2024 Housing Market Overview for Real Estate Investors
Atlanta Real Estate Market 2024
Get insights about the 2024 Atlanta real estate market to determine if it’s the best location for your next single-family or multi-family home investment.
Atlanta Real Estate Market Trends and Statistics for Real Estate Investors 2024
Atlanta, Georgia’s largest city, is a major economic powerhouse and a popular destination for businesses and residents. It is the most populous metro area in Georgia and the sixth largest metro in the U.S., with a population of 6,307,261 based on 2023 estimates. The Atlanta metro area comprises 24 counties, the major ones are Fulton, DeKalb, Cobb, Gwinnett, and Clayton. It spans 8,376 square miles, comparable in size to Israel.
Atlanta is labeled the economic capital of the Southeast. It has one of the nation’s most diverse economies, fueled by three major industries: technology, healthcare, and logistics. Atlanta is home to 17 Fortune 500 and 31 Fortune 1000 companies. Coca-Cola, Delta Airlines, Home Depot, and Georgia Pacific all have their headquarters here. In addition, the metro area is part of the emerging Piedmont Atlantic Megaregion along the I-85 corridor.
Atlanta’s vibrant job market attracts young people. The area is one of the top 25 global startup ecosystems, and major tech companies like Apple, Microsoft, and Visa have invested in it. Its youthful population is also attracted to its vibrant arts scene and diverse cultural offerings, including music, theater, and festivals.
However, like many major metros, low housing inventory has impacted the Atlanta, Georgia, real estate market, driving up prices. Redfin puts the median sale price of a home in Atlanta in June 2024 at $435,000.That’s an increase of 4.8% compared to last year. But despite rising prices, Atlanta is still a competitive market, with homes receiving an average of two offers and selling in around 44 days.
Data Sources:
- www.census.gov
- www.deptofnumbers.com
- www.zillow.com
- RealWealth Property Team Data
- 25 Best Places to Buy Rental Property in 2024
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Atlanta Housing Market Trends
According to a Redfin report, the value of Atlanta’s housing market reached $1.2 trillion in June 2024, a 5.1% increase ($62 billion) from the previous year. Atlanta currently has the third most valuable housing market in the United States, and it’s expected to continue growing, making it a top market for investors.
In the sections below, we’ll examine some factors that makes the Atlanta real estate market attractive to investors. We’ll look at home values and rent trends for the past year and over the last decade. These will provide insights into affordability and equity growth potential.
Atlanta home values are more affordable than other U.S. markets.
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 August 2024.
In early 2024, the average home price in Atlanta was $370,260, 7% more than the national average for that period ($346,048). In June 2024, Redfin reported that the median home price was $435,000, representing a 4.8% year-over-year median price appreciation.
While real estate prices here are growing fast, there are still pockets of Atlanta where you’ll find homes well below the metro average. As of January 2024, Realwealth members paid an average of $238,000 for Georgia investment properties. That’s 31% lower than the national average. In these neighborhoods where we and our members invested, the average monthly rent was $1,800.
But finding affordable properties in Atlanta isn’t a walk in the park. With a 3.3-month supply of homes for sale, the Atlanta housing market is a seller’s market, and buyers compete for homes.
Atlanta rents are also affordable compared to the national average.
Median Monthly Rent
The data in this chart is based on the average single family home in Atlanta and the United States as of August 2024.
Atlanta’s median monthly rent in January 2024 was $1,896, just 4.3% below the national average. The metro area has a price-to-rent ratio of 16 and a rent-to-value ratio of 0.51% (10% below the national average), implying that rental yields for investors in the Atlanta housing market might not be as high as some other metro areas, especially in the first couple of years.
But you’ll do reasonably well with a good team on your side. In the areas where RealWealth invests in Georgia, the rent-to-value ratio is 0.76%, about 33% above the national average.
Note that the average rental price in the city has decreased slightly in the past year (from $2200 in August last year to $2100 in August 2024). This suggests that rental prices may be stabilizing in some areas of Atlanta.
Atlanta home values have been appreciating at a steady rate.
Median Home Value (2014-2024)
+134%
56%
The Atlanta real estate housing market has seen impressive growth in recent years. Home prices have risen 124% in the last decade, outpacing the national average by 45%. The metro area’s home prices have appreciated at 9.38% on average per year over the last ten years.
This impressive growth is a product of strong demand caused by economic factors like job growth and population increases.
However, some suburban areas of the metro area are seeing more population growth than the city. Cities like Chamblee, Braselton, and Holly Springs have seen housing stock rise by 70-100% in the last 10 years. As housing stock increases due to population growth in these cities, they are primed to receive faster appreciation than the metro average.
Rents in Atlanta have also been rising steadily.
Median Monthly Rent (2014-2024)
+66%
60%
In the ten years between 2014 and 2024, Atlanta rent prices have appreciated by 63%, 52% higher than the national average for the same period. The year-over-year rent appreciation rate in the Atlanta housing market over the last ten years has been 5.58% annually.
But the pace is starting to slow. You could get a one-bedroom apartment in the city for $1,267 on average in April 2020. By April 2022, the price had skyrocketed to $1,622. But, in April 2024, the average rent for a one-bedroom apartment dipped slightly to $1,607.
Why the slowdown? Experts say it’s because new apartment construction in the metro area has surged. There are currently 190,000 new units at various stages of construction in the Atlanta housing market.
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 growth is higher than the national average.
Population Growth
17%
118%
Between 2010 and 2022, Atlanta’s population grew by 17.3%, 124% higher than the national average. The metro has been growing at a rate of 1.61% per year. Presently, its the third fastest-growing metro area in the U.S. Atlanta’s population is expected to surpass 6.4 million by the end of 2024, which makes it the sixth most populated metro area in the country. Between 2022 and 2023, the Atlanta metro area gained about 69,000 new residents.
One side effect of remarkably fast population growth is the high cost of living. If you plan to invest in the Atlanta real estate market, you should know that the cost of living, including housing costs, is 7.5% higher than the U.S. 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
74,600
2%
Despite some economic challenges, Atlanta’s job market has remained strong. Between November 2022 and November 2023, the metro area added approximately 74,600 new jobs, representing a 2.47% growth rate. While Atlanta’s job growth rate in 2023 was slower than the 6% growth rate in 2022, it still surpasses the national average by 47%.
One reason for the decline in job growth is that many metro logistics companies are downsizing. Growing economic uncertainty has negatively impacted consumer behavior. Amazon, which was set for a significant expansion in the metro, is now cutting jobs and closing some distribution centers. However, this is expected to have minimal impact on the Atlanta housing market, as the city’s diverse economy adapts easily to changes.
Atlanta now positions itself as a leader in electric vehicle manufacturing, backed by state and federal funding. Companies like Rivian and Hyundai are investing billions of dollars and creating thousands of jobs. Rivian plans to construct a $5 billion manufacturing plant that will hire over 7,500 employees. The project is set to be completed by 2026. Hyundai and SK On are also investing billions to construct EV battery plants in the area.
Since the pandemic, Atlanta’s job market has grown by 5.4%, making it the fifth-highest job growth rate in the country since 2020, trailing behind Austin, Dallas, Las Vegas, and Orlando. The metro area’s long-term job outlook also looks positive. By 2050, the Atlanta metro area is projected to add about 856,000 jobs, bringing the total employment base to 4.6 million.
Why Invest in the Atlanta Real Estate Market Today
Considering the above information and further research, let’s see what makes the Atlanta housing market one of the best places to buy real estate in 2024.
1. Cash flow potential
With a growing population and a thriving economy, there’s a high demand for rental properties in Atlanta. In the areas where RealWealth invests in the Atlanta housing market, the average rent-to-value ratio is 0.76%. This is much higher than the national average, suggesting that if you work with the right professionals or understand the market, you’ll see decent returns from your Atlanta property investment.
Atlanta’s young population fuels strong long-term rental demand. Rents in Atlanta have increased steadily by 5.6% per year for the past ten years, reaching $1,896 monthly in January 2024. The median age is 37, the unemployment rate is below the national average, and the median household income in the area is $77,000. All of this creates good opportunities cash flow.
2. Steady and diverse economy
Atlanta’s economic stability is evident in its consistent ranking as the #1 state to do business and the #1 city where African Americans are doing the best economically. It is home to several fast-growing industries, including aviation, film and entertainment, fintech, healthcare, and logistics.
The aviation industry alone supports over 63,000 jobs and generates $34.8 billion annually. Atlanta’s film industry generated $8.55 billion in economic output in 2022.
Atlanta’s tech sector has also experienced rapid growth. Tech jobs have grown by 20% in the last ten years, adding $113 billion to the state’s economy.
The metro area is home to 16 Fortune 500 companies, including global brands like Mercedes-Benz, Porsche, UPS, Home Depot, Coca-Cola, Southern Company and Mailchimp.
3. Landlord friendly state
Georgia is a landlord-friendly state. There is no rent control, meaning landlords can set their own rental rates. Evictions are also straightforward. As a landlord, you can issue a notice a day after rent is due, and the notice doesn’t have to be written.
Landlords in Georgia are also allowed to set the amount for a security deposit based on their assessment of a tenant’s risk profile.
Property taxes in Georgia are generally lower than the national average, but Atlanta has seen a significant increase in the last two years. Between 2022 and 2023, Metro Atlanta had the fifth-highest increase in property taxes year-over-year across U.S. metros, with a 15.2% increase. Georgia lawmakers are considering capping annual tax increases at 3% for owner-occupied properties.
4. High home appreciation rates
Atlanta home prices have increased 124% in the last decade, outpacing the national average by 45%. Based on Zillow data, Atlanta’s average home sales price was almost $425,000 in April 2024, close to the record high of $432,055 set in June 2022. Atlanta’s home values have risen 16% since April 2021, showing strong and consistent appreciation.
5. Strong population growth
From 2010 to 2022, Atlanta’s population growth rate was 124% above the national average. The population grew by 17.3% during this time, making Atlanta the third fastest-growing metro area in the U.S.
According to recent population estimates released by the Atlanta Regional Commission (ARC), the region added 62,700 new residents between April 2023 and April 2024. This brings the total population of the metro to around 5.2 million (ARC estimates).
For the measurement period, the city of Atlanta itself experienced the highest growth (2.1%), followed closely by Cherokee (1.9%) and Henry County (1.8%). Historical data shows that real estate values tend to appreciate the most in areas with strong population growth. As expected, these places have seen a lot of appreciation for their homes in recent years.
Newsworthy Building and Developments in Atlanta
Planned developments can help you estimate how the value of your investment properties in Atlanta might change over time. Here are some notable projects in the works in the Atlanta real estate market right now.
1. Centennial Yards Phase II
The 50-acre Gulch area in downtown Atlanta is transforming into a vibrant entertainment district called Centennial Yards. The $5 billion redevelopment project is being constructed in phases, with Phase 1 complete and Phase II underway. The second phase involves the construction of an 8-acre mixed-use entertainment district. The district will include a 14-story hotel, a massive 160,000-square-foot entertainment venue, and plenty of dining and shopping options. The district will include a central fan plaza, a major draw for locals and visitors during Atlanta's eight 2026 FIFA World Cup matches.
2. Modera Westside Trail
Modera Westside Trail is a stunning new residential development in Atlanta’s English Avenue neighborhood, west of Midtown Atlanta. The 2.3-acre project will consist of an 8-story building with 373 apartments. Most of these (57% or 214 units) will be one-bedroom units. The average size of apartments in the development will be 833 square feet. Modera Westside Trail is part of a revitalization wave along the Northside Drive area, joining other significant projects like Echo Street West, Georgia Tech’s Science Square district, and the Herndon Square affordable housing project. Residents of Modera Westside Trail will enjoy breathtaking views of Midtown and Downtown from the eighth-floor sky lounge. The project will also include three courtyards on the fourth floor with outdoor coworking zones, a kitchen with grilling stations and a resort-style pool. Other amenities include a fitness center, steam room, sauna, yoga and spin rooms, a pet park, and spa, among others.
3. Midtown Union
Midtown Union is a large-scale, mixed-use development in Atlanta’s Midtown neighborhood. It is located at the north end of Midtown’s tech corridor. The project includes a 612,000-square-foot office tower, a 26-story, 355-unit residential tower named Mira at Midtown, a 14-story, 230-key Kimpton Shane hotel, retail space, and parking spaces. The location offers easy access to the Woodruff Arts Center, the High Museum of Art, the MARTA Arts Center rail station and the Atlantic Station via 17th Street Bridge.
4. 1072 West Peachtree
1072 West Peachtree is set to become the tallest building constructed in Atlanta in over three decades. The 60-story mixed-use tower is located in Midtown Atlanta, at the southwest corner of West Peachtree and 12th Street. It is a joint venture between Rockefeller Group, Taisei USA LLC, and Mitsubishi Estate New York. The tower includes luxury rental residences, 224,000 square feet of Class-A office space, and 63,000 square feet of ground-level retail. Residents will enjoy world-class amenities, including a luxury spa, concierge, valet, smart building technology and a large outdoor deck with expansive views of Atlanta.
5. Echo Street West
Echo Street West is a 19-acre development transforming Atlanta’s Westside. It is located on the former Kudzu Line railroad corridor. Lincoln Property Company and RIOS, the project developers, aim to create a “Village of Ideas” that integrates office, residential, retail and creative spaces. The project includes over 300,000 square feet of creative Class A office space, 292 apartments, 20% of which are reserved for affordable housing, a 16,000-square-foot artist and maker colony, a hotel, entertainment spaces, and green spaces. Echo Street West is located near the Westside BeltLine Connector trail, Georgia Tech and other major developments in Atlanta.
Best Places to Buy Investment Property in Atlanta & Surrounding Areas
If you’re considering getting into the Atlanta housing market in 2024, here are some of the best places to find profitable investment properties in the city and metro area.
1. Decatur
Decatur’s strategic location, just 6 miles east of downtown Atlanta, makes it a highly desirable city. Residents have easy access to public transportation thanks to 3 MARTA stations that serve downtown and the nearby Hartsfield-Jackson International Airport. Decatur’s economy is fueled by three key sectors: leisure and hospitality, education, and healthcare. Major employers include Allied Holdings Inc., Flint River Mills, Walmart, the Decatur Board of Education, and Emory Healthcare. Decatur’s population has surged in the last decade, with a growth rate of 20.94%, well above the state and national averages. It has grown at 2.33% per year over the last ten years. Why is Decatur growing so fast? Its closeness to Atlanta and its reputation as a family-friendly location. The city is home to highly-rated public and private schools. It is also known for festivals like the Decatur Arts Festival and the Decatur Wine Festival.
2. Macon
Macon offers a unique opportunity for real estate investors seeking a combination of affordability and growth potential. The city's median home price is $186,000, much lower than the national average. This city offers an attractive entry point for beginner investors looking to start building a real estate portfolio. According to Zumper's July stats, the median rent in Macon is around $1,225 per month, an 11% increase year-over-year. This indicates that the city's rental market is thriving. However, Macon’s rental property landscape is dominated by single-family homes. Macon’s recent investments in tourism and infrastructure and its proximity to Ocmulgee Mounds National Park have made it a prime location for vacation rentals. Businesses are also moving into and expanding in the area. First Quality Baby Products, LLC's recent $418 million expansion is set to bring 600 new jobs to the area.
3. Rex
Located just 15 miles south of Atlanta, Rex offers easy access to major employers like Delta Air Lines, Hartsfield-Jackson International Airport, and Walmart. With a population of approximately 14,000 people and a median age of 35.4 years, Rex has a relatively young population. Rex offers excellent cash flow potential. The average home price in the city is just $257,000, while the average rent is about $1,800. This equates to an average cash-on-cash return of 0.7%, exceeding both the national and metro averages. As an investor in Rex, you can also build equity and enjoy future appreciation as this area is seeing significant investment. One is EverWest Real Estate Investors' recent purchase of a 268,400-square-foot industrial development in the area, consisting of two Class A distribution buildings.
4. Columbus
Located 100 miles (a 1.5-hour drive) from Atlanta, Columbus is the second-largest city in Georgia, with the state’s fourth-largest metropolitan area and a growing population of 323,768. Located on the Chattahoochee River and near Phenix City, Alabama, the city is known for its affordability, outdoor activities, museums, and culinary scene. The median home listing price is around $162,000, making it an attractive option for investors. Columbus also has a strong rental market, with nearly 51% of renter-occupied households providing a steady stream of potential tenants. The local real estate market is specifically suited for investors seeking high-yielding properties due to the disproportionately high rents compared to market prices and low taxes. The local economy is very stable, with various industries and demographics. Fort Moore (formerly Fort Benning) is a major training installation for all infantry, airborne, and Ranger units and isn’t going anywhere. The troops and their families provide a steady stream of potential tenants.
5. Pittsburgh
Pittsburgh is strategically located in the heart of Atlanta. It is close to the Atlanta Beltline, a popular urban pathway that enhances the area’s livability and offers recreational opportunities. Pittsburgh residents enjoy stunning views of the Atlanta skyline as well as convenient commuting via major highways, the MARTA bus/train system, and easy access to the Hartsfield-Jackson International Airport. The city is just minutes away from Downtown Atlanta, the West End, and Midtown Atlanta. Pittsburgh boasts a diverse population of 27,053 and a median age of 36. Real estate values in the area have grown dramatically in recent years. Six years ago, you could buy a Pittsburgh house for as low as $30,000. Today, the current average home value in the city is about $280,000. Some recent sales in the area have reached up to $900,000. This fast appreciation in property values is tied to revitalization projects. One example is Pittsburgh Yards, a 31-acre business and community center that promotes economic development in Pittsburgh.
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