Why Atlanta is the Best Housing Market in the US for 2023

Why Atlanta is the Best Housing Market in the US for 2023

Are you looking for the ideal place to buy or sell a home? If so, look no further than Atlanta real estate! This Southern city is known for its unbeatable temperatures, vibrant culture, and dynamic job market. But there's much more to this thriving metropolis that makes it one of the hottest real estate markets in the US: companies expanding into and around the city, peak housing conditions, world-class dining experiences, and unbeatable activities to explore. Read on for a guide as to why Atlanta is the top pick for homebuyers and sellers in 2023!

1: Companies expanding into and around the city

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Atlanta continues to experience substantial increases in job market opportunities. According to the Bureau of Labor Statistics, Atlanta's job market has grown by 5.4% over the last year, far surpassing the national average of 3.4%. This robust growth can be attributed to several factors, such as the thriving startup ecosystem in and around Atlanta; for example, major players like Apple and Alphabet have invested heavily in local projects and programs, while We Are Rosie and Calendly have also seen success with their startups. Additionally, the city itself has experienced major business growth over the last decade. All these combine to create a very attractive environment for potential employees looking for new opportunities in Atlanta.

2: Housing market conditions

The cost of living in Atlanta is rising as the city's population booms. With a projected population increase of 2.5 million people by 2040, the need for housing becomes even more pressing. So what does this mean for potential homeowners in the area? Let's take a look at the median list prices for single-family homes and condos/townhomes to get a better understanding of what to expect.

Single-family homes

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According to the latest market data from the Atlanta Realtors, the median sales price of Atlanta homes is $390,000. This represents a 5.4% increase over the previous year. In addition, the average sales price of properties in Atlanta is $460,000, which is a 4.3% rise over the year before. The median and average sales prices continue to rise more swiftly than in 2021.
However, there have also been signs of a slowing market. Currently, there is a 2.1-month supply of properties for sale. The most recent monthly sales totaled 3,988, which is a 39.8% decrease from the previous year. This shift is primarily due to the rise in interest rates, leaving many buyers waiting on the sidelines in fear of a higher monthly payment.
A number of Atlanta neighborhoods command even higher prices, with an array of luxury homes whose prices are not reflected in the above numbers. For example, the affluent Atlanta neighborhoods of Brookwood Hills, Kingswood, Argonne Forest, and Buckhead real estate experience an average home price of over $1.5 million.

Tips for buyers and sellers

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With rising costs of living and an increasing population expected to call Atlanta home by 2040, potential homebuyers need to be aware of how these factors will affect their search for housing options within their price range, whether they are looking for luxury homes for sale or something more affordable.
While there are no signs that prices will drastically change anytime soon, especially given that single-family homes have been holding steady within a standard range since July 2021, and condos and townhomes have been holding steady within a standard range over the past five years, it’s still important to stay informed about any changes in the local market. That way, you can make an informed decision when it comes time to purchase a new home or sell your current one.
Whether you are buying or selling, work with a top agent to stay up to date on the market trends, and you'll be ready should any shifts come into play!

3: Dining and activities to explore

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There are plenty of reasons why the Atlanta housing scene is so highly sought-after. Atlanta is a city buzzing with activities and sights that must be seen to be truly appreciated. There are bike shops galore where you can catch the perfect ride to explore the numerous farmers' markets witnessing local vendors sell fresh seasonal produce. If you are feeling like getting your hands dirty and helping out the community, the seven-acre food forest offers chances to volunteer and get involved with planting, gardening, and harvesting weekly.
Art galleries like the Center for Puppetry Arts, Museum of Design Atlanta, Museum of Contemporary Art of Georgia, and many more offer chances to appreciate both classic southern art and more contemporary styles of art.
With trees covering nearly 50% of Atlanta, nicknamed “The City in the Forest," you can also explore ravines, park areas, and paved trails – providing plenty of opportunity to connect with nature. Whether it's catching an opera or Broadway show like Hadestown at the Fox Theatre or checking out the ever-changing graffiti street art in Krog Street Tunnel, there is something for everyone in this city! You can catch games of all four professional sports teams: Falcons football, Braves baseball, Hawks basketball, and United soccer. You can also enjoy fine dining at amazing restaurants like Virgil's Gullah Kitchen & Bar and many more – all while taking in Atlanta's busy city life!
Atlanta, Georgia, is a city bursting with activity and homes for sale. Whether you're looking to buy or rent in the area, there are plenty of options available at various price points. With fine dining establishments, art galleries and museums, parks and trails filled with nature's beauty, and professional sports teams to cheer on from the stands or couch, Atlanta has something for everyone!
From stunning luxury homes for sale in Buckhead to volunteer opportunities, this vibrant metropolis will not disappoint if you decide to make it your own. So don't wait any longer; explore all that Atlanta has to offer today! Reach out to experienced local agent Heather Cummings to start your home search in this incredible city.

*Header Photo courtesy of Shutterstock

Work With Heather

From conducting thorough consults to project-managing upgrades to personally staging homes and catering the marketing to the style of the house, Heather’s clients are treated to a guided, cared-for process in which they are a relationship, not a sale.