There are many factors that feed into Atlanta’s real estate market growth. Much of the development currently taking place in Atlanta started long ago before the economic downturn in 2008. We were doing tours of the “Future Beltline” back in 2004. Talk of the Memorial Corridor Redevelopment started over 20 years ago. Atlanta’s population has steadily increased, regardless of the state of the economy and now it is on hyper-drive. According to the AJC, and the Census Bureau, 90,650 additional people moved to metro Atlanta between 2016 and 2017. That’s 248 a day! So has the market completely bounced back? Here is a small slice of Atlanta neighborhoods along the Memorial Corridor and their appreciation since 2013.
Look at Cabbagetown! 68%. There is no doubt the Beltline has had a positive effect on real estate values within walking distance of this trail. It has also spurred the development of shopping and restaurants to feed these communities. Atlanta has been thirsty for a more walkable environment and alternative transportation such as biking and scooters. Have you noticed how many people are zooming around on electrically enhanced push scooters?
In 2013 we were just coming out of the downturn. How does this compare to the previous high? According to the Georgia Stand Up Report, a report done in 2006 & 2007 to look at the effect of the Beltline on future housing, the average sales price within 2 miles of the Beltline in 2006 was $194,014. According to the First Multiple Listing Service, the average sales price of a single family home in May 2018 was $321,694.
If you are wondering about future development around the Beltline and if investment there could be right for you, give us a call. 404-978-2273.