Ask anyone who’s ventured to buy an intown Atlanta house in the past few years—especially a restored bungalow priced significantly below a half-million bucks—and they’ll probably say it’s a heated contest out there. And that bidding wars are real.
Now, an analysis of 2017 data by Redfin indicates which places were the very most competitive across the metro. And two of the top three happen to be far-eastside ITP neighbors.
Across Atlanta, roughly 34 percent of condos, townhouses, and single-family homes were subject to bidding wars last year, per Redfin’s analysis of FMLS and property records. (That might sound bleak for homebuyers, but it’s below the national average of 50.1 percent).
Because of its 99 percent average sale-to-list price last year, Avondale Estates (population roughly 3,000) reigned as the region’s most competitive market, as Atlanta Agent Magazine points out.
In Avondale Estates, more than a quarter of homes sold for over asking price last year, with median sales clocking in at $412,000—an annual jump of more than 13 percent. That’s hot.
The second most competitive market was Decatur, where average days on market (a scant 39) was the region’s lowest, per Redfin. Cobb County suburb Powder Springs ranked third.
Given Redfin’s findings, it makes sense municipal rankings website Niche.com recently slotted Avondale Estates at No. 10 on its list of “Best Suburbs To Live in Georgia,” citing a B- grade for public schools but A+ grade overall. (Decatur was ranked No. 1, acing all categories).
Redfin researchers analyzed housing markets in metros with more than 1 million residents, and if Atlanta’s numbers look frightening for today’s house-hunters, consider the situation in West Coast markets such as San Jose and Oakland:
- Redfin ranks the hottest neighborhoods in Atlanta [Atlanta Agent Magazine]
- Redfin Ranks 2017’s Most Competitive Neighborhoods for Homebuyers [Redfin]