Atlanta

Mortgage rates surpassed 5% — the highest they've been in years, according to data shared by Freddie Mac. 

Why it matters: Low mortgage rates made buying in a seller's market more affordable. 

In March 2022, median home sale values in Atlanta were up 21.4% year over year, and now borrowing money is more expensive, too.

Already-fatigued buyers could be priced out of the market. 

Data: Freddie Mac, Redfin; Chart: Simran Parwani/Axios

State of play: A year ago, mortgage rates were at 2.97%. In late April 2022, mortgage rates were at 5.11%.

If you were to take out a $300,000 30-year mortgage loan in April 2021, your monthly principal and interest would be around  $1,260, according to numbers shared by Freddie Mac. 

Your monthly payment on $300,000 30-year loan in April 2022 (at 5.11%) would be $1,631. 

That's $371 more per month; $4,452 a year; and $133,560 more over the life of your loan.

What's next: Mortgage rates are expected to rise throughout the year, averaging 4.6% for 2022 and 5% for 2023, according to Freddie Mac's trend forecast. 

If demand subsides because of rising rates, housing prices could stabilize. 

We're still in a supply crunch, so inventory would have to catch up to the remaining demand for prices to cool. 

Surging mortgage rates make home buying more expensive in Atlanta

Mortgage rates are expected to rise throughout the year, averaging 4.6% for 2022 and 5% for 2023, according to Freddie Mac's trend forecast.

Illustration of a house's roof being taken off by a trend line soaring upward through the home

Mortgage rates surpassed 5% — the highest they&#x27;ve been in years, according to data shared by Freddie Mac. Why it matters: Low mortgage rates made buying in a seller&#x27;s market more affordable.

Real Estate

Washington D.C.

If you're still on the hunt for summer vacation plans, consider one of these waterfront getaways within driving distance of D.C.

With unobstructed views of Delaware Bay, this house just north of Lewes looks made for relaxing family vacations. 

Features: Beachfront, huge porch, grill, fire pit table

Nothing says luxury lake vacation like a giant house with an indoor pool.

Features: Private dock, outdoor living space, fire pit, game room

Lakefront house with indoor pool living room

Northern Neck waterfront estate with hammock dock

Sure the house is great, but the star of the show is the oversized hammock that hangs right above the water.

Features: Free kayak, views of the Potomac and the Chesapeake Bay, crab pots, option to rent guesthouse for $100 a night or $500 a week.

This charming coastal retreat on the Middle Peninsula has a boardwalk all the way down to your own private beach.

Features: Option to rent a golf cart, kayaks, paddleboards

With its back deck, airy interior, and Potomac views, this house in St. Mary's County looks like an idyllic summer retreat.

Features: 1940s architectural charm, fire pit, panoramic water views

5 waterfront Airbnbs driving distance from D.C.

Options at the beach, the river, and on the lake.

White Point Cottage on the Potomac. Photo: Courtesy of Airbnb

Washington, D.C.

If you&#x27;re still on the hunt for summer vacation plans, consider one of these waterfront getaways within driving distance of D.C.

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Nashville

A record-setting $50 million listing is just one indicator of Nashville's growing luxury real estate market.

The big picture: Despite inventory being short, there's been more activity in the luxury range — defined here as any listing over $2 million.

In the last year, there have been 275 sales of over $2 million in the Nashville area.

In April 2022, there were 33 luxury closings with an average of 26 days on market.

The median list price in the luxury range was $3.5 million.

Chart: Axios Visuals; Source: Greater Nashville Realtors

What's happening: Every year, as home values soar and more record-breaking sales take place, the luxury list prices get even more luxe. 

Steve Fridrich, president of Fridrich & Clark Realty, said any listing over $2 million would've been called luxury two years ago. Now that minimum should be more like $4 million, he says.

What's next: Luxury market home prices are only going up.

Here are the priciest Nashville homes, right now.

Specs: 5 bedrooms, 10 bathrooms, 19,811 square feet

Features: Top-of-the-line everything, tennis courts, stunning pool and more on 59 acres

Specs: 5 bedrooms, 6 bathrooms, 8,938 square feet

Features: Library, barn, two-bed renovated guest house, all ensuite bedrooms upstairs, double-decker front porch and a movie theater, all on 22 acres

Specs: 5 bedrooms, 7 bathrooms, 11,034 square feet

Features: Pool with waterfall, outdoor living and kitchen area, and lush landscaping on over 8 acres

Photo: courtesy of listing agent Karen Russell

Specs: 2 bedrooms, 2.5 bathrooms, 4,374 square feet

Features: Two-story penthouse, six-car garage, floor-to-ceiling windows and sweeping views

Photo: courtesy of listing agent Richard Courtney

Nashville's luxury housing market explodes. Plus: 4 pricy listings

Despite inventory being short, there's been more activity in the luxury range.

Photo: Courtesy of listing agent Karen Russell

5836 Hillsboro Pike; Photo: courtesy of listing agent Karen Russell

Real estate

A record-setting <a class="gtmContentClick" data-vars-link-text="$50 million listing" data-vars-click-url="https://www.axios.com/local/nashville/2022/05/13/see-inside-nashvilles-most-expensive-home-listed-at-50m" data-vars-content-id="5c527c03-51a7-4880-9e07-5cc1e7ee3c9f" data-vars-headline="Nashville&#x27;s luxury housing market explodes. Plus: 4 pricy listings" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/nashville/2022/05/13/see-inside-nashvilles-most-expensive-home-listed-at-50m" target="_self">$50 million listing</a> is just one indicator of Nashville&#x27;s growing luxury real estate market.The big picture: Despite inventory being short, there&#x27;s been more activity in the luxury range — defined here as any listing over $2 million.

Denver

Denver designer Andrea Schumacher and her team gave this nearly century-old home a fresh look with splashes of color and patterns that pop.

The basics: The Country Club home has six bedrooms, seven bathrooms and one stunning speakeasy (more on that below).

Style: Elements of traditional Tudor style shine through with the exposed beams, ornate doorways and fireplaces, and diamond-shaped window panes. 

Schumacher brought in a more modern design to fit the needs of the young family who lives there.

The blue and white color scheme is timeless, plus pops of red and funky patterns make it more playful.

Gold light fixtures throughout also help give it a contemporary feel.

Non-negotiable: The clients wanted to reuse existing furniture they had, so Schumacher reupholstered some pieces to give them an updated look. She was also able to include some of the pieces as-is.

The best room is the basement speakeasy. It has a gorgeous built-in bar and plush red velvet furniture. 

It also has a hand-painted mural, representing Denver in the 1800s.

Photo: Emily Minton Redfield, courtesy of Andrea Schumacher Interiors

denver tudor home tour living room living 

denver home tour primary bed sitting area

denver home tour primary bed exterior backyard

Home tour: Step inside a contemporary Country Club Tudor

The Country Club home has six bedrooms, seven bathrooms and one stunning speakeasy.

Denver designer <a class="gtmContentClick" data-vars-link-text="Andrea Schumacher" data-vars-click-url="https://www.andreaschumacherinteriors.com/" data-vars-content-id="97959b6c-8ab2-4f5f-9fba-c031368142d4" data-vars-headline="Home tour: Step inside a contemporary Country Club Tudor" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.andreaschumacherinteriors.com/" target="_blank">Andrea Schumacher</a> and her team gave this nearly century-old home a fresh look with splashes of color and patterns that pop.The basics: The Country Club home has six bedrooms, seven bathrooms and one stunning speakeasy (more on that below).

Axios Denver, anchored by John Frank and Alayna Alvarez, is here to help readers get smarter, faster on the most consequential news and developments unfolding in their own backyard.

Axios Denver

Detroit

Mortgage rates surpassed 5% — the highest it's been in more than a decade, according to data shared by Freddie Mac. 

Why it matters: Low mortgage rates made buying in a sellers' market more affordable in the pandemic. 

Median home sale values in Detroit have cooled since summer 2022, and they were only up 5.5% year over year as of March 2022, but borrowing money is more expensive now.

By the numbers: If you were to take out a $150,000 30-year mortgage loan in April 2021, your monthly principal and interest would be around $630, according to numbers shared by Freddie Mac. 

Your monthly payment on the same loan in April 2022 would be $815. 

That's $185 more per month, $2,220 a year and $66,600 more over the life of your loan.

We're still in a critical supply crunch, so even if home prices remain stead or cool, buyers will likely feel the squeeze of a tight market.

The latest: Metro Detroit's housing market remained robust in April despite rising interest rates, Crain's Detroit Business reports.

Sales prices remain high and inventory is tight.

Surging mortgage rates make home buying more expensive in Detroit

A year ago, mortgage rates were at 2.97%. In late April 2022, mortgage rates were at 5.11%.

Mortgage rates surpassed 5% — the highest it&#x27;s been in more than a decade, according to data shared by Freddie Mac. Why it matters: Low mortgage rates made buying in a sellers&#x27; market more affordable in the pandemic.

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Brianna Crane

Stories

5 waterfront Airbnbs driving distance from D.C.

Surging mortgage rates make home buying more expensive in Atlanta

Surging mortgage rates make home buying more expensive in Detroit

Home tour: Step inside a contemporary Country Club Tudor

Nashville's luxury housing market explodes. Plus: 4 pricy listings