January 16, 2024

In the ever-evolving landscape of Buckhead’s real estate market, a recent trend analysis reveals a striking dichotomy in the single-family homes sector. The data, spanning from 2018 to 2023, shows increasing property values against a backdrop of declining sales volumes, a trend that speaks volumes about the shifting dynamics of this desirable area of Atlanta.

The red line in the graph illustrates a downward trajectory in the number of single-family homes sold over the years. The peak of sales was observed in 2021, with 1,437 homes sold. However, this figure took a sharp downturn in the subsequent years, with sales plummeting to just 672 homes last year. This represents a startling drop of approximately 53% from the 2021 peak and a 27.4% drop from the prior year.

The chart paints a different picture with its blue line, indicating the average sale prices of these homes. In a counterintuitive twist, the prices have been consistently on the rise, even as the number of sales dwindled. From an average price of $1.13 million in 2018, the market saw a steady climb, reaching a zenith of $1.71 million in 2023. This upward trend in prices, marking an increase of over 50% in five years, suggests that the Buckhead market remains a bastion for high-value properties, attracting affluent buyers despite the overall decrease in transactions.

While this data clearly indicates that Buckhead remains the address of choice, it exposes the fact that supply levels of available homes are clearly not keeping up with demand. With metro Atlanta once again poised to be one of the top US real estate markets in 2024, these trends are likely to persist.

Is This A Problem That Requires A Solution?

While individual home-owners may cheer the news of their home value increasing, it is a point of debate whether these increases in value and constraints on supply are healthy long term for our community. Affordable housing advocates focus on workforce housing through multi-family projects such as the one proposed by the Atlanta Beltline Inc at 579 Garson Drive in South Buckhead, but single-family homes are never part of those conversations. Not since Atlanta’s City Planner Tim Keane released Atlanta City Design Housing in December 2020, has anyone attempted to change housing density and zoning to allow for more single-family homes to be built at a lower cost. The pushback from the community to these changes was strong and swift. Keane left Atlanta for the same position in Boise, Idaho one year after unveiling his proposals, which have since been tabled. Without the political will or public support for changes to zoning, the Buckhead real estate market will continue to be shaped by the delicate balance between available land, construction costs, supply, demand, and interest rates.

While Buckhead’s most expensive home sales in 2023 did not break records, they showed broad strength in the top-end of our market. The average sale price for homes in Buckhead reached $1,714,416 in 2023, marking a 12.3% rise from the previous year. To join the elite list of Buckhead’s top 10 home sales in 2023, properties needed a minimum price tag of $7 million.

For several years in a row I have personally sold more of these top 10 sales than any other Realtor, and I am proud to say that I have maintained that record for another year with two of the top ten sales to my name, including the #1 sale of the year.

Four of the top 10 sales were new construction spec homes, indicating a demand for “new” from buyers and a boldness to fill that demand among local luxury home builders. Siegel Construction & Design built two of these four homes and has plans to bring more top-tier homes to the market in the near future. “We see a lot of strength at the top end of the market in Buckhead both for spec and custom builds,” commented David Siegel, the founder of the firm.

Among the top 10, two were high-rise condominiums. The condo at Park Place, formerly owned by Elton John, garnered international interest and secured the 9th position with a $7.2 million sale price. Meanwhile, a Penthouse at the Graydon, located on the same stretch of Peachtree Road, quietly surpassed this figure, selling for $7.95 million and achieving the 5th spot on our list.

Top 10 Buckhead Home Sales for 2023

1

825 Davis Drive

825 Davis Drive, Atlanta, Georgia 30327

Sold 02/24/2023

7Bedroom(s)

8Bathroom(s)

5Picture(s)

14,847Sqft

Your imagination is the only limit to what you can create at this amazing estate! Situated on a roomy 14+ acres, it is the largest property available in the Buckhead area and is being offered for sale for the first time. The grounds include 14+ usable acres with no floodplain. A stately formal entrance is on Davis Drive and a gated staff entrance is accessible from Northside Drive.

$8,600,000

Add to favorites

Remove from favorites

2

490 W Paces Ferry Road Nw

490 W Paces Ferry Road Nw, Atlanta, Georgia 30305

Sold 06/26/2023

9Bedroom(s)

12Bathroom(s)

5Picture(s)

2.05Acres

Welcome to 490 West Paces Ferry Road Atlanta's most prestigious address. This idyllic 2+/- acre estate was designed with the utmost privacy and security in mind. Upon the gated entry lined with Limestone pavers, additional gated entry to the 4 car garage.

$8,500,000

Add to favorites

Remove from favorites

3

1150 Garmon Road

1150 Garmon Road, Atlanta, Georgia 30327

Sold 02/13/2023

6Bedroom(s)

8Bathroom(s)

5Picture(s)

15,500Sqft

Behind a massive gate is a spectacular residence constructed of stone, limestone and slate on almost two acres of breathtaking grounds. Harrison Design was the Principle design firm for the entire property including the landscape design, and all interior finishes and furnishings. Located in a very private estate neighborhood in North Buckhead (30327) but technically in Sandy Springs.

$8,300,000

Add to favorites

Remove from favorites

4

365 King Road Nw

365 King Road Nw, Atlanta, Georgia 30342

Sold 08/02/2023

6Bedroom(s)

7Bathroom(s)

1Picture(s)

9,400Sqft

JUST REDUCED BY $500,000! Welcome to 365 King Road! Located in the Tuxedo Park/Chastain neighborhood and on the best stretch of King Road (which is considered by many to be the best street in the city), this spectacular Michael Ladisic and Yong Pak creation is an absolute masterpiece where comfort and intimacy are just as salient as the astonishing beauty you will see at every point throughout th

$8,250,000

Add to favorites

Remove from favorites

5

2762 Normandy Drive Nw

2762 Normandy Drive Nw, Atlanta, Georgia 30305

Sold 06/30/2023

5Bedroom(s)

5Bathroom(s)

5Picture(s)

10,500Sqft

An exquisite 10,500-square-foot estate serves as the 2023 Southeastern Designer Showhouse. The custom-built residence on Normandy Drive is one of the latest projects by builder and developer Benecki, architect William T. Baker& Associates, landscape architect Land Plus and interior specification designers Source.

$7,895,000

Add to favorites

Remove from favorites

6

52 Blackland Road Nw

52 Blackland Road Nw, Atlanta, Georgia 30342

Sold 05/17/2023

7Bedroom(s)

7Bathroom(s)

1Picture(s)

5.18Acres

One of the most extraordinary properties in all of Buckhead, this private 5+/- acre gated estate offers a true escape in the heart of prestigious Tuxedo Park. Custom built home includes the Main House with 7 Bedrooms, Guest House with 2 Bedrooms, plus additional Guest House with 1 Bedroom and boasts garage parking for 9 cars. This home is perfect for entertaining, both indoors and out.

$7,595,000

Add to favorites

Remove from favorites

7

2660 Peachtree Road NW Unit 36D

2660 Peachtree Road NW Unit 36D, Atlanta, Georgia 30305

Sold 11/01/2023

4Bedroom(s)

4Bathroom(s)

5Picture(s)

13,332Sqft

Introducing a truly unparalleled masterpiece in the heart of Atlanta, Georgia. This sprawling condo, a union of six separate units, has been transformed into a palatial two-story sky residence that stands as a testament to luxury living.

$7,225,000

Add to favorites

Remove from favorites

8

343 Hillside Drive $7,550,000

SOLD 12/06/2023

7 br / 7 ba / 3 half bath / 11,500 Sqft / 1.5 Acres

New construction home on prime lot by Siegel Construction and Design. Sold by Hirsh Real Estate

9

Featured Properties

2660 Peachtree Road NW Unit 36D

2660 Peachtree Road NW Unit 36D, Atlanta, Georgia 30305

Sold 11/01/2023

4Bedroom(s)

4Bathroom(s)

0.29Acres

13,332Sqft

$7,225,000

Add to favorites

Remove from favorites

10

Featured Properties

319 Hillside Drive Nw

319 Hillside Drive Nw, Atlanta, Georgia 30342

Sold 08/01/2023

7Bedroom(s)

7Bathroom(s)

1.50Acres

12,041Sqft

Offering the highest level of quality and design excellence, this striking transitional modern home built by Siegel Construction and Design sets a new standard of luxury in Chastain Park oriented on 1.5 acres. Floor-to-ceiling windows flood the open main level with natural light creating a seamless integration of indoor and outdoor living.

$7,000,000

Add to favorites

Remove from favorites