Atlanta Real Estate Market Snapshot – March 2024

Atlanta Real Estate Market Overview

The real estate market in Atlanta, Georgia, has been exhibiting intriguing dynamics over recent months, with fluctuating property values and changing inventory levels shaping the landscape. It’s a market characterized by its variability, with particular points of interest in the average property values and per square foot values. These trends are not only significant in understanding the current state of the market but also in forecasting its future movements.

Trends in Average Values

One of the standout observations in the Atlanta real estate market is the trend in average homes values. As per recent data, there has been a noticeable fluctuation in these values, with peaks seen in certain months, particularly in October 2023, followed by a decrease in subsequent months. For instance, Dekalb County saw a sharp increase in average value, reflecting a market that experiences periodic highs and lows. This could suggest a buyer’s or seller’s market depending on the time of the year, with October 2023 being an especially significant month for sellers.

Similarly, the average per square foot value, a closely watched indicator of property value, also showed a substantial rise in the same period, particularly in Dekalb County. This increase, however, did not maintain its trajectory and followed with decreases, hinting at the volatility of the market and possibly influencing buyer and seller behavior as they navigate these shifts.

Property Counts and Sold Properties Trend

Interestingly, the number of properties listed on sake demonstrated a decreasing trend from September 2023 through February 2024. This decline in listings could be an indicator of a seasonal trend, perhaps mirroring slower winter sales, or it could highlight a reduction in market inventory which could lead to competitive buying conditions and potentially drive prices up.

The number of properties sold, also reveals trends worth noting, peaking in July 2023 for Dekalb County and then showing a downward trend. This seasonal spike and subsequent decline could be tied to traditional summer moving periods and the cooling off of sales as the year progresses. These patterns underscore the ebbs and flows of the real estate market on a yearly basis.

Median Sold Price Trend

The average sale price of properties provides vital insights into the market. Fluctuations in these numbers, with noticeable peaks in Dekalb County in October 2023 and in Cobb County the following month, showcase the temporal sensitivity of property values. The average sold per square foot value shows similar fluctuations, which may influence investors and homeowners in making timely decisions in the buying or selling process.

Snapshot of Current Values and Volumes

Here is a breakdown of the current values and volumes as of February 2024:

Atlanta, GA (February 2024)

• Average value: $383,557
• Per sqft value: $264
• Homes on sale: 2,440
• Average price of sold homes: $371,793
• Avg sale avlue per sqft: $257
• Homes sold: 4,325

The number of properties sold in Atlanta suggests that despite any seasonal lag, the city maintains a healthy number of real estate transactions. The per square foot value reflects the desirability of property space within the city, with dollar values assigned to every square foot of living space.

Nearby Cities (February 2024)

Mableton

• Average Value: $375,900
• Per Sqft Value: $185
• Property Count: 85
• Average Sold Price: $377,448
• Avg Sold Per Sqft Value: $199
• Property Sold Count: 438

Mableton presents an interesting contrast, with its average property values closely trailing those of Atlanta, yet offering a lower per square foot value, suggesting more space for the dollar and potentially attracting buyers seeking more extensive properties at competitive rates.

Smyrna

• Average Value: $450,000
• Per Sqft Value: $225
• Property Count: 206
• Average Sold Price: $438,405
• Avg Sold Per Sqft Value: $235
• Property Sold Count: 768

Smyrna holds its ground with the highest average property value among the surveyed cities, which could point to a higher-end real estate market or desirability within its confines.

Avondale Estates

• Average Value: $425,000
• Per Sqft Value: $247
• Property Count: 11
• Average Sold Price: $488,824
• Avg Sold Per Sqft Value: $237
• Property Sold Count: 38

Avondale Estates, although having a limited number of listings, shows remarkable average sold prices that surpass its listed property values, indicating strong market demand and competitive bidding.

Scottdale

• Average Value: $409,900
• Per Sqft Value: $230
• Property Count: 13
• Average Sold Price: $254,849
• Avg Sold Per Sqft Value: $191
• Property Sold Count: 19

Scottdale shows an interesting pattern, with a high average property value compared to its lower average sold price. This could be indicative of a buyer’s market where negotiation power is strong.

Decatur

• Average Value: $315,000
• Per Sqft Value: $204
• Property Count: 509
• Average Sold Price: $290,147
• Avg Sold Per Sqft Value: $196
• Property Sold Count: 858

Decatur stands out with a significant number of properties sold, coupled with more modest average property values. This could represent a high-turnover market or reflect a more price-accessible area.

Pulling together this data offers a comprehensive picture of the Atlanta real estate market, from the ebbs and flows of property values and inventory to the comparative desirability across different areas. For potential buyers, sellers, and investors, these insights are crucial in making informed decisions and understanding the temporal trends that influence the Atlanta real estate market.