{"id":65063,"date":"2019-02-15T05:00:46","date_gmt":"2019-02-15T13:00:46","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=65063"},"modified":"2020-10-06T17:08:02","modified_gmt":"2020-10-07T00:08:02","slug":"atlanta-home-prices-up-outpacing-national-growth","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/atlanta-home-prices-up-outpacing-national-growth\/","title":{"rendered":"Atlanta Home Prices Up 4.8%, Outpacing National Growth"},"content":{"rendered":"<p><i><span style=\"font-weight: 400;\">In Atlanta, price growth is stronger and homes are selling faster than they are in the U.S. overall, trends explained in part by the surge in people looking to move inland. <\/span><\/i><br \/>\n<span style=\"font-weight: 400;\"><a href=\"https:\/\/redfin.com\/city\/30756\/GA\/Atlanta\">Atlanta<\/a> area home prices were up 4.8 percent annually to a median of $229,900 in January, marking nearly seven years of growing prices. While notoriously hot West Coast markets are cooling\u2014prices in <a href=\"https:\/\/redfin.com\/city\/17151\/CA\/San-Francisco\">San Francisco<\/a> fell 5 percent and price growth in <a href=\"https:\/\/redfin.com\/city\/16163\/WA\/Seattle\">Seattle<\/a> slowed to 0.6 percent year over year last month\u2014some signs indicate that Atlanta is bucking the trend. <\/span><br \/>\n<span style=\"font-weight: 400;\">\u201cAtlanta is probably the nation\u2019s hottest large market,\u201d Redfin CEO Glenn Kelman said yesterday during the company\u2019s earnings call, \u201ccontinuing a trend favoring affordable, diverse and builder friendly cities.\u201d<\/span><br \/>\n<span style=\"font-weight: 400;\">Following nearly three years of price growth that was consistent with the national rate, Atlanta\u2019s home prices have been growing at a faster rate than the U.S. overall since April 2018. So far this year, national home prices are up about 3 percent from last year.<\/span><\/p>\n<figure id=\"media-65064\" class=\"align-none\"><img decoding=\"async\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2019\/02\/Median-Sale-Price-2.13.19.png\" alt=\"Median sale price in Atlanta\" data-portal-copyright=\"\" data-has-syndication-rights=\"\" data-license-id=\"\" data-licensor-name=\"\" \/><\/figure>\n<p><span style=\"font-weight: 400;\">Atlanta experienced a 13.5 percent annual drop in home sales last month, while national home sales declined 7.6 percent over the same period. One factor that could be holding back sales activity is inventory. The number of homes for sale in Atlanta fell 18.5 percent in January, marking the 17th consecutive month of double-digit supply declines. New listings have followed a different trajectory, rising 19.8 percent in January, the fifth straight month of year-over-year increases.<\/span><\/p>\n<figure id=\"media-65065\" class=\"align-none\"><img decoding=\"async\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2019\/02\/New-Listings.2.13.19.png\" alt=\"New listings in Atlanta\" data-portal-copyright=\"\" data-has-syndication-rights=\"\" data-license-id=\"\" data-licensor-name=\"\" \/><\/figure>\n<p><span style=\"font-weight: 400;\">Homes in Atlanta are selling faster than they were last year while the national pace is slowing down. The typical home that sold in Atlanta in January spent 48 days on the market, down from 57 days in January 2018. Nationwide, the typical home that sold in January went under contract in 57 days, up from 56 during the same month last year. In San Francisco, where the typical home went under contract in 25 days in January 2018, median days on market jumped to 42 days last month. <\/span><br \/>\n<span style=\"font-weight: 400;\">Local Redfin agent <a href=\"https:\/\/redfin.com\/real-estate-agents\/cynthia-little\">Cynthia Little<\/a> said although inventory is still down in Atlanta, new construction may soon add to the supply of homes in the area. Building permits were up 72.2 percent annually in October of last year, the most recent month for which permit data is available, and the city issued a <\/span><a href=\"https:\/\/www.bizjournals.com\/atlanta\/news\/2019\/01\/18\/city-issued-record-5-6-billion-in-construction.html\"><span style=\"font-weight: 400;\">record $5.6 billion worth of building permits<\/span><\/a><span style=\"font-weight: 400;\"> in 2018. She expects the market to heat up as winter turns to spring. <\/span><br \/>\n<span style=\"font-weight: 400;\">\u201cInventory is still low and there\u2019s competition for desirable homes,\u201d Little said. \u201cWe have a lot of new homes going up, but builders can\u2019t build fast enough.\u201d<\/span><br \/>\n<span style=\"font-weight: 400;\">\u201cA lot of people, especially younger people, are looking to move to Atlanta and its suburbs from more expensive areas. I\u2019ve been meeting with homebuyers from places like California, Maryland, Virginia and <a href=\"https:\/\/redfin.com\/city\/12839\/DC\/Washington-DC\">Washington, D.C.<\/a>, and they\u2019re looking in Atlanta because they perceive it to be more affordable,\u201d Little continued. \u201cA lot of my clients are excited that mortgage rates aren\u2019t going up, even some who aren\u2019t buying just yet.\u201d<\/span><br \/>\n<span style=\"font-weight: 400;\">Redfin migration data reflects the surge of people looking to move to Atlanta from expensive coastal areas. In the fourth quarter of last year, Atlanta was the <\/span><a href=\"https:\/\/redfin.com\/blog\/2019\/01\/q4-redfin-migration-report-seattle-reclaims-migration-destination-status.html\"><span style=\"font-weight: 400;\">third most popular migration destination<\/span><\/a><span style=\"font-weight: 400;\"> for Redfin.com users looking to relocate: Among people searching for homes in Atlanta, 26.8 percent were from outside the metro area, up from 10.2 percent last year. Among people looking to relocate to Atlanta last quarter, 35.9 percent were from the <a href=\"https:\/\/redfin.com\/city\/30749\/NY\/New-York\">New York City<\/a> area, making it the most common origin for people looking to move to Atlanta.<\/span><br \/>\n<span style=\"font-weight: 400;\">Of the markets Redfin serves, Atlanta was the <\/span><a href=\"https:\/\/redfin.com\/blog\/2019\/02\/bidding-wars-now-uncommon.html\"><span style=\"font-weight: 400;\">11th most competitive market in January<\/span><\/a><span style=\"font-weight: 400;\">, ahead of Washington, D.C. and not far behind Boston and Seattle. <\/span><br \/>\n<span style=\"font-weight: 400;\">\u201cWe\u2019re seeing multiple offers for some homes, especially those near highly rated schools,\u201d Little said. \u201cCome spring and summer, I think the market is going to be competitive.\u201d<\/span><br \/>\n<span style=\"font-weight: 400;\">For more data on Atlanta and other metro areas, check out the <\/span><a href=\"https:\/\/redfin.com\/blog\/data-center\"><span style=\"font-weight: 400;\">Redfin Data Center<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In Atlanta, price growth is stronger and homes are selling faster than they are in the U.S. overall, trends explained in part by the surge in people looking to move inland. Atlanta area home prices were up 4.8 percent annually to a median of $229,900 in January, marking nearly seven years of growing prices. While [&hellip;]<\/p>\n","protected":false},"author":13153,"featured_media":65067,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8],"tags":[],"dashboard":[],"coauthors":[],"class_list":["post-65063","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.5) - 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