There’s some good news for Atlanta homeowners — the market experienced its most significant leap in home prices since the beginning of the year in the third quarter of 2019.
The Associated Press reports home prices in the United States rose this summer from 2018 by the smallest amount in seven years, however low mortgage rates and a steady economy tell a different story in Atlanta. Home prices in the metro area are among the fastest-growing among the nation’s 20 largest metro areas, according to the S&P CoreLogic Case-Shiller report.
“We are continuing to see high demand across all price points and markets which is leading to the price gains,” according to Patrick Wood, our SVP. “We look for this trend to continue this fall and into the winter.”
Looking at our data, Sandy Springs experienced the most substantial percentage increase in average sales price with a 5% jump to $799,379. The number of units available in the city was down less than a percent to 2,441.
Not surprisingly, Buckhead led all the neighborhood markets with an average home sales price of $1,117,539, with just 716 units on the market. That is a 7.3% increase in inventory and a 2% increase in the average sales price.
The Intown market still has a lot of momentum, with 7.6% more single-family dwellings on the market over this time last year. The average sales price hit $829,292, which is also a 2% increase compared to the 3rd Quarter last year.