Some of us saw these numbers coming, some of us were doubtful this could ever happen, but few can challenge the newest change in real estate: condos are no longer in second place or fighting for a place in the urban real estate market. In fact, condos across the nation and especially in Atlanta are leading the surge in residential city sales.
In Washington Post’s “Condos May Be Appreciating Faster Than Single Family Homes,” “the median appreciation rates of condos outpaced those of single-family detached houses.” During the last five years using data from over a million sales, the “median condo market values rose by 38.4 percent while the median single-family detached houses appreciated by 27.9 percent.”
And as Atlanta Business Journal’s “Remarkable Changes in Atlanta’s Condo Market” noted, “this trend is even more prominent in the Atlanta market. Condo values last year rose nearly 9 percent, compared with 5.4 percent for single-family homes.”
At Atlantic, we have certainly seen a surge in sales especially in the last few months. There’s no doubt in the minds of our onsite agents that the demand for condos inside the perimeter is enormous right now with the biggest demand being for luxury units like Atlantic.
What Explains This Change In the Condo Market?
According to Atlanta Business Journal, the “shift indicates a market more influenced by millennials, by empty nesters seeking walkable, dense neighborhoods and amenities, and by international buyers looking to invest.”
As the high rental prices continue to climb for apartments, millennials, who have traditionally been apartment dwellers, will surely begin to debate the cost of buying versus the cost of renting. As ABJ sees it, “Many want to be near transit and have the ability to walk to parks, grocery stores and nightlife. That could fuel demand for intown condos.”
Is This Trend Here To Stay?
Atlanta Intown Paper’s “Realtors Predict Strong 2017 Intown Market” believes that this trend is staying put and the Atlanta condo market will stay strong for several reasons.
Intown explains why: “Inside the perimeter has been an especially popular location in 2016” and… “will continue into the immediate future…because of two factors – jobs and traffic.” With the technology sector growing “exponentially in Atlanta, particularly around Georgia Tech, thousands of new jobs are being created and home sales closely follow job growth. Therefore, we anticipate that neighborhoods near these jobs – Midtown, Virginia-Highland, Old Fourth Ward and East Atlanta to name a few – will benefit from this growth.” And as we have heard time and time again at Atlantic, “Our clients are likely to want to live relatively close to work to better manage the amount of time spent commuting.”
What Does That Mean for Atlantic?
Blue skies ahead (through our incredibly gorgeous-and-functional high rise windows, of course)! And, if you are already an Atlantic resident, you have already seen an increase in property value just in 2017 alone. If you are still contemplating a purchase, we encourage you to do your own research independently, because we love what you will discover! Just like us, you are going to find news blasts just like these over and over. So, trust us, The Washington Post, Atlanta Business Insider, Atlanta Intown Paper and countless other statistics and surveys that know luxury condo life is not only easy and virtually stress-free, it’s a purchase that your commute, your bank account, and your peace of mind will thank you for repeatedly!