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 Midtown condominiums specifically, we saw a decline in the average sales price from $438,845 in 2023 to $419,097 in 2024 and the average sold price per square foot stayed virtually the same at $387 per square foot. In Midtown, there was an increase in the total days on the market from an average of 50 days in 2023 to 68 days in 2024. The sales price to original list price ratio, a measure of how close sellers are getting to their asking price, decreased from 97.27% in 2023 to 96.06% in 2024. Properties are staying on the market longer and sellers are negotiating more.
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
MIDTOWN
1. 1010 MIDTOWN
2. 1065 MIDTOWN RESIDENCES LOEWS
3. 1280 WEST
4. 805 PEACHTREE
5. 905 JUNIPER
6. 40 WEST 12TH
7. ABOVE THE FOUR SEASONS
8. ANSLEY ABOVE THE PARK
9. ANSLEY TERRACE
10. AQUA
11. THE BELVEDERE
12. THE BELVEDERE - LOFTS AT THE BELVEDERE
13. COLONY PARK CITIHOMES
14. COLONY SQUARE - COLONY HOUSE
15. COLONY SQUARE - HANOVER HOUSE
16. CORNERSTONE VILLAGE - REID BUILDING
17. CORNERSTONE VILLAGE - LOFT BUILDING
18. CORNERSTONE VILLAGE - NEW BUILDING
19. COTTING COURT
20. THE DAKOTA CONDO FLATS
21. THE DAKOTA TOWNHOMES
22. HARPER ON PIEDMONT
23. J-5
24. LOFTS AT THE PARK I
25. LOFTS AT THE PARK II
26. LUXE
27. MAYFAIR RENAISSANCE
28. MAYFAIR TOWER
29. METROPOLIS
30. MIDCITY LOFTS
31. ONE MUSEUM PLACE
32. PARC VUE
33. PARK CENTRAL
34. PEACHTREE LOFTS
35. PEACHTREE WALK
36. PIEDMONT CREST
37. PLAZA MIDTOWN
38. REID HOUSE
39. SEVENTH MIDTOWN
40. SIENA AT RENAISSANCE
41. SPIRE
42. TUSCANY
43. TWELVE CENTENNIAL PARK
44. VIEWPOINT
45. VIRGINIA HILL
46. W RESIDENCES
47. WILBURN HOUSE - NEWER
48. WILBURN HOUSE - HISTORIC
49. WINDSOR OVER PEACHTREE
Midtown Condo Overview
ACTIVES OR PENDINGS as of 12/31/2024
NO CLOSED SALES as of July - December 2024
NO ACTIVES OR PENDINGS as of 12/31/2024
NO CLOSED SALES as of July - December 2024
209 14th St NE & 244 13th St NE Atlanta,
PENDING as of 12/31/2024
ATLANTIC STATION/ WHITE PROVISIONS
Atlantic Station/White Provisions
Condo Overview
PENDING as of 12/31/2024
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 57 buildings in and around Midtown, 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 .
