(Continued)

New Construction Single-Family Homes ITP

Almost all the single-family homes sold ITP were resale. Of the 3,297 detached single-family homes sold ITP in the second half of 2022, only 160 were new construction, representing just 4.9% of sales. Most were “infill” homes built on a lot in an established neighborhood, rather than as new subdivisions as seen in many OTP areas. They ranged from $279,000 for a 2-bedroom, 742-square-foot home in English Avenue to $5,779,000 for a custom 7-bedroom home with more than 11,000 square feet in Mount Paran.

Most were priced under $600,000 (59%); however, a significant number of homes priced over $1 million (23%) brought the average sale price for a new home ITP to $931,134. New homes priced under $600,000 were typically located on the south and west sides in places like Pittsburgh, Oakland City, Mozley Park, Bankhead, and Hapeville. Homes over $1 million were typically located on the north and east sides of town in places like Oakhurst, Buckhead, and Brookhaven.

Single-Family Homes - Outside the Perimeter

Single-family homes continue to be the primary type of housing outside the perimeter. Homes in suburban areas tend to offer more space at a lower cost per square foot, an appealing option for families and other buyers looking to get more for their money. However, the relative savings of OTP living has been declining in recent years. A decade ago, ITP homes cost 64% more per square foot (PPSF) than the average home in Metro Atlanta ($123/SF ITP compared to $75/SF on average). In late 2022, that premium had declined

Metro to 39% ($276/SF ITP compared to $198/SF on average). This may reflect factors like an increase in the share of homes built OTP since 2012 (which tend to be smaller than those built in previous decades), an increasing share of new homes in the suburbs (which tend to cost more per square foot than resale), rising property values as suburban cities have developed their own town centers and amenities, or shifting preferences toward suburban living since the COVID-19 pandemic, which accelerated the shrinking gap between intown and suburban PPSF.

Still, homes in suburban Atlanta remain relatively affordable, and many places have average home prices below the national average.

Key Stats OTP SingleFamily Homes

(Q3 & Q4 2022)

• 86% of all single-family home sales were OTP

• 82% of all single-family home listings were OTP

(Q3 & Q4, 2012 to 2022)

Q3 + Q4 2022 OTP Single-family Home Superlatives

Most Expensive Area to Buy a Single-Family Home OTP

Fastest Growing Average Single-Family Home Prices OTP

Highest Price Per Square Foot for Single-Family Homes OTP

Shortest Average Days on Market OTP

Milton (Average Q3/Q4 sale price $1,315,685)

Milton (+24.3% Q3/Q4 average closed sale price in 2022 vs. 2021)

Chattahoochee Hills (Average $397/SF)

Tied between Dunwoody, McDonough, and Tucker (Average 19 days on market)

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

Less than $499,999 $500,000 to $699,999 $700,000 to $1 million Over $1 million

Acworth

Clarkston

Douglasville

Fairburn

Fayetteville

Kennesaw

Lawrenceville

Mableton

McDonough

Norcross

Snellville

South Fulton

Sugar Hill

Tucker

Union City

Woodstock

Canton

Cumming

Duluth

Dunwoody

East Cobb

Marietta

Peachtree City

Peachtree

Corners

Smyrna

Suwanee

Hills

Johns Creek

Roswell

OTP Single-Family Home Summary by Area - 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)

OTP Single-Family Home Summary by Area - Q3 & Q4 2022 (Continued)

New Construction SingleFamily Homes OTP

There were 1,891 new construction single-family homes sold in Metro Atlanta in Q3 and Q4 2022. They sold for an average of $638,025, or $216 per square foot. Most single-family home construction in Atlanta is happening in the suburbs, particularly those north of Atlanta. Although some of these new homes were built as infill on lots in existing neighborhoods as is typical ITP, many were constructed as part of new subdivisions in suburban areas.

Gwinnett County had the most new construction single-family homes sold in late 2022 (393 homes), followed by Fulton (327), Cobb (224), Cherokee (219), and Forsyth (218) Counties.

The top cities for new singlefamily construction sales OTP were in the outer ring of the metro: Cumming, Canton, Loganville, and Fairburn. Marietta had the most new construction sales of closer in cities, with an average sale price of nearly $1 million for new single-family homes.

About 10% of new construction single-family homes sold in late 2022 were luxury homes priced at $1 million or higher. Most were in Fulton (45%), Cobb (21%), or DeKalb (16%) Counties. The most popular OTP cities for new homes over $1 million were Marietta (32 homes), Milton (20 homes), Alpharetta (16 homes), Canton (10 homes), and Johns Creek (10 homes).

The most affordable cities for new construction homes were all located south of Atlanta: Jonesboro ($290,000 average sale price), South Fulton ($312,495), Lovejoy ($379,066), East Point ($379,066), and Villa Rica ($382,463).