Atlanta is at ‘very high’ risk of home price drops in 2024, says a CoreLogic report. It’s one of five U.S. metro areas facing this issue. The report sees a 70% chance Atlanta’s home values will fall by year-end.
Factors like rising mortgage rates and slowing demand contribute to the potential decline. While Atlanta was sixth on Zillow’s hottest markets list for 2024, CoreLogic cautions that economic uncertainty and buyer preference shifts could cool the market.
As of November 30, 2023, Atlanta’s median home price was $391,685, up 4.8% from the previous year. But the forecast suggests only a 2.5% increase from November 2023 to 2024, with a slight dip of 0.2% from November to December 2023. Homeownership rates might also fall from 63.4% in 2023 to 62.9% in 2024.Other metro areas with ‘very high’ risk include Cape Coral-Fort Myers and West Palm Beach-Boca Raton-Delray Beach in Florida, as well as Youngstown-Warren-Boardman (Ohio-Pennsylvania), and Deltona-Daytona Beach-Ormond Beach (Florida). These places have seen quick growth during the pandemic but could see reversals as buyers look for more affordable homes.
The report lists the top 10 coolest markets for 2024, with lower risks of price decline. These are mainly in the Northeast, Midwest, and Great Lakes regions, such as Buffalo, New York, and Cincinnati, Ohio. They promise stability and rising homeownership rates.
For Atlanta’s home buyers and sellers, the trend points to a cooler market but not a crash. Buyers may find more choices and face less competition, albeit with higher mortgage rates. Sellers might need to set realistic prices and stay open to negotiation, benefiting from current demand and low inventory.
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