guide to atlanta real estate, homes and neighborhoods

The Atlanta Real Estate market is relatively calm, but in August the market started to show significant weakness. Like most markets this fall, inventory levels are high and it is a buyers market. So what does all this mean to Atlanta? Atlanta did not experience a big run-up in prices and has great prospects for the long-term trends that will positively affect home values.

Historically, the Atlanta market has strong sales in the spring and early summer. The market starts to slow in July, August and September. In October, we typically see a noticeable jump and then the market slows again through the holidays. Mortgage rates have historically seen a similar pattern and we expect them to drop further later this year with increased Fed action. Smart Numbers reports that “days on the market” plus expired and withdrawn listings are at all-time highs. This signals that sellers have gone through the denial and anger stages and are now accepting the fact that they need to improve the competitiveness of their property to sell it.

That means that - right now - is a great time to buy the right real estate in Atlanta. Supply is high, sellers are willing to make deals and mortgage rates are historically low. Some markets like Buckhead, Ansley Park, Morningside, etc. continue to show healthy price appreciation. The luxury home market is very strong. Investment properties continue to sell at a rapid pace as rental rates rise and existing home sales (and median Atlanta home prices) decline.

Atlanta is a very diverse city, offering a variety of different lifestyles for people of all types. The city is growing fast and truly defines the term "urban sprawl" causing Atlanta to have some of the highest job commute times in the United States. Thus, if you are cosnidering moving to the area, where you work will have a definite impact on where you live. Unless of course you don't mind spending an hour or two each way in your car each day!

In recent years, many residents have started to get fed up with all the traffic and have started to move back downtown into Atlanta lofts, condos and townhomes. Warehouse loft conversions are the latest craze and new developments have spurred a great deal of growth in neighborhoods like Castleberry Hill, Grant Park, Midtown, the Marietta Corridor, etc.