Intown’s real estate market has stayed active through the challenges of higher interest rates and an election year. Overall, things are positive, and the numbers look good for 2025.
In its data for October 2024, the First Multiple Listing Service (FMLS) reports that residential sales in Metro Atlanta reached 4,272, an increase of 4.1% over October 2023.
The average sales price was $516,000, up 0.7% from the previous year. New listings reached 7,541; an increase of 14.1% from October 2023 and 2.9% from September 2024.
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Carolyn Calloway
According to Carolyn Calloway, Realtor, Harry Norman Realtors, the Intown real estate market saw more sellers bringing their homes on the market last year, which led to a rise in choices for buyers.
“Inventory certainly rebounded in 2024,” she said. “New construction condominiums are sought after by buyers, such as The Dillon Buckhead, which saw record-breaking pre-sales.”
The single-family residential market saw a significant increase in available homes for sale in 2024, with the number of new listings coming to market being 19% ahead of where it was in 2023, resulting in 75% more homes being available for sale than in 2023.
“With more inventory, we saw the months of supply increase from two months to four months, which means the market trended to a more balanced market,” Calloway explained. “The median sales price also increased on a year over year basis and was $860,000 in November.”
The condo and townhome market saw a shift from being a seller’s market to one favoring buyers with seven months of supply in October and December. But Calloway noted that median sales prices held firm at an average of $365,000.
There were no surprises regarding where buyers were looking. “Traditional neighborhoods in Buckhead like Garden Hills, Peachtree Hills and Peachtree Heights by The Duck Pond remain popular,” Calloway said. “Ansley Park, Midtown, Virginia Highland, Morningside and Old Fourth Ward are still considered hot areas.”
She added that buyers are always in search of homes or condominiums on The BeltLine, sought after for its convenient lifestyle with great places to live, work and play. Additionally, Calloway is optimistic for the overall market in Sandy Springs in 2025. “Because of the proximity to Midtown and Downtown Atlanta, Sandy Springs will continue to remain an attractive place for people to live, especially those who work in those areas.”
She noted that one especially hot market is homes that need updating or are in original condition. “The prices are attractive to renovators or buyers looking to put in the work themselves for instant equity,” Calloway said.
Chrissie Kallio
Chrissie Kallio, Associate Broker, Atlanta Fine Homes Sotheby’s International Realty, said that while Intown continued to be a sought-after real estate market, 2024 was a continuation of an adjustment year for both buyers and sellers.
“Owner occupant resales have been few and far between, as homeowners continue to consider their pain points —location, size, functionality — in conjunction with their low interest rates,” she said.
Kallio reported that interest rates have been winning over pain, “…but I think we will see a shift in that as we head into Spring 2025. The reality is the rates are where they are — they may shift down, they may shift up — but revisiting the 3s and 4s is incredibly unlikely and I think we will see people’s needs for different housing outweigh their desire to keep their interest rate.”
The election brought the market to a standstill for at least a month, she said. That’s typical for an election year, but post-election, she has seen a definite uptick in showings.
BeltLine adjacent neighborhoods continue to be sought after Intown: “Reynoldstown has had such a surge and has varied housing stock — single-family attached duplexes, modern design, Craftsman bungalows, you can really find almost any type of house there,” she said.
“The historic neighborhoods of Grant Park, Inman Park and Cabbagetown are desirable for amenities, schools and accessibility,” Kallio continued. “Chosewood Park has been booming this year, with its proximity to the Southside BeltLine trail and infill from townhome builders.”
She predicted that the Westside will continue to grow as well.
“Avondale Estates is also booming with the development in the Downtown area. Smart development increases desirability and when you have breweries, shopping, local restaurants opening in neighborhoods the housing growth surges alongside. Keep an eye on Downtown and the Gulch area — there are cranes and creativity everywhere.”
Ian Oliver
Overall, the market intown, including condo, townhome and single-family homes, is a bit static, said Ian Oliver, Real Estate Advisor, Engel & Volkers. Since interest rates have only marginally improved, condo inventory especially continues to sit for too long.
“However, this is favorable for buyers,” Oliver pointed out. “Yes, days on market remained high in 2024, especially for condos and townhomes. There are a lot of condo options on the market, and this creates a great environment for buyers to take advantage of units sitting too long. There are many highly motivated sellers out there.”
Oliver encouraged potential buyers to take advantage of the current situation. “You marry the home; you don’t marry the interest rate. There will be plenty of opportunities to refinance when rates come down, as expected in 2025.”
He explained that since home values will continue to increase, especially single-family homes, rather than wait to buy until rates improve, homebuyers can save thousands of dollars by purchasing now.
“There are numerous opportunities to successfully buy or sell in the Intown market,” Oliver explained. “You just need an experienced, committed and effective agent to win in this market.
Molly Carter Gaines
“2024 has been a whirlwind year for the Intown Atlanta real estate market, marked by the dual challenges of interest rate uncertainty and the underlying tension of an election year,” said Molly Carter Gaines, Real Estate Agent, Ansley Real Estate / Christie’s International Real Estate.
“This combination created a rollercoaster effect for both consumers and agents, as many prospective buyers and sellers chose to pause their plans, awaiting more favorable conditions. Yet, amidst this unpredictability, many pressed forward.”
Personally, Carter Gaines had a very busy year, largely driven by clients relocating or outgrowing their homes.
She noted that inventory shortage remains a major challenge Intown, and it’s something agents continue to navigate. “Buyers today are much more discerning, given the higher stakes of larger payments, so some properties are taking longer to sell. That said, when an Intown property is priced right and marketed well, it still moves quickly,” Carter Gaines said.
Druid Hills, Virginia Highland and Morningside remained some of the most sought-after markets in 2024. “I’ve also seen impressive demand in Lake Claire, Candler Park, Oakhurst and Kirkwood—each offering its own unique appeal.”
She fully expects these trends to carry into 2025, as these neighborhoods continue to attract buyers.
“For buyers feeling frustrated, impatient and discouraged by waiting for interest rates to drop and inventory to pick up, take heart!” Carter Gaines said. “Many would-be sellers share your frustration, and I, like many agents, am optimistic that 2025 will bring some relief with both inventory and interest rates.”