Keller Knapp Realty 1st Quarter 2023 Market Report

As we finish up the first quarter of 2023 Keller Knapp is taking a moment to invite you to celebrate w th us! Th s year marks 20 Years since Keller Knapp Realty opened its doors in Oakhurst Tucked away in what used to be a S nclair gas station along East lake Dr ve our ne ghborhood firm s a success story that stands out in the Atlanta real estate market Wh le many firms have closed or merged n favor of large, corporate brokerages, Keller Knapp Realty has thrived to become one of Atlanta’s most respected mid-sized firms

What started as a single office in Oakhurst with a small handful of agents has grown to nearly 200 agents with three offices in Atlanta And a fourth off ce is planned to open later this year

Being small and n mble is one important ingredient that has helped us succeed in today’s rough-and-tumble real estate market Without large corporate oversight and bureaucracy, we can quickly make decisions and p vot to do what s best for our agents and our clients The Atlanta market and how we do business changes on, what seems l ke a da ly bas s We must be able to respond quickly so our agents can provide exceptional service to our clients

As large companies with h gh-tech/low-touch business models seem to be taking over the market, Keller Knapp has stayed true to our original Mission: Always with Atlanta’s greater good n m nd, our mission s to strengthen our communities through agent engagement prov d ng unmatched local expertise to our clients in a way that only a ne ghbor can

As we celebrate 20 Years, our first Quarterly Report of 2023 w ll look back at Atlanta over the past two decades Some call it progress, growth and innovation Some wistfully longing for the good ol’ days But, there s no denying that Atlanta has changed and grown up in the last 20 years!

We would be remiss if we didn t mention you our friends, cl ents and neighbors, who have supported Keller Knapp and trusted us w th your important real estate decisions A s ncere Thank You, and we look forward to another 20 Years!

Sincerely,

Weslee Knapp, REALTOR® Principal Broker, Owner

MARKET ANALYSIS

1ST QUARTER 2023

SINGLE-FAMILY HOMES

METRO ATLANTA

1ST QUARTER 2023 KEY METRICS

SINGLE-FAMILY HOMES

MEDIAN SALES PRICE

$1,441,786

MEDIAN SALES PRICE

% CHANGE FROM 2022 +16.0%

#UNITS SOLD 119 [-39.6%]

SOLD PRICE/LIST PRICE 95.0% [-3.5%]

DAYS ON MARKET 39 [+133.3%]

WHAT’S NOTABLE IN

NORTHWEST ATLANTA

OVER TWENTY YEARS?

Buckhead used to be the center of nightlife for Atlanta. Night clubs and bars made the area the place for Atlantans to party. In the early 2000s, residents sought to create a more residential atmosphere for Buckhead and worked to change ordinances so that bars closed at 2:30 a.m. instead of 4:00 a.m. Over the past two decades, much of the night-life has given way to high-end mixed-use development and a corporate business hub of Atlanta.

Withstanding the test of time, though, the Buckhead shopping district remains the premier location for residents and tourists alike to visit malls and brick-and-mortar retail shops. Bucking the trend of mall decline, Lenox Mall and Phipps Plaza largely remain vibrant retail outlets.

NORTHWEST ATLANTA

NEIGHBORHOODS

Sandy Springs (W)

Sandy Springs (S)

Chastain Park

Peachtree Hills/Peachtree Park

Collier Hills

Tuxedo Park

West Paces Ferry

PHOTO: BUCKHEAD SALOON

NORTHEAST ATLANTA

NEIGHBORHOODS

1ST QUARTER 2023 KEY METRICS

SINGLE-FAMILY HOMES

MEDIAN SALES PRICE

$646,504

MEDIAN SALES PRICE

% CHANGE FROM 2022

-3.6%

SOLD PRICE/LIST PRICE

96.9% [-3.5%]

WHAT’S NOTABLE IN

NORTHEAST ATLANTA

OVER TWENTY YEARS?

The old GM plant in Doraville has been the subject of previous market reports – the opportunity for development of this key Northwest Atlanta parcel will likely change the face of the community forever. However, 20 years ago, the GM plant was a central component of the Doraville economy.

The plant opened in 1947 and was under the management of GM’s newly created Buick-Oldsmobile-Pontiac Assembly Division created in 1945. It was closed on September 26, 2008 as part of the company’s cost-cutting measures. The former training facility on the Southern portion of the site has been converted into Third Rail Studios, a full service film and TV production facility to serve the growing film and

#UNITS SOLD 139 [-31.9%]

DAYS ON MARKET 27 [+235.0%]

PHOTO: ELISSA EUBANKS, AJC

*Bracketed values = % change from previous year/quarter

CITY OF TUCKER

1ST QUARTER 2023 KEY METRICS

SINGLE-FAMILY HOMES

MEDIAN SALES PRICE

$419,000

MEDIAN SALES PRICE

% CHANGE FROM 2022 +1.0%

#UNITS SOLD 89 [+6.0%]

SOLD PRICE/LIST PRICE

97.3% [-3.6%]

WHAT’S NOTABLE IN

OVER TWENTY YEARS? CITY OF TUCKER

Twenty years ago, there was no City of Tucker. In 2005, with a grant from the Atlanta Regional Committee, the community went forward with a Livable Cities Initiative that centered around reestablishing Main Street as the center of the area. The Tucker Overlay District was established in 2008 which helped further improve the downtown area. In 2015, citizens voted overwhelmingly to form the city of Tucker and the first municipal elections were held in 2016.

One thing that hasn’t changed in 20 years? Main Street pioneer, Matthews Cafeteria, has been cooking up classic southern cuisine since 1955.

DAYS ON MARKET 23 [+45.2%]

PHOTO: MATTHEWS CAFETERIA

NORTH DECATUR

NEIGHBORHOODS

1ST QUARTER 2023 KEY METRICS

SINGLE-FAMILY HOMES

MEDIAN SALES PRICE

$568,600

MEDIAN SALES PRICE

% CHANGE FROM 2022 -5.1%

SOLD PRICE/LIST PRICE

98.1% [-2.7%]

WHAT’S NOTABLE IN

NORTH DECATUR

OVER TWENTY YEARS?

North Decatur presents a story that is playing out across the country. Twenty years ago, malls were the center of communities. Teenagers flocked to them. They were the hub of holiday shopping and Easter Bunny pictures. Those days are gone.

In North Decatur, Northlake Mall and North DeKalb Mall have both seen these declines and are being creatively redeveloped as shopping habits change. Northlake Mall has become a new home for Emory Healthcare as developers have flocked to the area. In 2022, the DeKalb County Commission voted to move forward with the redevelopment of North DeKalb Mall by developer, Eden’s, with retail, hotel, apartments and townhomes slated to

#UNITS SOLD 133 [-32.8%] DAYS ON MARKET 10 [+13.0%]

be built over the next ten years.

PHOTO: CASEY LOVEGROVE

*Bracketed values = % change from previous year/quarter

1ST QUARTER 2023 KEY METRICS

SINGLE-FAMILY HOMES

MEDIAN SALES PRICE

$956,306

MEDIAN SALES PRICE % CHANGE FROM 2022 +15.6% SOLD PRICE/LIST PRICE 97.8% [-1.6%]

WHAT’S NOTABLE IN

INTOWN ATLANTA

OVER TWENTY YEARS?

The redevelopment of the old Sears Roebuck building, now Ponce City Market, is one of the largest and most exciting projects of its kind in the US in the past 20 years. The old Sears Roebuck building was built in the 1920’s as the premier hub for the company in the South. By the 1990’s, warehouses had mostly moved to the suburbs and Sears sold the building to the City of Atlanta. The City’s vision of a vibrant City Hall East was largely unrecognized as the building sat at only 10% occupancy until 2010, when it was purchased by Jamestown Properties for historic redevelopment.

Ponce City Market and the Eastside Atlanta Beltline trail have spurred development along the Ponce de Leon corridor and in the surrounding neighborhoods, rendering it all but unrecognizable from 20 years ago.

#UNITS SOLD 127 [-33.2%]

DAYS ON MARKET 42 [+277.8%]

PHOTO: EMMA VALERIO

CITY OF DECATUR

NEIGHBORHOODS

1ST QUARTER 2023 KEY METRICS

SINGLE-FAMILY HOMES

MEDIAN SALES PRICE

$897,864

MEDIAN SALES PRICE % CHANGE FROM 2022 +23.3% SOLD PRICE/LIST PRICE 101.3% [+0.2%]

WHAT’S NOTABLE IN

CITY OF DECATUR

OVER TWENTY YEARS?

If there’s one area in Atlanta that seems to have seen little change in the past two decades, it’s the City of Decatur. Even with the ups and downs of the market, Decatur continues to give residents that “small town feel”, with the convenience and amenities of Atlanta nearby.

Great schools, a thriving downtown business district, high walkability score and strong community culture have made Decatur an area that has withstood the test of time. Home prices continue to rise, as they have all over Atlanta. But, the general Decatur community has remained largely unchanged in the past 20 years.

#UNITS SOLD 26 [-23.5%] DAYS ON MARKET 11 [+75.0%]

PHOTO: THOMAS MCGRATH

1ST QUARTER 2023 KEY METRICS

SINGLE-FAMILY HOMES

MEDIAN SALES PRICE

$376,500

MEDIAN SALES PRICE % CHANGE FROM 2022 -7.8%

#UNITS SOLD 143 [-32.9%]

SOLD PRICE/LIST PRICE

96.2% [-4.3%]

WHAT’S NOTABLE IN

SOUTH DECATUR

OVER TWENTY YEARS?

South DeKalb County is the only area in our market report that has seen little revitalization over the past decades. Attempts to revitalize have been ongoing, but have yet to gain traction, primarily due to lack of interest from developers and investors. Chronically inadequate government leadership has failed to solidify the message that the demographics in the area support retail and commercial development.

For more than 10 years, a proposed City of South Dekalb has envisioned a community with vibrant retail and commercial development. However, the City of Stonecrest in South DeKalb, approved in 2016, has struggled to keep its retail jewel, Stonecrest Mall, alive and well. And, the planned surrounding development has lagged in recent years.

DAYS ON MARKET 24 [+216.7%]

PHOTO: HANDOUT, AJC

SOUTHEAST ATLANTA

NEIGHBORHOODS Summerhill/Peoplestown

1ST QUARTER 2023 KEY METRICS

SINGLE-FAMILY HOMES

MEDIAN SALES PRICE

$451,294

Pennington

MEDIAN SALES PRICE

% CHANGE FROM 2022 +6.7%

#UNITS SOLD 192 [-37.0%]

SOLD PRICE/LIST PRICE

97.1% [-3.5%]

WHAT’S NOTABLE IN

SOUTHEAST ATLANTA

OVER TWENTY YEARS?

DAYS ON MARKET

19 [+56.8%]

In 2017, the Braves moved to Cobb County and the stadium was acquired by Georgia State University for the home of their Panthers. The university then completed a $53 million renovation and partnered with Carter and Associates to bring mixed used residential, including student housing, and retail developments to the area surrounding Center Parc Stadium.

1ST QUARTER 2023 KEY METRICS

SINGLE-FAMILY HOMES

MEDIAN SALES PRICE

$333,455

MEDIAN SALES PRICE % CHANGE FROM 2022 +3.3%

SOUTHWEST ATLANTA

NEIGHBORHOODS

Audobon Forest/Cascade Heights

West End/Adair Park

Oakland City/Venetian Hills

Pittsburgh/Sylvan Hills

East Point Hapeville

College Park

#UNITS SOLD 210 [-44.6%]

SOLD PRICE/LIST PRICE

96.5% [-3.4%]

WHAT’S NOTABLE IN

SOUTHWEST

ATLANTA

OVER TWENTY YEARS?

Following a recommendation in 2005, Fort McPherson was closed in September 2011 and the remaining units were relocated. With a total of 487 acres, the grounds are ripe for redevelopment, lead by the McPherson Implementing Local Redevelopment Authority. Three hundred and thirty acres were sold for $30 million to Tyler Perry to build Tyler Perry Studios.

The studio is now estimated to be worth $280 million. Further development of the Fort McPherson site include a commercial/residential district, an entertainment district, a historic business district and a village district.

DAYS ON MARKET 24 [+55.1%]

PHOTO: TYLER PERRY STUDIOS

1ST QUARTER 2023 KEY METRICS

SINGLE-FAMILY HOMES

MEDIAN SALES PRICE

$580,389

MEDIAN SALES PRICE

% CHANGE FROM 2022 -0.7%

#UNITS SOLD 165 [-39.8%]

SOLD PRICE/LIST PRICE 97.9% [-1.9%]

WHAT’S NOTABLE IN

WESTSIDE

OVER TWENTY YEARS?

Many long-time Atlanta residents remember the stunning turquoise water of the old Bellwood Quarry on the westside of town. Indeed, the site provided a unique location for filming, probably best known in Walking Dead, Stranger Things and Hunger Games.

Located along the Westside Atlanta Beltline, the quarry was redeveloped as Westside Reservoir Park and opened in August 2021 as Atlanta’s largest park. In addition to providing walking and biking paths, the reservoir provides a much-needed 30-day supply of water for Atlanta. Prior to the reservoir construction, the city had a mere 3-day supply of water at the Atlanta Water Works Hemphill Reservoir.

DAYS ON MARKET 17 [+54.7%]

PHOTO: CARSON MATTHEWS PHOTOGRAPHY

MARKET ANALYSIS 1ST QUARTER 2023

CONDOS & TOWNHOMES

METRO ATLANTA

Our overview of the Condo and Townhome market includes 5 Metro Atlanta Areas that make up approximately 85% of the total Residential Attached sales. These areas are rich in high-density and multi-family housing. We also present Condos and Townhomes separately, because there is a substantial price difference between the two types of homes.

1ST QUARTER 2023 KEY METRICS

CONDOS

MEDIAN SALES PRICE

$289,450

MEDIAN SALES PRICE

% CHANGE FROM 2022 -6.6% SOLD PRICE/LIST PRICE 97.2% [-1.9%]

#UNITS SOLD 134 [-53.6%]

DAYS ON MARKET 25 [+25.0%]

TOWNHOMES

MEDIAN SALES PRICE

$565,500

MEDIAN SALES PRICE

% CHANGE FROM 2022 +12.6% SOLD PRICE/LIST PRICE

97.8% [-2.2%]

*Bracketed

#UNITS SOLD 46 [-28.1%]

DAYS ON MARKET 19 [+111.1%]

1ST QUARTER 2023 KEY METRICS

CONDOS

MEDIAN

$299,900

TOWNHOMES

MEDIAN SALES PRICE % CHANGE FROM 2022 +7.5% SOLD PRICE/LIST PRICE

[-1.0%]

#UNITS SOLD 68 [-35.8%] DAYS ON MARKET 20 [+122.2%]

1ST QUARTER 2023 KEY METRICS

CONDOS

MEDIAN SALES PRICE

$237,000

MEDIAN SALES PRICE

% CHANGE FROM 2022 -2.3% SOLD PRICE/LIST PRICE 98.4% [-1.6%]

#UNITS SOLD 38 [-42.4%]

DAYS ON MARKET 20 [+100.0%]

TOWNHOMES

MEDIAN SALES PRICE

% CHANGE FROM 2022 -17.3% SOLD PRICE/LIST PRICE 98.1% [-1.9%]

#UNITS SOLD 17 [-41.4%]

DAYS ON MARKET 15 [+7.1%]

1ST QUARTER 2023 KEY METRICS

MEDIAN

1ST QUARTER 2023 KEY METRICS

CONDOS

MEDIAN

TOWNHOMES