The Downtown condo market is hot!
The story of real estate in Downtown Atlanta and Castleberry Hill continues to be one of low inventory and high buyer demand. The sale of Downtown condos and townhomes has steadily risen in the past ten years to an all-time high of 278 homes sold in 2017, an impressive 13% increase over 2016. The median sold price increased 9% to $205,000.
Downtown condos were listed for a record-low average of just 44 days before going under contract. With under 3 months of inventory buyers had to move fast and make very strong offers, usually in multiple offer situations.
2017 MARKET STATS
278 Homes Sold: Up 13%
$205,000 Median Price: Up 9%
44 Days Time on Market: Down 19%
2.83 Months Inventory: Down 8%
We expect the Downtown real estate market to stay red hot for many months to come. We expect buyer demand to remain steady or even increase in the coming year. The total inventory of available properties for sale in 2018 will remain constrained so watch for upward pricing pressure in the near future.
If you will be buying or selling a property in 2018, please contact us to discuss your opportunities in today’s market.