CONDO VIEW
During 2024 we saw some stabilization in mortgage rates and in the real estate market. During the 2022-2023 cycle, the Federal Reserve raised interest rates 11 times in 17 months. Mortgage rates climbed from 3.25% in January 2022 to over 7% in late 2023, drastically increasing the monthly cost of financing a home purchase. During 2024 the Federal Reserve made 3 rate cuts (totaling 1%) in the last 4 months of the year. Mortgage rates are expected to remain stable in 2025.
Most notably, the increase in mortgage rates has caused a substantial decline in the number of closed transactions over the past few years. In metro Atlanta the total number of attached home sales (including “condos”) in 2024 were 12,850 as compared to 20,206 in 2021 (an overall decline of 36.5%). Total attached home sales in 2023 were 13,617, so the decline from 2023 to 2024 was approximately 5.5%, which hopefully means the number of condo sales is beginning to stabilize.
While the number of closed transactions for condos has declined, the average sales price in metro Atlanta in 2024 was $400,693 vs. $386,614 for 2023. This represents a nominal increase in Average Sales Price of 3.6%.
Unlike single-family homes, the active inventory of attached homes (which includes “condos”) in metro Atlanta increased 50% during 2024, from 2,694 at the end of 2023 to 4,036 at the end of December 2024. With increased inventory, we see more reductions in sales prices, more negotiation by sellers, and longer time on the market.
In Buckhead condominiums specifically, we saw a decline in the average sales price from $473,142 in 2023 to $431,736 in 2024 and the average sold price per square foot decreased from $316 to $308 per square foot. In Buckhead, there was an increase in the total days on the market from an average of 55 days in 2023 to 67 days in 2024. The sales price to original list price ratio, a measure of how close sellers are getting to their asking price, stayed virtually unchanged at 96.80%.
While it is hard to predict future real estate trends, we want our clients to understand what is happening in the market, so they will understand pricing and how quickly a home will likely sell in the community where they live or hope to live. We hope this report will help with that. If you would like a more in-depth analysis of a specific area or want to determine the value of your home, our neighborhood real estate experts are here to help.
We know the Atlanta market. Your building is our business.
Randal Lautzenheiser, Managing Broker and Owner
Len Kwilos, Agent and Owner
David Vannort, Agent and Owner
BUCKHEAD
1. 10 TERMINUS
2. 2500 PEACHTREE
3. 2828 PEACHTREE
4. THE ARAMORE
5. THE ASTORIA
6. THE BORGHESE
7. THE BROOKWOOD
8. BROOKWOOD PLACE
9. BUCKHEAD GRAND
10. BUCKHEAD VILLAGE LOFTS
11. CARRINGTON PARK
12. THE CHARLES
13. COSMOPOLITAN AT LINDBERGH
14. ECLIPSE
15. GALLERY
16. THE GRANDVIEW
17. THE GRAYDON BUCKHEAD
18. HERITAGE PLACE
19. MANOR HOUSE
20. MATHIESON EXCHANGE
21. MERIDIAN BUCKHEAD
22. OVATION
23. PACES 325
24. PARAMOUNT AT BUCKHEAD
25. PARK AVENUE
26. PARK PLACE ON PEACHTREE
27. PARK REGENCY
28. THE PEACHTREE RESIDENCES
29. PHOENIX ON PEACHTREE
30. PLAZA TOWERS
31. REALM
32. THE RITZ CARLTON RESIDENCES
33. SOVEREIGN
34. ST REGIS RESIDENCES
35. THE VIEW AT CHASTAIN
36. WALDORF ASTORIA
37. THE WINSTON
Buckhead Condo Overview
as of 12/31/2024
*New construction buildings may have more sales than reported in FMLS
Data and most photos are from the First Multiple Listing Service. Information is deemed to be accurate but is not warranted. Please note that in many “new construction” condominium projects or buildings being converted to condominiums, not all sales are reported in FMLS. We are only reporting sales included in FMLS. This research is on 45 buildings in and around Buckhead, but is not exhaustive.
If you are interested in receiving more information on additional properties or need help pricing your home, please contact your Atlanta Intown Agent, call 404.881.1810 or email brokers@atlantaintown.com .
