The middle school dance. A mix of awkwardness, nervousness, and hesitation permeate the air. Students dressed in their finest attire stand in clusters, attempting to hide a blend of excitement and trepidation. Who will make the first move? Hesitant feet shuffle on the dance floor, as unsure steps seek to find their rhythm.
The Buckhead real estate market in 2023 is not unlike that middle school dance, as buyers and sellers consider their options. While our market (and the Atlanta market overall) is one of the strongest in the country, the dramatic rise in mortgage rates has put many on the sidelines.
In the first half of this year, the number of single family homes sold dropped 42.5% to 274 homes sold vs 475 in the same period last year. While it is natural to see this kind of fluctuation as a lack of demand from buyers, the decline is being driven equally by seller hesitation. Prices increased by 6.9% over the same period, underscoring the opposing market pressures. Click here to see the top 10 home sales so far this year.
Buckhead Real Estate Data Deep Dive
Comparing the first half of 2023 to the first half of 2022, here are the year-over-year percentage changes for the given data:
Single Family Homes:
- Total Sold: Decreased by 42.5%
- Average Sale Price: Increased by 6.9%
- Average Days on Market: Increased by 40%
Condo/Townhomes:
- Total Sold: Decreased by 41.4%
- Average Price: Decreased by 5%
- Average Days on Market: Increased by 19.5%
| 1st Half 2022 | 1st Half 2023 | ||
| Single Family Homes | Total Sold | 475 | 274 |
| Average Sale Price | $1,487,281 | $1,590,773 | |
| Average Days On Market | 40 | 56 | |
| Condo/ Townhomes | Total Sold | 787 | 461 |
| Average Price | $498,028 | $473,179 | |
| Average Days On Market | 41 | 49 | |
