Atlanta Real Estate: Trends & Insights

Atlanta has a dynamic real estate market with various factors affecting growth, including home prices, neighborhoods, and economic factors. The metropolitan area offers residents career opportunities in technology, logistics, finance, healthcare and creative and professional services. The city hosts 31 Fortune 500 companies. It is also the U.S. or North American headquarters for many international businesses.

According to 11Alive.com, Atlanta ranks #1 for income inequality in the United States. The bottom 20% of the population earns an average of $11,221 and the top 20% earns $324,230 annually. Like many downtown areas, there are luxury condominiums, townhomes, and section 8 housing. In Atlanta, homes in the north and northwest areas are usually pricier. More affordable homes are found in the south. That said, the city is diverse and there are expensive neighborhoods in the South and section 8 homes in the north.

Atlanta New Construction Homes, Home Builders and New Home Communities

Atlanta’s real estate market is growing this year. This growth is due to a strong economy and an influx of new residents. However, there are still drastic income differences among people. As of now, Atlanta is a popular area in the country. Home builders are busy creating new homes in nearby cities and suburbs. Residents will see new home communities surrounding downtown Atlanta in the south, west, north, and east.

There are small communities and master planned developments, providing home buyers with various house types and styles. Many new homes have open floor plans. They are built to higher standards and use energy-efficient materials. These facts make utility bills in new homes less expensive.

There are affordable townhomes starting from the low $200s and custom residences priced over $1 million. Homebuyers can find new homes from local and national builders priced between the low $200,000s to over $1 million. Buyers seeking semi-custom or custom homes have options available. Prices range from the high $300,000s to over $1 million. These homes can be built on the buyer’s lot or a lot provided by the builder.

There are modular home options available for Atlanta area new home buyers.

After reviewing websites, modular home builders offer many styles, types, and floor plans in the Atlanta metro area. The prices of these modular homes vary based on the home’s size, features, and location.

In the Atlanta metropolitan area, there are many new homes available from various builders. Home builders provide different types of houses. They have townhomes and single-family residences with upgrades and energy efficient appliances. There are also spacious high-end homes on large lots. They offer luxury condos downtown and homes with separate spaces for older children or elderly parents.

Housing Prices and in the Atlanta Metropolitan Area

The Atlanta real estate market has seen home prices go up over the past year. The median home value increased by 1.1%. It is now $399,187, according to Zillow. The Atlanta median sales price was $429,000 at the end of July, up 14.9% from last year. Despite the increase, the market remains relatively affordable, with a median home price-to-income ratio of 15. Housing prices in Atlanta are still quite affordable compared to other big cities in the United States.

While home values in Atlanta rose by 1.1% over the past year, some neighborhoods are seeing a decline in prices. Experts expect Atlanta metropolitan area real estate prices to remain flat throughout the rest of the year. According to RocketHomes.com, Atlanta’s real estate market is balanced. This means it’s healthy for now. Homes are not selling too fast or too slow. In some areas, home prices have gone down. However, in the most sought-after neighborhoods, home prices are rising.

Homes in the Atlanta area are not selling as fast as they were a couple of months ago. In fact, the median price sales price from June 2024 to July 2024 slightly decreased. The median sales price of a home was $429,000 in July, an increase of 14.5% from last year.

It is crucial to note that the cost of buying a home within the median price range has increased. Home prices have increased by 5.1% over the past year, with the median price now at $422,972. This change is based on data from July of last year to July of this year.

Job Market and Economic Growth

The job market in Atlanta plays a key role in the city’s economic growth. Important industries like technology, logistics, finance, biotechnology, professional services, and healthcare help boost the economy.

The metropolitan area has a large number of fortune 500 companies, fortune 1,000 companies and international businesses with U.S. and North American headquarters. The city’s largest employers include: Publix Super Markets, The Home Depot, Coca-Cola Company, AT&T, UPS, Delta Air Lines, Emory University, Truist Financial Corporation, Fidelity Bank, and WellStar Health System.

According to a recent article in the Atlanta Business Chronicle, major companies such as Crowdstrike, Spirit Airlines, and Intel are expanding their operations in the city, creating new job opportunities and driving economic growth. Add jobs created by new home builders and home construction and it’s easy to see why the unemployment rate at the time of this writing is 3.8%.

Experts predict that the economy will keep growing. This growth will come from new jobs, construction projects, and investments in Atlanta.

Atlanta Salary Details

As of September 2024, the Atlanta median salary is $59,160 with 80% of all salaries ranging from $27,144 to $130,500 per year. According to ZipRecruiter, the average salary in Atlanta is $71,620 or $34.43 an hour. This would equal $1,377 per week before taxes and any other payroll related deductions.

Health insurance, 401K contributions, and payroll taxes can reduce your take-home pay. This reduction can be between 10 and 20 percent. The exact amount depends on your personal situation. Georgia has a flat 5.49% income tax rate. If you add federal income tax and FICA taxes, a person’s take home pay would be about 7.65% less.

Rental Market Trends

According to Zillow, as of September 2024, rent for all property types in the Atlanta metropolitan area has decreased by $120 compared to the previous year. The median rent price for all property types is $2,080 and the vacancy rate is at 8.7%. For apartments, the average rental price is $1,795 with a vacancy rate of 6.9% as of July 2024.

A recent CNBC article mentioned that Atlanta, Georgia, did not make the list of the 15 cities with the largest rent decreases. This comparison looked at rent prices from April 2023 to April 2024; it’s important to know that rent prices have decreased since the CNBC article. This information coupled with vacancy rates higher than the national average suggests that the rental market in Atlanta is cool.

New Construction and Development

The real estate market in Atlanta is witnessing substantial new construction and development, including large-scale projects like the Atlanta BeltLine and the overhaul of the city’s downtown district. A recent post on the Norada Real Estate blog predicts that the Atlanta real estate market will see considerable growth in the coming years, propelled by new building and development projects stimulating the need for residential and commercial spaces.

There are many national, regional, and local builders building new homes and communities throughout the Atlanta metropolitan area. Builders are creating new condominium and townhome projects in downtown Atlanta and townhomes and single-family residences in suburbs throughout the metropolitan area. The new houses cost between $230,000 and over $1 million. They come with different floor plans, upgrades, and finishes. There are also various exterior styles available.

New construction homes compete with resale properties. There are more homes available overall, but the market is still competitive. Builders may need to slow down building in the months ahead, but for now, it’s a competitive market.

Neighborhoods and Communities

Atlanta has a diverse range of neighborhoods and new home communities, each with its own unique character and charm. From the trendy neighborhoods of Inman Park and Virginia-Highland to the historic neighborhoods of Buckhead and Midtown, there’s something for everyone in Atlanta.

Home builders from the Atlanta area and across the nation are creating brand new developments in growing cities and towns surrounding the metropolitan area; some are creating new condominium projects in the downtown area. Many of these new communities will become popular and trendy neighborhoods in the years to come.

Check out some of the top neighborhoods in the Atlanta area below.

Top Neighborhoods in Atlanta

Below is a list of some of the top neighborhoods in the Atlanta area. Many of these neighborhoods are established and rank high for family-friendly neighborhoods. The home prices below were found online on Redfin, Realtor and Rocket Homes.

• Alpharetta: median price of a new home $738,647

• Avondale Estates: median price of new homes $678,000

• Buckhead: median price of a new home $696,339

• Chastain Park: median price of a new home $2.3 million

• Decatur: median price of a new home $651,000

• Druid Hills: median price of a new home $882,000

• Inman Park: median price of a new home $650,000

• Johns Creek: median price of a new home $779,900

• Morningside – Lenox Park: median price of a new home $350,000

• Midtown: median price of a new home $343,000

• Tyrone: Midtown: median price of a new home $635,200

• Virginia-Highland: median price of a new home $650,000

*These prices are subject to change at anytime without notice. Please check for up-to-date prices before deciding to move to a neighborhood above.

Communities with New Construction Homes in the Atlanta Metropolitan Area

Below you’ll find details about several new home communities with new construction homes for sale in the Atlanta metropolitan area. These new construction homes range from the $230s to over $1 Million and include townhomes, condomimums and single-family residences.

These developments may be in the downtown area or in growing cities and towns. They may be in new areas, near brand new commercial centers and schools.

• Silverton Townhomes at Bryant Lake in LaGrange – new townhomes priced from the high $230s.

• The Beacon at Old Peachtree in Lawrenceville – townhouses and new single-family homes priced from the high $300s

• Corners Landing at Mirror Lake in Villa Rica – single-famly new homes priced from the $330s.

• Avondale North in Conyers – single-family new homes priced from the $340s

• Bunn Farms in Locust Grove – single-family new homes priced from the mid-to-high $350s

• Watermist at Mirror Lake – single-family new homes priced from the $415,990

• Skylar in Atlanta – new townhomes priced from the high $430s

• Reunion in Hoschton – single-family new homes priced from the low $500s

• Sunrise Cove at Great Sky in Canton – single-family new homes from the $500s

• Aurora Ridge at Great Sky in Canton – single-family new homes priced from $518,995

• Cambridge in Flowery Branch – single-family new homes from the mid $500s

• East Harbor II at Chestatee in Dawsonville – single-family new homes from the mid $500s

• The Tate Reserve in Ball Ground – single-family new homes priced from the mid $640s (acreage homesites)

• Northbrooke in Cuming – single-family new homes priced from the high $660s

• Reverie on Cumberland in Vinings – townhomes from $695,000

• Altus at The Quarter in Atlanta – multi-family townhomes from the low $700s

• 568 West in Atlanta – Townhomes starting in the mid $700s

• Milton Overlook in Woodstock – single-family new homes priced at $999,995

• Malone’s Pond in Ball Ground – single-family residences from $1,014,000

Wrapping up Atlanta and the Metropolitan Area

The metropolitan area of Atlanta boasts a strong economy with a high employment rate. There are global corporations, Fortune 500 companies and small and medium businesses with job opportunities. There are plenty of options for career minded individuals and anyone looking for part-time work. The median salary in Atlanta is $59,160 and the average salary is $71,620. Although a recent SmartAsset study found that Atlanta was expensive compared to the nation’s largest metropolitan areas, it’s not the most expensive. Homes in Atlanta are considered expensive. Still, homes in suburbs surrounding Atlanta are affordable for individuals and families looking to purchase. Renters will the ability to get around easy, can find affordable rent in cities surrounding Atlanta.

The city has an international airport, public transportation and major league sports teams; tourists and residents will discover big-city amenities and a long-list of attractions. As of this writing, the Atlanta metropolitan area’s market is neutral and experts expect this year to remain relatively calm; rent prices are decreasing at the beginning of August, but that could change quickly. Talk with a real estate professional and visit new home builder websites for the most up-to-date information about Atlanta and the Atlanta Metropolitan Area.

Frequently Asked Questions Related to Atlanta Real Estate Market

What is the current state of the Atlanta real estate market?

The Atlanta real estate market has seen a steady increase in residential real estate prices, with a median home value rising to $399,187. The market remains relatively affordable compared to other major U.S. cities.

What types of homes are available in the Atlanta metropolitan area?

The area offers a variety of homes, including luxury condominiums, townhomes, and single-family residences. Prices range from the low $200s for affordable options to over $1 million for custom luxury homes.

What economic factors are influencing the Atlanta real estate market?

Economic growth in Atlanta is fueled by important industries like technology, logistics, and finance. The presence of Fortune 500 companies and a robust job market also contribute to the real estate demand.

Are new construction homes popular in Atlanta?

Yes, there is a significant demand for new construction homes in the Atlanta metropolitan area, with many builders creating new communities and developments throughout the region.

What should I know about housing prices in Atlanta?

The median sales price for homes in Atlanta has increased by approximately 14.9% over the past year, but the market is considered balanced, with some neighborhoods experiencing price declines. If home builders start to compete, you could see promotions on new construction homes and resale properties.

How does the rental market look in Atlanta?

As of September 2024, the median rent price for all property types is $2,080, which has decreased by $120 compared to the previous year. The vacancy rate stands at 8.7%, indicating a cooler rental market.

What are the top neighborhoods to consider in the Atlanta metropolitan area?

Popular neighborhoods include Alpharetta, Buckhead, Virginia-Highland, and Midtown. Each of these neighborhoods are established with different median home prices and unique characteristics.

How does the job market impact the Atlanta economy?

Atlanta’s job market is robust, with major employers like Coca-Cola, Delta Air Lines, and Emory University contributing to economic growth and low unemployment rates. At the end of August 2024, the unemployment rate in Atlanta was 3.6%.