Mar 4, 2024 - News

What mortgage rates mean for metro Atlanta home buyers this spring

Median home sales price in the Atlanta metro area
Data: Redfin; Chart: Alice Feng and Jared Whalen/Visuals

Lower mortgage rates could push up home prices in Atlanta and nationwide if demand surges and inventory remains tight.

Why it matters: Steep borrowing costs are just one piece of the housing affordability crisis.

State of play: U.S. rates for 30-year mortgages are down from 20-year highs, but have crossed 7% again.

By the numbers: In metro Atlanta, home prices surged and bidding wars were rampant when mortgage rates dropped below 3% in 2021. As rate hikes locked current homeowners in place, prices remained elevated.

The fine print: Despite stabilizing, median home prices are still higher than they were pre-pandemic.

  • The Atlanta-area median sales price was around $379,995 in December 2023, compared to $252,000 in December 2019, per Redfin.
avatar

Get more local stories in your inbox with Axios Atlanta.

🌱

Support local journalism by becoming a member.

Learn more

More Atlanta stories

No stories could be found

Atlantapostcard

Get a free daily digest of the most important news in your backyard with Axios Atlanta.

🌱

Support local journalism by becoming a member.

Learn more