Price Evolution

In real estate, the only constant is that nothing ever stays the same. A new study by PropertyShark, a national real estate research blog, examined real estate price changes in Atlanta over a decade. It found that homes bought in 2009 resold in 2019 with a 28% price increase, which equates to $88,000 on average when adjusted for inflation. Atlanta homes in the $100K to $250K range fared best, recording a 45% increase over the 2009 figures. Harry Norman Realtors agent Ashley Webb (harrynorman.com) has seen this trend play out in real time. “Before 2008, there was a frenzy to buy because money was so cheap,” she recalls of the precrash time when individuals were buying multiple homes. It’s a big contrast to now when there’s an inventory shortage fueled by supply chain challenges for new construction, extra forbearance for homes that might otherwise land in foreclosure, and seniors holding onto homes longer than normal amid COVID-19 fears. Many of her clients feel the urgency to secure property ahead of projected inflation and likely interest rate hikes, both of which will have a chilling effect on the market. Regardless, seasoned agents like Webb, who has been in the business for 17 years, are accustomed to market fluidity. “I know it’s never going to stay the same,” she says. “We will always adapt as an industry.”