The average cost of an Atlanta home has dropped in price over the past six months, which bodes well for homeowners looking to jump into the market. Is the trend expected to continue in the short term? Keep reading.
How Much Does A Home Cost In Atlanta?
The median price for a home in Atlanta sold for $391,685 in December 2023, according to Rocket Homes. That figure is an decrease of 3.2% from last year.
Are Houses Expensive In Atlanta?
Here are some more Atlanta housing statistics from Rocket Homes from October 2023, the latest available at this writing:
What Is The Price Of An Atlanta Home By Bedroom Count?
| # BEDS# BEDROOMS | OCT 2022 | OCT 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $259.8K | $257.3K |
-1.0%
|
| 2 Bedrooms | $367.8K | $335K |
-8.9%
|
| 3 Bedrooms | $408.9K | $385.8K |
-5.6%
|
| 4 Bedrooms | $647.5K | $575.2K |
-11.2%
|
| 5+ Bedrooms | $1.2M | $925.3K |
-24.1%
|
See more Atlanta housing statistics at the U.S. Census
Atlanta Housing Market: A Refresher
Atlanta’s leaders in the late 1990s took on the challenge of breaking up the city’s concentrated poverty. This meant that housing projects had to be demolished. That’s exactly what happened.
The large-scale demolition helped spread low-income families throughout metro Atlanta, especially in Clayton and Fayette counties.
Due to the rising costs of inflation, affordable housing began to dwindle in Atlanta. This has increased due to the growth of the Beltline.
Since 2005, more than 2,600 affordable workforce units have been created within walking distance of the Atlanta Beltline. But more must be done.
The city is committed to building 5,600 housing units that are affordable.
Final Word
Purchasing a home may not be as affordable as it used to, but as long as you take the proper steps, including getting an inspection, it can work out.
When it comes to buying land your risk is not as great, but it still takes strategy. On the other hand, you may want to explore the rental market if it makes more dollars and sense for your wallet.
If a home is what you need for you or your family, it may be time to make some money moves to come up with a mortgage.