the southeast region. Therefore, it’s one of the few home renovations that recoup close to 100% of their cost.

New garage doors add an excellent boost to curb appeal. But they also can add a security element to the home, and a properly sealed garage door can help with energy efficiency.

New Windows

Windows, like garage doors, might be an unexpected top-value add option for remodeling. However, new windows have a 65.4% ROI. In our Southeast region, new windows can cost an average of $20,000 for vinyl windows.

New windows appeal to prospective buyers because they can boost energy efficiency, increase security, and help soundproof your home. Likewise, the right windows significantly improve the aesthetics of a home and boost the curb appeal.

Renovations to Avoid

While a thoughtful home renovation can increase the value and attract potential buyers, there are a few to consider avoiding if you plan on selling your home in the near term. 

Swimming pools are certainly welcome in the hot summer months here in Atlanta. Still, they can often detract buyers due to the high cost of maintaining them.

Likewise, if you combine bedrooms in your home to increase a bedroom size, that could potentially decrease the value of your home because, in general, buyers prefer more bedrooms in a home.

Conclusion

Overall, if you are considering remodeling your home but also plan on selling in the near to intermediate term, consider making renovations with the highest ROI. Likewise, avoid hyper-personalization and too much customization, as your tastes may differ vastly from future buyers.

If you are considering selling your home, I would be happy to work with you and help you think through what renovation would be best for optimizing your home value. Please contact me if you are interested in buying or selling a home in Atlanta.

Atlanta housing market

Quarterly Update: January 2022

2021 has been a stellar year for the residential real estate market in Atlanta. We continue to have one of the fastest-growing big city markets in the country and I don’t see that changing in the near future. 

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