Get updates delivered to you daily. Free and customizable.
WSB Channel 2 Atlanta
More investors buying metro Atlanta area homes as sales decline
By WSBTV.com News Staff,
6 days ago
New real estate data shows investor home purchases rose by their largest amount in two years.
While the number of homes purchased by investors rose 3% nationally, in Atlanta, data from real estate company Redfin showed investors bought about a third of what they did this quarter versus the same time in 2022, but month-to-month, the market report showed a boost in how much they’re picking up.
In the last quarter, investors snagged 3,322 homes, more than one-fifth of the overall home sales over the three months ending in June.
This quarter, starting in July, the market share of investor homes has gone down but the number of homes bought by companies instead of individuals or families rose to 3,805 in the Atlanta metro.
Year-over-year, Atlanta home sales to investors was down 1.5%, according to Redfin, with 18.2% of the market bought by companies, and the median purchase price at $272,000 in the metro from July.
However, the median sale price in June, on its own, was $434,460 according to Redfin, a 4.7% markup from the year before. Home sales generally were also down 16.1%, and homes for sale were staying on the market 16 days longer than in 2023.
Overall, Redfin said Atlanta homes bought by investors in the past three months were worth a collective $1.49 billion.
Nationally, Redfin reported investors bought one out of every six homes sold in the second quarter of the year. While it’s lower than the all-time high in the U.S. from the pandemic’s 20.8% market share, it’s still up from last year, when investors bought 16% of all homes for sale.
The real estate company said it’s due to investors being able to buy a home faster than individuals, and that “while investor home purchases rose 3.4% in the second quarter, overall U.S. home purchases fell 1.9% as elevated mortgage rates and prices deterred buyers.”
All across the U.S., home sales bought by investors totaled more than $43 billion, making Atlanta worth about 3% of all investor home purchases, by value, in the country.
Part of that portion of the sales dollars is because 4.6% of Atlatna’s homes were worth at least $1 million in June, according to Redfin.
Get updates delivered to you daily. Free and customizable.
It’s essential to note our commitment to transparency:
Our Terms of Use acknowledge that our services may not always be error-free, and our Community Standards emphasize our discretion in enforcing policies. As a platform hosting over 100,000 pieces of content published daily, we cannot pre-vet content, but we strive to foster a dynamic environment for free expression and robust discourse through safety guardrails of human and AI moderation.
Comments / 0