Atlanta is a technology hub attracting young professionals with its outdoor recreation, award-winning restaurants, and eclectic neighborhoods.
While the real estate landscape continues to ebb and flow nationwide, Atlanta’s housing market remains strong with a steady influx of buyers and renters. Atlanta draws new residents looking for more affordable housing from New York, Washington D.C., Los Angeles, and San Francisco.
This 2023 Atlanta real estate market forecast provides insights into the city’s housing supply, current listing trends, home prices, rental market, economy, and popular neighborhoods.
Atlanta real estate market
The Atlanta real estate market is somewhat competitive, with some listings receiving multiple offers and others under contract within 18 days on the market. The average property sells 3% below the list price after 47 days on the market.
Currently, the Atlanta housing supply cannot meet demand. Experts consider a balanced real estate market when there is a six-month supply of homes; Atlanta’s current supply is 2.1 months.
Atlanta’s housing shortage continues to keep list prices higher, even if there are monthly fluctuations in median list prices.
Average home price in Atlanta
According to Realtor.com, the median list price is $399.9k, while the median sale price is $370k. The difference in list price and sale price is a good sign for buyers who want a deal. While over 15% of Atlanta homes sell for over asking, another 26.7% of homes experience price drops.
According to the Zillow Home Values Index, the average home price in Atlanta is $367,309—down from $400,541 last year. This 8.2% change contributes to better market stabilization between sellers and buyers.
Average rent in Atlanta
Zumper, a rental property platform, found that Atlanta rental prices increased 4% YoY, with the average cost of a one-bedroom apartment running around $1,767—a two-bedroom rental costs an average of $2,300, a 7% increase from the previous year.
A majority of Atlanta households are renter-occupied (55%). Currently, 5,434 apartments and homes are available for rent in metro Atlanta.
Atlanta neighborhoods
Atlanta has some of the most distinctive communities out of any metropolis. In fact, Atlanta boasts 242 distinct neighborhoods spread throughout the city. These little communities are so unique that they feel like pocket cities, each with its own characteristics and vibe.
The most popular Atlanta neighborhoods include:
- Midtown
- Buckhead
- Old Forth Ward
- Inman Park
- Virginia Highlands
- Kirkwood
- Cabbage Town
- Decatur
- East Atlanta Village
- Little Five Points
- Grant Park
- Brookhaven
If you want luxury housing and dining, head to Buckhead or Midtown. You’ll find high-rise condos, gated communities, and high-end shopping/eating. More charming, down-to-earth neighborhoods include Inman Park, Kirkwood, Cabbage Town, and Grant Park.
If funky arts and culture are your top priority, check out Old Forth Ward, East Atlanta Village, and Little Five Points. For family-oriented neighborhoods, try Brookhaven, Decatur, and the Virginia Highlands.
Atlanta economy
Atlanta’s unemployment rate was 2.6% in December 2022, 0.7% lower than the national average. Atlanta remained resilient through the pandemic and after, with fast job growth and above-average wages.
Considered the Hollywood and Silicon Valley of the South, Atlanta offers plenty of tech and video production job opportunities. Frequently open positions include camera operators, industrial designers and engineers, film editors, operations managers, and more.
Atlanta’s film production industry fuels its stable economy. In 2022, Georgia generated over $4.4 billion from film and television productions. Georgia offers a competitive tax incentive program, which draws in producers, directors, and actors nationwide.
In addition to technology and video production, Atlanta is the headquarters for big business names like Coca-Cola, Chick Fil A, and the CDC.
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