For the last few years, the condo market (particularly high rises) in Atlanta has been very steady with balanced inventory, with prices appreciating around 4% annually.
Last year during this time (August 2020) the number of units for sale actually grew with the population, to about 2,000 active listings in Atlanta; it was safe to call this a balanced market, leaning towards a buyer’s market.
Now there are 1,300 active listings. That’s a 35% decrease in inventory. Meanwhile prices have risen at a much higher rate than they have over the last few years. With what I’ve been seeing in the market, more buyers are expanding their search to include condos and townhouses. Why is this?
- Competition is very tight in their single family home search
- More young professionals are relocating here and like to be in the middle of everything, close to their jobs
- The mandates have cooled and people are more comfortable living in close proximity
- There is very little new condo construction, aside from smaller luxury buildings
- Parents with children back in college are investing in condos for their housing instead of paying rent or student housing fees.
It’s exciting to the new housing options available to buyers in today’s market, many of these new developments are helping to restore the fabric of Atlanta’s historic neighborhoods.