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Atlanta, Georgia, a city with a population of six million, has been a hotspot for real estate activity in recent years. As we journey through 2023, the market presents a compelling landscape for luxury real estate. Boasting a robust economy with a low unemployment rate of 3.2%, Atlanta offers a blend of urban amenities and the charming allure of a southern town. Lori Lane, Senior Vice President of Luxury and Global at Berkshire Hathaway HomeServices Georgia Properties, and their top agents delve into the dynamics of Atlanta’s luxury real estate market, exploring its trends and the market outlook.
A Resplendent Rise in Luxury Living
The luxury real estate segment in Atlanta is witnessing an unprecedented upsurge. High-end homes have become increasingly sought-after, attracting affluent buyers with a taste for opulence. From historic mansions adorned with timeless grandeur to sleek contemporary penthouses that touch the skies, the city’s luxury properties captivate with their unique blend of style and sophistication.
According to Todd Kroupa, a seasoned Luxury Collection real estate specialist, “We’ve seen a remarkable increase in demand for lavish properties in the city. Atlanta’s upscale neighborhoods, with their blend of historic charm and modern amenities, have become highly desirable for high-net-worth individuals seeking an exclusive living experience.
The tech industry and corporations moving into Atlanta are creating massive changes, pushing up the demand for luxury housing and often spurring tremendous growth for suburban communities surrounding Atlanta as well.
For example, last month, we had multiple offers on a stunning 8,000 Sq Ft executive home in The Manor Golf and Country Club of Milton, Georgia, overlooking the golf course designed by the legendary Tom Watson. This property was located just 20 miles north of Atlanta.
Luxury homeowners seek the crème de la crème, from private elevators, resort-style pools, to panoramic views and bespoke interiors tailored to their taste.”
A Buyer’s Market with Abundant Opportunities
As we navigate through 2023, Atlanta’s luxury real estate market is projected to favor buyers. The market is expected to witness a cooling off period, offering buyers an opportunity to explore a range of luxury properties. Existing home sales are predicted to increase, but the growth won’t match previous years. Sales are expected to drop by 6.8% compared to 2022, and the median home price is estimated to rise by 0.3%. Prices in Atlanta are expected to grow around 5%, slower than pre-COVID rates. The metro area will have surplus inventory, leading to longer selling times and reduced competition for buyers.
Lindsay Levin, who has witnessed the market’s evolution, remarks, ” Without as much pressure for competing offers, buyers now have more time to carefully consider their options, negotiate favorable terms, and make informed decisions. This is an excellent opportunity for savvy buyers to find their dream luxury home. With inventory levels shifting, buyers have more of the upper hand, and this dynamic landscape empowers them to make confident choices.”
The Intersection of Luxury and Neighborhood Revitalization
Despite a slight downturn in luxury home prices, overall home values are likely to keep rising due to strong demand. Gentrification and development projects like the Atlanta Beltline have influenced real estate prices, particularly in neighborhoods like Sylvan Hills and Adair Park. Many people, especially those relocating, prefer the suburbs, contributing to the real estate market’s growth, mainly in the metro Atlanta area. Overall, homeownership is becoming more attainable in Georgia, with affordable housing options and attractive neighborhoods attracting transplants to the state’s largest city.
Chuck MacPhee, Level Up Team co-founder, focuses on high-end communities, and states, “Gentrification has revitalized certain areas, making them highly desirable for luxury homebuyers. The appeal of living in these rejuvenated neighborhoods has driven demand and property values to new heights. For example, the restoration of a historic mansion in a popular neighborhood resulted in increased property values, drawing attention from luxury buyers seeking a mix of heritage and modern luxury. Homeowners are not just investing in lavish properties; they’re also investing in the neighborhood’s potential for appreciation and future development.”
The Economic Surge and a Promising Future
Atlanta’s affordability, robust job market, and population growth attract residents from other parts of the country, increasing housing demand. Economic developments, including strong job growth, low unemployment, and rising wages, positively impact the real estate market. As the population continues to grow steadily, the market will likely experience increased demand among homebuyers, potentially putting upward pressure on house values, depending on inventory levels throughout 2023.
Kirsten Conover, an expert in luxury market trends, asserts, “With job opportunities and population growth on the rise, the luxury real estate market is set to flourish further. Investors and homebuyers can expect sustained appreciation in property values, making Atlanta a prime location for long-term luxury real estate investments. Recently, a foreign investor purchased a luxury penthouse as part of a diversified real estate portfolio, citing Atlanta’s economic stability as a driving factor for their investment decision. This robust economic surge paves the way for the city’s luxury real estate market to continue thriving in the years to come.”
Atlanta’s Luxury Home Market
As we navigate the vibrant real estate landscape of Atlanta in 2023, the luxury market stands out as an enticing and dynamic segment. Real Estate Broker, and Luxury Property Expert, Lori Lane, adds, “The upsurge in luxury properties, impact of gentrification, and a cooling off period have created a buyer-friendly market, presenting an exciting opportunity for discerning homebuyers. Atlanta’s strong economic foundation and population growth further reinforce its position as a top destination for luxury real estate investment. As the year unfolds, the city’s luxury market promises to captivate investors and homebuyers alike, showcasing an abundance of high-end homes and exclusive living experiences.”
With the insights of these real estate thought leaders, the luxury real estate market in Atlanta continues to be a thriving and prosperous sector, a testament to the city’s allure and its residents’ unwavering pursuit of grand living.
About Lori Lane and Luxury Collection:
Lori Lane leads the award-winning Luxury Collection, a division of Berkshire Hathaway HomeServices Georgia Properties. Under her guidance, Luxury Collection sales have soared, achieving a remarkable 395% increase in market share. Metro Atlanta witnesses the continuous elevation of Luxury Collection’s marketing and selling standards for luxury properties.
Being backed by Berkshire Hathaway HomeServices Georgia Properties, a globally respected brand, the impact of their redefinition of luxury real estate is felt far and wide. Luxury Collection associates benefit from an extensive and innovative marketing strategy, accessing cutting-edge resources and technology, as well as a vast global and local network through Berkshire Hathaway. This synergy generates a wealth of leads and closings for Luxury Collection listings.