Sep 9, 2022 - News

If you want a home in Atlanta, you might need a raise.

Growth in median <span style="color: #00ab58; font-weight: 900;">homebuyer income</span> and <span style="color: #ff942f; font-weight: 900; white-space: nowrap;"> home price</span>
Data: Redfin analysis of HMDA data; Chart: Kavya Beheraj and Skye Witley/Axios

Metro Atlanta homebuyers make more money than they did before the pandemic — but it's not nearly enough to keep up with the surge in home prices.

By the numbers: The median income for metro Atlanta homebuyers in 2021 was $94,000, up 13% from 2019, according to a Redfin analysis of mortgage data in the 100 largest metro areas in the U.S.

  • Meanwhile, median home prices surged 40% during that time, the analysis says.
  • The average home costs around $380,000 today, according to Georgia MLS.

What's happening: Remote workers have been moving from pricey job centers and intensifying homebuying competition, with their higher salaries, in many previously inexpensive cities.

Threat level: The trend isn't slowing down. The number of buyers nationwide looking to relocate hit an all-time high in July, Redfin reported.

  • Rising interest rates, inflation and permanent work from home pushed even more home shoppers to look for more affordable cities.
  • More than 12,500 active listings were on Georgia's market in August, nearly double the number the same time last year, MLS says.

Zoom in: Of Redfin users searching for homes in metro Atlanta, 20% were from outside of the area in the first quarter of 2022.

  • Just under 12% of those searches were coming from folks in the New York City metro area, followed by Los Angeles and Washington, D.C.

The latest: The median home price in Atlanta continues to climb, even as home sales slowed.

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