Midtown Atlanta Leads The Way –
– 65% Turnaround in Midtown Atlanta Condominium and Townhome Market– Since the start of the Covid19 pandemic, conventional and accurate thinking was that the intown market, specifically Midtown due to its greater population density, would take longer to recover back up to 2019 levels. Midtown Atlanta, indeed showed its recovery in August with a 78% increase in single-family-home sales, and dramatic reversal in the condominium market, up 8%. What? Only 8? Simple, the Midtown Atlanta market was down 73% this July compared to the last one. Bottom line is that people still want to live in Midtown Atlanta, and now they apparently feel more comfortable living in denser spaces.
Buckhead Atlanta remains incredibly strong with a 37% increase in single-family-homes being sold, and 18% for the condominium/townhome market.
How does these housing numbers correspond to the commercial real estate market? Favorably. Downtown Atlanta’s commercial estate continues to show incredible resiliency as demand for office space remains stable according to GlobeSt.com. In the multi-family market, demand in July returned to October 2019 levels, and is “…Atlanta has seen the strongest rent recovery of any major market since mid-May…Year-over-year rent growth in Atlanta is now outpacing the national average….”
James Kobal, Commercial Realtor
Coldwell Banker Commercial Metro Brokers
James.Kobal@CBCMetroBrokers.com | (M) 678.993.4951