Photograph by Ben Rollins
Atlanta has always been a relatively easy place to move. With its sprawling 12-county metro area and diverse population, it invites newcomers with more housing options than most big cities. However, settling here, as elsewhere in the country, is more challenging these days. Michael Fischer, the outgoing president of the executive committee of the Atlanta REALTORS Association, says there’s a lot of anxiety in the marketplace. Supply is the biggest concern due to factors such as fewer new builds, older homeowners staying put instead of downsizing, and rising interest rates that have disincentivized buyers.
“As of September 2023, the Atlanta REALTORS Market Brief reported that the total number of transactions is down 20 percent year over year, with the median price up 2.5 percent and average price up 5.1 percent,” Fischer says. “It’s hard to imagine the supply increasing to a point where prices creep downward.” He projects the average price increase could be 5 percent in 2024. “I have seen a slight decline in demand for housing, but supply has plummeted, keeping prices stable through the year.”
Fischer adds that Atlantans are focusing on their primary residences more as places to live rather than as investment vehicles. “Over the past 10 years, it’s been, ‘How much do you think this house is going to be worth? What can I do to improve it so that when I sell it, I get the biggest return?’” he says. Now, buyers are more practical. “I think the shift is happening slowly as people start figuring out why they actually want to buy a house, and people are putting off moves and working with what they have.”
Thanks to flexible working conditions, more buyers are taking advantage of what Fischer calls “driving until you can afford it”: going farther out in exchange for more house, land, or other perks. “The intown communities will always have a high floor for demand, but prices have pushed a…
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