The Atlanta real estate market surged in value alongside the national market trend, according to new data from real estate company Zillow. The latest report on housing market trends released by the company said the U.S. housing market rebounded in 2023, increasing its overall value by $2.6 trillion in the past year.
Atlanta’s housing market jumped $41 billion, according to Zillow’s data, continuing an upward trend that returned after a slight dip near the end of 2022.
Nationally, the overall housing market value increased 49% since before the COVID-19 pandemic. Atlanta’s housing market value increased by 50.9% since the pandemic. Georgia’s statewide housing market value rose 61% since before the pandemic, dating back to levels in the beginning of March 2020.
June 2022 was the previously reported peak for home prices in the U.S. until this past summer. Zillow’s market data shows Atlanta’s housing stock was worth $721.7 billion as of June 2023, compared to the previous year’s peak of $692 billion. The increased growth has reportedly been due to a combination of higher mortgage rates and a subsequent decline in residential investment, according to Zillow.
From Zillow’s data, price proportions show the Atlanta metro makes up more than half of Georgia’s overall market value. The state’s most recently reported market value was from June 2023, where Georgia homes were collectively worth about $1.36 trillion, while Atlanta’s market value was $721.7 billion.
Effectively, that means Atlanta homes together are worth 53% of the state’s entire market value. Changes in the market for buying and selling homes means prices for renters are also changing.
Per reports from the Bureau of Labor Statistics, the prices are only going up when it comes to housing and Atlanta is no exception.
