Single-Family Homes

In 2022, most homes sold in Metro Atlanta were detached single-family homes (77%). There were 51,855 single-family homes sold last year, the fewest of any 12-month period since 2015. Like the market overall, there were about 30% fewer singlefamily homes sold in the second half of 2022 (23,169 homes) compared to the same period in 2021, a trend related to higher mortgage interest rates.

The average single-family home in Metro Atlanta sold for $509,136 in Q3 and Q4 2022, up 10% year-

Metro Atlanta Single-Family Home Summary (Q3 & Q4 2022) over year. Since the same period in 2019, the average sale price was 49% ($167,570), resulting in significant equity for existing homeowners. While negotiation and some seller concessions became more common than early in the year, sellers continued to get close to

Source: FMLS InfoSparks, Greater Atlanta Area, Single-family homes, Rolling 6-months as of December 2022 (year-over-year change compared to rolling 6-months as of December 2021) their asking price in late 2022, with an average sale price to original list price of 97.2%.

The tight inventory of single-family homes for sale (2.2 months of inventory) is a key reason prices have continued to rise even as higher interest rates dampened demand.

Single-family home sales under $500,000 (-36.9%) were down more than higher priced homes in late 2022. This is in part because rising home prices overall pushed more homes into higher price brackets.

Metro Atlanta Single-Family Home Summary by Price Range (Q3 & Q4 2022)

Source: FMLS InfoSparks, Greater Atlanta Area, Single-family homes, Rolling 6-months as of December 2022 (year-over-year change compared to rolling 6-months as of December 2021)

Metro Atlanta Single-Family Home Summary by Number of Bedrooms (Q3 & Q4 2022)

Source: FMLS InfoSparks, Greater Atlanta Area, Single-family homes, Rolling 6-months as of December 2022 (year-over-year change compared to rolling 6-months as of December 2021)

Single-Family Homes - Inside the Perimeter

Homebuyers looking for a singlefamily home ITP paid an average of $682,681 in the second half of 2022, up 7.3% from the same period in 2021. Intown living commanded a substantial premium compared to more suburban locations, with an average price $173,545 (34%) higher for ITP homes compared to the metro average.

Although prices continued to grow year-over-year, the market was quieter in the second half of 2022, with 32.6% fewer single-family homes sold ITP compared to the same period last year. Homes priced between $700,000 and $1 million kept the closest pace to 2021 (-4.8% fewer sales), likely because these more affluent buyers may be less sensitive to interest rates, more homes were priced in this range, and buyers previously looking at homes priced over $1 million may have shifted their search to this range.

Continued price growth has reduced the number of single-family homes available at an entry level price point in Metro Atlanta. In the second half of 2022, just 65% of single-family homes sold for less than $500,000. This is down from the same period in 2021, when 72% of homes sold for less than $500,000. In 2019, it was 86%. This trend was even more pronounced ITP. In the second half of 2022, less than half of all singlefamily homes (47%) ITP sold for less than $500,000.

Fewer homes have been listed in Metro Atlanta each month since summer 2022, reflecting seasonal trends and rising interest rates that have made current homeowners hesitant to move. In the ITP singlefamily home market, this trend held up for homes under $500,000. There were 14% fewer new listings in the second half of 2022 compared to the same period in 2021, a decline that outpaced the dwindling share of homes sold for less than $500,000. Homeowners in this price range may be more sensitive to rising interest rates, less willing to move, or may be listing their homes at higher prices. At higher price points, the number of listings rose compared to the same period in 2021, with 20% to 22% more homes for sale in 2022.

Key Stats ITP Single-Family Homes

(Q3 & Q4 2022)

• $682,681 average sale price (+7.3% YOY)

• 14% of all single-family home sales were ITP

• 18% of all single-family home listings were ITP

• ITP homes sold at the same pace as the metro average (26 days on market)

• Homes sold for 97.9% of the original list price on average

Inventory levels remained relatively low at 2.1 months of supply for homes between $500,000 and $999,999 and 3.3 months of supply for homes over $1 million.

Q3 + Q4 2022 ITP Single-family Home Superlatives

Most Expensive Area to Buy a Single-Family Home ITP Chastain Park (Average sale price of $2,281,660)

Fastest Growing Average Single-Family Home Prices ITP

Brookwood Hills (+29.9% Q3/Q4 average closed sale price in 2022 vs. 2021)

Highest Price Per Square Foot for Single-Family Homes ITP Cabbagetown (Average $449/SF)

Shortest Average Days on Market ITP Inman Park (Average 10 days on market)

Where Can You Buy the Typical Single-Family Home for...

Less than $499,999

Cascade East

Cascade West College Park

East Atlanta

East Point

Hapeville

Summerhill

West End/ Capitol View

$500,000 to $699,999 $700,000 to $1 million Over $1 million

Avondale Estates

Cabbagetown

Chamblee

East Lake

Edgewood

Grant Park/ Glenwood Park

Kirkwood

Ormewood Park

Reynoldstown

West Midtown/ Underwood Hills

Brookhaven

Collier Hills/ Ardmore Park

Decatur

Druid Hills/ Emory

Lake Claire/Little

Five Points

Oakhurst

Old Fourth Ward

Peachtree Hills

Vinings

Ansley Park/ Sherwood Forest

Brookwood Hills

Buckhead

Chastain Park

Garden Hills

Inman Park

Virginia

Highlands/ MorningsideLenox Park

ITP Single-Family Home Summary by Neighborhood - Q3 & Q4 2022

Source: FMLS InfoSparks,Single-family homes, Rolling 6-months as of December 2022 (year-over-year change compared to rolling 6-months as of December 2021)