On this page: an up-to-date assessment of Atlanta metro area housing market conditions in 2024, with a forecast extending into 2025.
The Atlanta real estate market experienced a brief downturn during the second half of 2022, with home prices declining into early 2023. The same thing happened in most cities across the U.S. But the price “correction” in Atlanta was milder in comparison.
Now, approaching the spring of 2024, recent housing market forecasts for the Atlanta metro area predict that prices could rise by as much as 6% this year.
Here are the latest real estate trends and predictions for the Atlanta, Georgia metro area, extending through this year and into 2025.
Atlanta Home Prices Rising in 2024
According to multiple sources, home prices in this metro area have risen modestly over the past year. Meanwhile, forecasts for the Atlanta housing market suggest this trend could continue through the rest of 2024 and into 2025.
We will get to those forecasts and predictions in just a moment. But first, let’s take a look at recent home price trends for this real estate market.
According to a February 2024 report from Realtor.com, the median real estate listing price for the Atlanta-Sandy Springs-Alpharetta metropolitan area was around $410,000. That was an increase of 2.5% from one year earlier.
During that same month, Zillow reported that the median home value had risen to around $370,000, marking a year-over-year increase of 2.9%. (These two companies measure real estate prices in different ways, hence the different numbers.)
A Milder ‘Correction’ Compared to Other Cities
Like most cities across the United States, home prices within the Atlanta area reached an all-time record high during the summer of 2022. This was a direct result of the pandemic-fueled home-buying surge that swept across the country from 2000 to early 2022.
And like most cities, the Atlanta real estate market also experienced a downturn in prices during 2023, as higher mortgage rates cooled the housing market. The difference was that the Atlanta metro area experienced a milder home-price decline.
- From June 2022 to March 2023, the median home price in the Atlanta-Sandy Springs-Roswell metro area dropped by around $9,000.
- During that same timeframe, prices in a lot of other major U.S. metros declined anywhere from $50,000 to $70,000.
One reason for this is that the Atlanta metro area has remained relatively affordable throughout this whole cycle. So the local real estate market didn’t have to “correct” as much in order to sustain buyer demand.
Atlanta-area homeowners should be thankful. In hotter housing markets (like Austin, Texas) homeowners who purchased a few years ago have lost a lot of equity since then. In contrast, homeowners in the Atlanta area experienced only a minor dip that has already been erased by more recent price growth.
The Supply Situation: Better But Still Not Great
Atlanta housing market forecasts are largely influenced by supply- and demand-related factors. Here’s what’s happening on both sides of that equation:
- On the demand side, affordable home prices and gradual population growth will continue to bring buyers into the real estate market.
- On the supply side, the Atlanta area continues to experience a relative shortage of inventory, which in turn puts upward pressure on local house values.
As of early 2024, the Atlanta-Sandy Springs metro area had a 3.3-month supply of homes for sale. That was slightly higher than the national median for that same timeframe, but still not enough to satisfy the demand from local home buyers.
The takeaway: The Atlanta housing market might not be as “tight” as some other major metros. But it’s nowhere near a buyer’s market, either. So those buyers who enter the market later in 2024 will have to be patient and persistent when searching for a home. It might take a while.
A Positive Price Forecast Into Early 2025
Moving on, we come to the general outlook and forecast for the Atlanta real estate market stretching into early 2025.
With a growing population, limited inventory, and steady demand from buyers, the Atlanta-area housing market is projected to see additional price growth through this year and into next.
Zillow recently offered some price-related predictions for the Atlanta real estate scene. Specifically, the company predicted that the median home value for this metro area would rise by 6% from February 2024 to February 2025.
In comparison, they predicted that home prices nationwide would rise by around 4.2% during that same 12-month timeframe. This forecast suggests that current supply-and-demand factors within the Atlanta-area housing market are putting strong upward pressure on prices.
This market tends to experience steady home-price growth over time, aside from anomalies like the Great Recession and housing market crash of 2008.
Atlanta-Sandy Springs Metro Area Overview
The Atlanta-Sandy Springs-Roswell metropolitan statistical area (or “Metro Atlanta” for short) is the most populous metro in the state of Georgia, and eighth-largest in the United States. It includes five core counties: Clayton, Cobb, DeKalb, Fulton and Gwinnett.
Metro Atlanta is situated in the foothills of the Appalachian Mountains in the southeastern United States. It encompasses 28 counties in North Georgia, making it one of the largest metropolitan areas in the country when measured by land area.
Major Cities
- Atlanta: The capital of Georgia, Atlanta serves as the economic and cultural hub of the region and the entire Southeastern United States.
- Sandy Springs: A large affluent suburb located just north of Atlanta.
- Roswell: Another large and historic suburb north of Atlanta.
- Marietta: A major suburb northwest of Atlanta, known for its historic town square.
- Alpharetta: Prosperous technology hub located in the northern suburbs.
Population
- Metro Atlanta: Home to over 6 million residents, making it the 8th most populous metropolitan area in the United States.
- Atlanta (city proper): Approximately 500,000 residents within the city limits.
- Demographics: The Atlanta metro area is known for its diversity, with a significant African American population and growing communities of Asian and Hispanic residents.
Climate
- Humid subtropical: Atlanta experiences hot, humid summers and mild winters, with occasional cold snaps.
- Four seasons: Residents enjoy distinct spring and fall seasons.
- Rainfall: The area receives abundant rainfall throughout the year.
About the Local Economy
A wide range of industries contribute to the local economy in and around Atlanta. Prominent industries include transportation and logistics (Hartsfield-Jackson is the world’s busiest airport), financial services, healthcare, information technology, media and film production.
The Atlanta metro area is home to numerous Fortune 500 companies, including Delta Air Lines, The Coca-Cola Company, Home Depot, UPS, Norfolk Southern and more.
The job market remains strong in Atlanta. In early 2024, the metro area had an unemployment rate of 2.8%, which was quite a bit lower than the national average (3.7%) at that time.
The area’s strong economy attracts new residents and gives them the financial means to purchase a home. This, combined with relatively low home prices, helps to support the Atlanta real estate market even during economic downturns.
Disclaimer: This report includes housing market predictions and projections for the Atlanta, Georgia metro area extending into 2025. Those forecasts were gathered from third parties not associated with the publisher of this site. The Home Buying Institute (HBI) makes no claims about future real estate market conditions, trends or prices.
Brandon Cornett
Brandon Cornett is a veteran real estate market analyst, reporter, and creator of the Home Buying Institute. He has been covering the U.S. real estate market for more than 15 years. About the author