Atlanta’s housing market is showing positive signs of recovery in several of the city’s toniest neighborhoods. Home sales in the $1 million to $2.5 million and higher price range have seen a jump in activity. The Buckhead market, Atlanta’s version of Beverly Hills, was one of the last markets to feel the effects of the recent economic downturn. Whereas most of Atlanta markets peaked in terms of sales in 2006, Buckhead did not top out until 2007.
Luxury home sales in the overall 11-county metro Atlanta area have risen over the past two years according to reports. Factors sparking the uptick in luxury homes sales activity include pent-up demand and sellers rethinking pricing strategy. One well-known real estate broker noted that “for the first time in three years, there are more qualified buyers in the market and multiple offers than we’ve had since 2005.”
It remains to be seen if the rest of Atlanta’s major submarkets will follow Buckhead’s trend in the housing recovery.