Grant Park Atlanta Real Estate Market Report
2Q 2018 Real Estate Statistics, Home Values and Recently Sold Homes in Grant Park AtlantaIt's time again for the Grant Park Atlanta real estate market update! This Spring (April - June) was a busy one in the Intown Atlanta neighborhoods and as usual, Grant Park was at the top of the list for many home buyers. As you'll see in the report below, home values continue to rise but there are a few signs this quarter that tell us the market may be headed for a bit of an adjustment. If you have any questions after reading this report, please don't hesitate to reach out to us at 404-205-8800 or 404-432-1844. Enjoy!
2018 Grant Park Atlanta Real Estate Market Overview
HOME SALESA total of 24 single family homes sold in Grant Park in the second quarter of 2018. It’s right on par with the same time last year. Even though 24 homes sold the demand for homes in Grant Park (under $500K) is VERY strong, so if there were more homes for sale, we feel confident that the home sales would dramatically increase. If you are a home buyer, the market is a bit challenging, due to low inventory and bidding wars... but if you are a selling a home in Grant Park, there probably isn't going to be a better time! Not only will your home sell quickly, usually you receive at least 2 or 3 offers so you can select the most qualified buyer. If you are considering listing your home, please don't miss our real estate market updates every quarter so you can pick the best time to sell at top dollar!
GRANT PARK HOME PRICESThe average single-family home price was $513,446. That's a $52,000 increase from the same time last year!
- Grant Park home prices ranged from $310,000 to $819,900 in 2Q 2017
- The median sales price was $497,500
- There were several recently renovated homes that sold in Grant Park (zip code 30312), but only two newer construction home (built in 2017 and 2018)
ARE BUYERS REALLY PAYING TOP DOLLAR?Full price or close to full price offers are definitely the norm in Grant Park! The list price to sales price percentage is 98.3%, so buyers are negotiating about 1.7% off the home sales price, on average. On a $500,000 home, that would be about $8,500. Even though the average list price to sales price percentage was similar to last Spring, we are seeing less aggressive offers. For example, in Spring 2017, 50% of the Grant Park homes sold at 100% or more of the asking price. This Spring only 25% sold at or over the asking price.
HOW QUICKLY ARE LISTINGS SELLING?Last Spring, Grant Park homes sold in 7 days (median), but this year it took 20 days -- almost 3 times longer to sell a home! Based on our experiences working with both buyers and sellers this Spring, there are two probable reasons for the increase in the time in takes to sell a home in Grant Park:
- Many buyers are now priced out of the Grant Park neighborhood. Now that the average home price is over $500,000, many home buyers just can't afford to purchase a home in this charming historic 'hood. There are fewer buyers looking in the higher price range, so it is taking a bit longer for homes to sell.
- Home sellers are listing their home too high. Since home prices have been rising at an exponential rate over the last 4+ years, homeowners are feeling very confident and want to list at the high end of their home's potential value (or more!). Pricing a home just $10,000 over the fair market value can cause a serious delay in the sale. Occasionally, homeowners will receive an offer in the first week or two, but typically, they have to reduce the price a few weeks later and they lose all the excitement and interest from buyers who are searching for new listings. Check out the homes that sold in 2Q (bottom of this report) and you'll see that there are several that listed $10K to $15K too high and ended up sitting on the market for 10 to 18 weeks.
Final Thoughts & Predictions for the Upcoming YearThe Grant Park Atlanta real estate market is still VERY strong. Low inventory is driving price increases, but homes are taking a bit longer to sell and buyers are starting to negotiate about 1% to 3% more off the listing price. Over the upcoming year, we anticipate that this trend will continue as we move from a real estate market where the seller has the upper hand to a more balanced market. If you are thinking of selling your home in the future, we would highly recommend doing so by next Spring to ensure that you get top dollar. Also, please check back every quarter for the latest Grant Park Atlanta Real Estate Market Update. We want you to have the latest and greatest home sales statistics so you'll be a well-informed home buyer and/or a super savvy home seller! Our Grant Park experts on the Nest Atlanta team are also available if you have any questions about the current market, so please don't hesitate to reach out. We're here to help!
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Current Homes for Sale in Grant Park
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Grant Park Homes SoldSingle-family home sales between April 1 - June 30, 2018
|513||Oakland Ave SE||5||4||$824,000||$815,000||38|
|976||Gress Ave SE||4||23.5||$569,900||$569,900||7|
|889||City Park Dr||3||2||$400,000||$385,000||60|
Please note:Grant Park Atlanta real estate market home sale stats were extracted from the Atlanta MLS (FMLS) on July 18, 2018 and interpreted by Kerry Lucasse with the Nest Atlanta team at eXp Realty. Information deemed accurate but is subject to change. Please note that in the chart above, "DOM" stands for "Total Days on Market" or how many days it took the home to sell. If you would like a copy of the full Grant Park Atlanta real estate market report, including photos of the recently sold homes, please text or call Kerry at 404-432-1844. She would be happy to email you a copy! #grantpark #nestatlanta #urbanest