The Buckhead real estate market faces uncharted territory in the year ahead. The analysis I published in October of 2022 showed a dramatic slow-down in the number of home sales, while price gains appeared to be continuing.
These same trends continued through the end of 2022, ending the year with a drop in overall sales of 35% for homes and 25% for condos. The majority of that drop in sales happened in the 2nd half of the year, foreshadowing an even steeper decline for 2023. Even so, average prices for both homes and condos were up year over year as demand remains relatively resilient, and Buckhead continues to benefit from strong migration patterns from other parts of the country.
Buckhead Home and Condo Sales 2018 through 2022
| 2018 | 2019 | 2020 | 2021 | 2022 | ||
|---|---|---|---|---|---|---|
| Single family homes | Total Sold | 1,048 | 1,137 | 1,244 | 1,437 | 925 |
| Average sale price | $1,267,676 | $1,156,070 | 1,211,784 | 1,358,109 | 1,525,987 | |
| Condo/ Townhomes | Total sold | 1,534 | 1,351 | 1,433 | 1,959 | 1,461 |
| Average price | $364,609 | $404,225 | $373,275 | $407,598 | $472,941 |
What Lies Ahead
2023 will prove to be an interesting case-study of unusual and somewhat counter-intuitive market conditions. Both buyers and sellers are currently more reluctant to make a move than they have been in the past. This mutual pullback has kept the supply and demand equation balanced and still somewhat favoring sellers. It remains to be seen whether the tables turn and give the advantage to buyers. That very well may happen this year. After a long run as a sellers market, perhaps it is just time for the other side to have a turn!
