Atlanta is one of the fastest-growing markets in the nation and has become one of the best places to live and work in the South. So it’s no wonder the residential real estate market has seen phenomenal growth over the past several years.
Even with its enormous popularity, I believe there is still potential growth opportunity if you know where to look. Below I highlight two established neighborhoods and two up and coming neighborhoods with future growth potential.
Two Established Neighborhoods That Will Continue To See Growth
It’s no secret that Midtown and Inman Park are two of the most established Intown neighborhoods due to their proximity to Piedmont Park and the Beltline, which are two of the biggest Intown attractions for residents and visitors.
Even though these areas have seen massive growth, I don’t believe they are topped out.
Ongoing mixed-use developments, improved walkability, and business growth are all highly attractive for Millenials and Boomers alike.
Over the past three years, Midtown has experienced a median sales price growth of 58% from December 2016 to December 2019. The December median sales price was $948,750.
While this growth is definitely astounding, I don’t believe it’s finished. Looking at all the development that’s in the works for Midtown, it should continue to be the Intown “place to be”, attracting new residents with all the amenities it has to offer as well as being one of the most walkable urban areas in the south.
No doubt businesses have taken note and are also bullish on Midtown, there are now four WeWorks serving local small businesses, a brand new Whole Foods, and a Norfolk Southern revamp in the works. Likewise, developments such as Colony Square, Midtown Union, and many others should keep the growth trajectory moving up.
Over the past three years, Inman Park has experienced a median sales price growth of 50% from December 2016 to December 2019. The December median sales price was $822,500.
The growth around Inman Park can largely be attributed to the ongoing development and expansion of the Beltline.
With the now mainstays of Ponce City Market, Krog Market as well as the revamp and addition of restaurants and retail along the beltline, it’s no wonder it’s one of the most attractive Intown places to live.
I believe we will continue to see growth in Inman Park as the Eastside trail continues to expand.
However, there is one potential development that has me particularly excited, the Hulsey Yard Project. If this project comes to fruition then I believe it will add even more growth and opportunity to the Inman Park neighborhood as well as surrounding neighborhoods.
Two Up And Coming Intown Neighborhoods
As the beltline continues to expand, I believe that growth will increase in surrounding neighborhoods. Two neighborhoods that I believe are poised for growth are Kirkwood off the new Eastside trail and West Midtown, the sister of Midtown right across 85.
I’ve been excited about Kirkwood for a while now, it has a small-town appeal in the heart of Atlanta. It’s accessible to the Eastside trail as well as Downtown. It has unique craftsman-style bungalows, it’s own downtown, and vibrant community with many local activities throughout the year.
Over the past three years, Kirkwood has experienced a median sales price growth of 11% from December 2016 to December 2019. The December median sales price was $389,000.
I believe that there’s a good opportunity in Kirkwood now, with the new development in the works of the Pratt-Pullman Yard. This development will bring both residential and retail spaces to the neighborhood, along with the proximity to the Eastside trail, it should provide strong future growth opportunities.
West Midtown doesn’t need much of an introduction, with its upscale dining, shopping, arts district and nightlife, it’s gained a great reputation among millennials and has established a unique identity, differentiating itself from Midtown, across the highway.
Large parts of the neighborhood have paid homage to its industrial roots and have been converted into industrial style residential and retail spaces, such a the Goat Farm Arts Center and King Plow.
Over the past three years, West Midtown has experienced a median sales price growth of 30% from December 2016 to December 2019. The December median sales price was $389,275.
I believe there is an excellent opportunity for West Midtown to see even broader growth with some of the new developments in the works. Two in particular have may attention. One development on the upper westside that will eventually link to the beltline and the other being the Westside Quarry Park, a proposed 280 acres of park space.
Are you interested in buying or selling your home in one of these growing neighborhoods? If so, please do not hesitate to contact me.