ATLANTA — Real estate investors took a billion-dollar bite out of Atlanta's housing market to start the year.
In the first three months of 2024, the total value of Atlanta-area residential property purchased by real estate investors surpassed $1 billion, according to a recent report from national real estate company Redfin Corp.
The Atlanta Business Chronicle reports that the metro area joins Miami, Phoenix and several California markets in seeing more than $1 billion worth of homes purchased by investors from January to March.
Investors bought more than 20% of all homes purchased across metro Atlanta during the quarter, per the report.
Though the number of residential real estate transactions made by investors has slightly declined in Atlanta over the past 12 months, investor activity has picked up in other parts of the country.
Markets including Minneapolis, Minnesota and Las Vegas have seen investor home purchases surge upwards of 15-30% since May of 2023, per the Redfin report.
With investors buying up a considerable share of Atlanta’s cheaper housing stock, many first-time homebuyers and those on a budget are tasked with deciding to continue renting indefinitely or attempting to buy a pricier home.
The median sale price for homes in metro Atlanta has increased 25% over the past three years, according to First Multiple Listing Service data. The median price was $428,500 last month.
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