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2023 Housing Market Overview for Real Estate Investors

Atlanta Real Estate Market 2023

Learn trends and real estate statistics about the Atlanta real estate market to determine if it’s a strong place for your next single family or multi family home investment.

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    Atlanta Real Estate Market Trends and Statistics for Real Estate Investors 2023

    Atlanta Georgia Real Estate Market 2023 Overview

    The Atlanta real estate market is one of the strongest in the US, and it’s only getting stronger. As the city’s population increases, so does its job growth and demand for housing. In this section, we’ll discuss the top factors that make Atlanta one of the strongest real estate markets of 2022 and 2023. These include job and population growth, as well as cash flow and equity growth potential. Click on the tabs to learn more about housing market trends in Atlanta, including population and employment numbers.

    Data Sources:

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    Available and sample properties can only be viewed in the Realty Portal, which can be accessed by RealWealth members who are logged in at Realty.RealWealth.com.

    In this section, we’ll discuss the median home value and rents in 2022 and over the last seven years. These trends are important for real estate investors to understand affordability and equity growth opportunities in Atlanta.

    Home prices in Atlanta are just about the national average.​

    Median Home Value

    Atlanta vs United States

    The data in this chart is based on the average single family home in Atlanta and the United States as of December 2022. 

    According to the most recent housing data from RealWealth, the average home price in Atlanta is $330,218. That’s $15,000 higher than the national average of $316,368. In the last year, Atlanta-area home prices have appreciated at an annual rate of 17.4%. That’s 9.84% lower than the national average annual appreciation rate of 19.3%. This shows that home prices in this area have been rising steadily but not at break-neck speeds. 

    The rent-to-value ratio in Atlanta is 0.57%, close to the US average of 0.59%. Investors usually expect an RTV of at least 0.7% when investing in a property, which shows that they shouldn’t expect immediate returns when investing in Atlanta. But that doesn’t mean there aren’t great deals out there. In 2021, the average home purchased by RealWealth members was $245,000—more than $55,000 lower than the average home value of $301,110 in the same year with an average RTV of 0.67%.

    Atlanta rents are strong at just slightly below the price to rent ratio of the national average.

    Median Monthly Rent

    Atlanta vs United States

    The data in this chart is based on the average single family home in Atlanta and the United States as of December 2022. 

    As Atlanta continues to grow, so do the rents. The median monthly rent in Atlanta in 2022 is $1,875. This represents an increase of 9.1% over the median monthly rent for the Atlanta metro area in 2021. Many millennials are moving to Atlanta, drawn by its economic opportunities. As demand for rentals increases, we might see increased appreciation in Atlanta’s rent prices.

    Atlanta has been appreciating rapidly.

    Median Home Value (2014-2022)

    Atlanta vs United States

    +122%

    8-YEAR EQUITY GROWTH

    45%

    ABOVE NATIONAL AVG.
    Real estate prices in Atlanta have grown at an annualized rate of 17.4% over the past year, according to our data. This kind of double-digit price jump is not new, as Atlanta’s real estate values have appreciated since 2014 at a median yearly appreciation rate of 10.52%. That is 36.86% above the US average home appreciation rate of 8.16% per year in the past 7 years, starting from 2014 to 2021.

    Atlanta rents have also been rising rapidly.

    Median Monthly Rent (2014-2022)

    Atlanta vs United States

    +67%

    8-YEAR RENT GROWTH

    61%

    ABOVE NATIONAL AVG.

    Atlanta rent prices have increased by 9.1 percent in the past year. RealWealth’s data tracking rental prices YOY from 2014, shows that rent prices in Atlanta grew by 6.73% yearly from 2014 to 2021. In 2014, rent was $1,163, growing by 47.85% to $1,719 in 2021. Atlanta’s yearly rent price appreciation rate is 107.77% higher than the national average rate of 3.92% per year.

    Atlanta Population Trends

    One of the most promising signs of a strong real estate market is population growth. In this section, we’ll discuss what’s happening in the Atlanta metro in that area.

    Atlanta’s population has been growing rapidly over the last several years.

    Population Growth

    Atlanta Metro Area

    16%

    CHANGE 2010-2021

    118%

    ABOVE NATIONAL AVG.

    The city of Atlanta is home to 6,144,050 people. By 2023, the population of Atlanta is estimated to be 6,327,730. From 2010 to 2021, Atlanta’s population grew by 15.87%, from 5,302,598 to 6,144,050. This is a 117.68% increase over the national growth rate of 7.29% for the same period. The median age in Atlanta is 33.5 years, with the average income of residents being $46,439. Approximately 50% of residents are homeowners. However, the cost of living in Atlanta is 7.5% higher than the US average.

    Atlanta Employment Trends

    Another sign of a good place to invest in real estate is a strong economy. In this section, we’ll discuss what’s happening in with jobs in Atlanta.

    Atlanta has been experiencing much higher job growth than the national average.

    Job Growth

    Atlanta Metro Area

    148,200

    NEW JOBS 2021-2022

    5%

    ANNUAL GROWTH

    Atlanta’s economy has been growing rapidly over the last few years, and it shows in the data. According to the Federal Reserve Bank of St Louis, Atlanta’s GDP grew by over 31% over a 10-year period (through 2020), reaching a total of $370 billion dollars in 2021—which is more than that of many countries! In the period between May 2021 and May 2022, there were about 174,700 new jobs created in Atlanta, according to the Bureau of Labor’s data on current employment in Atlanta.

    This represented a 6.27% growth rate from 2,787,200 to 2,961,900. Based on data from the Bureau of Labor Statistics’ Current Population Survey, the Atlanta metropolitan area’s labor force hit nearly 3.12 million in May 2022. This is up over 124,000 compared to May last year. Also, according to the BLS, the unemployment rate in the Atlanta-Sandy Springs-Marietta area was 3.2 percent in March 2022. That’s 0.4 percent lower than the US unemployment rate of 3.6 percent during the same period.

    Major employers in Atlanta

    Atlanta real estate market, major employers

    Why Invest in the Atlanta Housing Market Today

    In this section, we’ll recap what we’ve covered above in terms of Atlanta’s housing market trends, population trends and employment trends to help you understand what makes Atlanta a strong place to invest in 2023.

    Good rent to value ratio

    When you’re making a decision about where to invest in real estate, the rent-to-value ratio (RTV) is something you want to pay close attention to. The RTV is a measure of how much rent you can charge for a property relative to what it would cost to buy that same property. In Atlanta, the average RTV is 0.67%. That’s almost 14% higher than the national average of 0.59%. So if you’re looking for a place where you can build wealth through rental income, Atlanta might just be the place for you. Another thing to keep in mind when considering investing in rental properties is appreciation rates: how fast rents are rising compared with home values. In metro Atlanta right now, we’re seeing an appreciation rate of 107.7% higher than the US average. That means if you’ve got some capital sitting around and want to invest it somewhere that will grow faster than other places around the country, Atlanta might be just what you’re looking for (on top of being such an amazing city).

    Landlord-friendly state.

    The state of Georgia is one of 25 that do not allow rent control. Landlords are free to charge whatever they think the market will bear, and there are no limits on late fees or security deposits. The current property tax rate in Georgia is 0.91%, according to WalletHub. In addition, Georgia has an informal eviction process. Landlords must give the tenant notice that rent is due but there is no specific notice period unless it’s spelled out in the lease. However, self-help eviction methods like changing locks are illegal.

    High population growth rate.

    Population growth is a sign of a healthy city. And Atlanta is doing great. In the last decade, Atlanta’s population has increased by 15.87%, which is significantly more than the average US population growth rate of 7.29%. The city is also continuing to grow at a rate of around 1.5% per year. This means that Atlanta will be home to more and more people in the near future. The biggest driver of population growth in Atlanta is jobs; with 17 Fortune 500 and 31 Fortune 1000 businesses based here, including Coca-Cola, Delta Airlines, Home Depot and Georgia Pacific, Deloitte, Equifax and The Southern Company.

    High home equity and rent price appreciation.

    The Atlanta housing market is experiencing a major boom. Home prices have risen by 17.4% on average. The persistently low inventory of homes for sale and the jump in mortgage rates over the past two months are putting pressure on the metro Atlanta housing market. According to Atlanta Realtors, as of May 2022 there was only about 1.2 months worth of inventory of homes available for sale. As the population grows, while home supply remains low, rent prices have increased by 9.1% year-on-year. The trend is expected to continue in coming months.

    Ranked Second best place to invest by global investors.

    Atlanta ranked second behind Austin, Texas as one of the best US locations for commercial and multi-family property investment in a 2022 AFIRE (The Association of Foreign Real Estate Investors) survey. The survey polled 177 organizations in 23 countries, with about $3 trillion in assets total. Atlanta has been recognized as a thriving innovation hub, one of the top 25 global startup ecosystems, and is considered one of the best states for Black entrepreneurs.

    Newsworthy Building and Developments in Atlanta

    Planned developments can help you as an investor to estimate how the value of your property might change in the future. Here are some notable projects in the works in Atlanta right now:

    Atlanta Beltline Eastside Trail

    Atlanta BeltLine

    The Atlanta BeltLine, an urban trail system that is transforming the city, has extended into two neighborhoods. The Eastside Trail has opened extensions through Old Fourth Ward and Reynoldstown. The Eastside Trail is an approximately 2-mile (3-kilometer) extension of the Atlanta BeltLine that connects Piedmont Park to Cabbagetown. It includes a bridge over North Avenue and a tunnel under Ralph McGill Boulevard. The Westside Trail runs from Adair Park to Washington Park, connecting with the Eastside Trail at Irwin Street. It includes a bridge over Lee Street and a tunnel under DeKalb Avenue.

    Centennial Yards

    The city of Atlanta is currently in the midst of a massive development boom that will leave it with one of the most vibrant new districts in the country. Centennial Yards, a $5 billion, 8 million square-foot development that will rise across the street from Mercedes-Benz Stadium, which will host several World Cup matches this summer, is one of the largest projects planned for Downtown Atlanta.

    Atlanta Convention Center

    Atlanta Convention Center at AmericasMart

    The Atlanta International Convention Center is a three-facility complex in the heart of downtown Atlanta, offering customized spaces to suit your meeting or convention needs. Here, AmericasMart will debut Atlanta Next, which will enhance the convention experience on its campus through facility improvements, including a transformation of building spaces.

    MARTA Atlanta’s Five Points station redevelopment

    As the MARTA Five Points station undergoes a $150 million transformation, it’s clear that the central hub of MARTA’s rail system is about to become even more impressive. The project will include a tower on top of the station and a new entrance at Peachtree Street. Work will first focus on underground platform enhancements, including new escalators and elevators as well as improved lighting and signage.

    New Gulch Area Developments

    As part of Centennial Yards, mentioned above, Atlanta will also break ground on a 232-unit residential building and continue designing six additional buildings in The Gulch area of Downtown Atlanta. With over 3 million square feet of retail space planned for The Gulch alone and more than 250 acres available for future development, it’s no wonder that developers are flocking to Atlanta to start businesses and take advantage of its robust economy—which has been growing at one of the fastest rates in America for several years now.

    Underground Atlanta

    Underground Atlanta, the famous shopping mall in the heart of downtown Atlanta, has been an integral part of the city since its opening in 1969. Over the years, this historic area has seen its share of ups and downs—from being a bustling entertainment hub to becoming a ghost town. But now, thanks to Lalani Ventures, Underground Atlanta is getting a new lease on life. Lalani Ventures is working to transform the historic streets of Downtown Atlanta into a destination for locals and visitors by turning old storefronts into art galleries, restaurants and entertainment spaces. Image Credit: Thomas Moeller

    Metro Population
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    Median Household Income
    $ 0 K
    Unemployment Rate
    0 %
    Median Home Price
    $ 0 K
    Median Monthly Rent
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    Atlanta Real Estate Market - Available Property
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    Atlanta Real Estate Market - Available Property
    Atlanta Georgia Real Estate Market 2023 Overview
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    Atlanta Real Estate Market - Available Property

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