If you even stop to think about how far your paycheck will take you if you are looking for a single family home in-town, then you probably shouldn’t be looking in Buckhead.
Or Ansley Park.
Those neighborhoods rank at the top of in-town neighborhoods: they are the only two in the city where the average price of a single-family home sold in the past year crested above the million-dollar mark, according to First Multiple Listing Service.
In Buckhead, average sales price is $1,494,085.
In a competitive second place is average sales in Ansley Park, where the average sales price is $1,180,379.
There must be some money sloshing around Atlanta right now – along with easier credit than in recent years.
Five of the in-town markets have seen prices jump by more than 20 percent in the past year, according to Bill Adams, president of Adams Realtors, which specializes in listings in-town.
Average prices in the Old Fourth Ward are up 32 percent, College Park is up 25 percent, East Atlanta up 24 percent, Cabbagetown up 22 and Ormewood Park has seen a 21 percent hike.
The most expensive of those is the Old Fourth Ward, where prices average just over $568,000. But the jumping prices in College Park reflect an area that was very badly hurt by the burst of the housing bubble: at $233,245, the area’s average price is less than half the average price in the Old Fourth Ward.
The city’s market is fueled largely by corporate growth, especially in the addition or expansion of high-paying jobs, said Craig McClelland, realtor and also COO for Better Homes and Garden Metro Brokers. “You have people who have a $350,000 house in the suburbs and they become executives and they buy in Atlanta.”
With job growth strong, the trend will continue, he said. “I am not worried about it leveling off soon.”
Inside I-285, the average price of a home is still less than $270,000, McClelland said.
But many of those homes are in poorer parts of the city, according to Adams.
The lowest average prices are in Hapeville and Pine Lake, which both average less than $200,000 per home sale. East Point and College Park, are more expensive, but still average less than $250,000 per home sale, Adams said.
Most costly areas for single-family homes
Here are the 2016-17 average home sale prices for these Atlanta neighborhoods.
Ansley Park $1,180,379
Druid Hills $834,332
Virginia Highland $832,498
Glenwood Estates $708,946
Inman Park $684,269
Poncey Highland $670,583
Sources: Bill Adams Realtors, First Multiple Listing Service
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AJC Business reporter Michael E. Kanell keeps you updated on the latest news about jobs, housing and consumer issues in metro Atlanta and beyond. You'll find more on myAJC.com, including these stories:
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