All Access

All-Access Weekly Digest

Atlanta

Atlanta Alerts

Atlanta Members

A daily look at the most significant and interesting stories affecting Atlanta. Written by Emma Hurt, Kristal Dixon and Thomas Wheatley.

Axios Atlanta Thought Bubble

Axios Atlanta

Data: Freddie Mac; Chart: Madison Dong/Axios Visuals

The Atlanta metro area's real estate market is starting to level off, according to the latest data from Redfin/MLS.

Why it matters: After two-plus years of plummeting inventory and sky-high home prices, Atlanta-area buyers have waited a long time for a little relief.

What's happening: Mortgage rates started to surge in May and have since passed 6%. 

The market has changed significantly since then. 

By the numbers: Median home sales prices dropped from $400,000 to $375,000 from May to September.

Homes are selling more slowly. Homes sold in 12 days on average in May. In September the average number of days on market was 28. 

Fewer homes are selling above the list price. 28% of homes sold above list price in September, compared to 60.7% in May.

In September 39.5% of listings dropped their asking price, up 15.8 percentage points since May. 

Yes, but: Monthly mortgage payments are significantly more expensive than they were a year ago. 

Bottom line: The market is cooler, but buying a home isn't getting cheaper. 

Buying a house in Atlanta is easier, but not cheaper

The market is cooler, but buying a home isn't getting cheaper.

Housing

The Atlanta metro area&#x27;s real estate market is starting to level off, according to the latest data from Redfin/MLS.Why it matters: After two-plus years of plummeting inventory and sky-high home prices, Atlanta-area buyers have waited a long time for a little relief.

Real Estate

The housing market appears to be cooling off nationally, and it looks like that trend is replicating in Atlanta. 

Why it matters: Any relief from sky-high home prices is welcome, especially as mortgage rates creep up.

Atlanta's median home sales price was $350,000 in January, up just 1.5% from last year and down 3.3% from December.

Inventory was up 41% from last year, but down 9.16% in January.

Homes sat on the market for 11 days on average in January, up 32 days from last year.

Zoom out: Nationally, median home sales prices have crept up 1.3% from one year ago.

The national median home sales price in January was $383,000.

Sales fell for the 12th month in a row, according to the latest from the National Association of Realtors.

As demand falls, homes sit on the market a little longer, which gives buyers a little more room to negotiate.

What’s next: Spring, which is typically marked by high demand, more competition and higher home prices, is right around the corner.

If spring 2023 follows typical trends, we should expect home prices to rise again in the near future.

Yes, but: Experts predict 2023 will see a far less frantic housing market than in 2022.

The bottom line: We're starting to see a moderate market correction, but home values aren't falling. 

This turnaround in Atlanta is sorely needed as many renters don't make enough money to buy a starter home.

Median home sale prices drop in metro Atlanta

Any relief from sky-high home prices is welcome, especially as mortgage rates creep up.

The housing market appears to be cooling off nationally, and it looks like that trend is replicating in Atlanta. Why it matters: Any relief from sky-high home prices is welcome, especially as <a class="gtmContentClick" data-vars-link-text="mortgage rates creep up" data-vars-click-url="https://www.freddiemac.com/pmms" data-vars-item="in_content_link" href="https://www.freddiemac.com/pmms" target="_blank">mortgage rates creep up</a>.

Atlanta Pride is back this fall. Photo: AP Photo/Robin Rayne

PSLs are back which means it's time to work on your fall bucket list. Here are some ideas to get you started.

The annual festival features live music all weekend, keg tapping, stein hoisting, keg rolling, and bratwurst and pretzel tosses. 

Details: General admission includes entry and a 22-ounce souvenir stein plus your first beer. Single-day passes are $25-$35 or get a weekend pass for $60-$85. 

VIP wristbands include a 25-ounce stein and your first beer, plus four drink tickets; a souvenir T-shirt and sunglasses; catering; and a VIP zone with private bathrooms. Single-day VIP passes start at $85. Weekend passes are $250.

Festival hours are 4-10pm Sept. 30; 11am-11pm Oct. 1; and noon-6pm Oct. 2.

If you go: Here's where to park, tailgate and more.

atlanta falcons fans cheering at mercerdes benz stadium

Photo: Rich von Biberstein/Icon Sportswire via Getty Images

3. Spend the day at a farm and pick a pumpkin

Southern Belle Farm: This farm has plenty of pumpkins to pick, plus a corn cannon, corn maze, pig races, giant slide and a market with apple cider doughnuts. 

Hours: Closed Monday-Tuesday; 9am-5pm Wednesday-Friday; 10am-7pm Saturday; and 1-7pm Sunday.

Address: 1658 Turner Church Road, McDonough

 Sleepy Hollow Farm: Find your perfect pumpkin, then stay for wagon rides, a corn maze, farm animals and other kids' activities. 

Hours: Closed Monday-Tuesday; 10am-6pm Wednesday-Friday; 10am-7pm Saturday; and 10am-6pm Sunday. You must arrive an hour before closing. 

Address: 628 Sleepy Hollow Road, Powder Springs

Still Family Farm: Instead of a corn maze, Still Family Farm has a magical five-acre zinnia maze. They have hay rides, concessions and kids' activities, too. 

Hours: 10am-5:30pm (dusk) Saturday-Sunday

Address: 5524 Macland Road, Powder Springs

4. Celebrate the LGBTQ+ community at Atlanta Pride

Flo Rida, Big Freedia and Betty Who are headlining this year's celebrations at Piedmont Park, which run Oct. 8-9. Some other key pride events include:

 Starlight Cabaret, where 25-30 top drag performers will take the stage.  

Three marches will be held on Saturday, Oct. 8, for the trans, bi and pan, and lesbian communities. Find the schedule here.

5. Get a caramel apple at the Georgia Apple Festival

This beloved annual event runs Oct. 8-9 and Oct. 15-16 and features apples galore, 300+ vendors with handmade crafts and goods, a parade, antique car show and other family friendly activities. 

Lower temperatures and changing leaves make fall prime time for getting outside. If you don't mind a drive, consider hiking Amicalola Falls State Park, about 1.5 hours from Atlanta.   

Pro tip: For something more low-key, check out Lake Charlotte Nature Preserve.

You can't get through spooky season without upping the fear factor. Netherworld Haunted House, Containment Haunted House, Nightmare's Gate or a "The Shining"-themed stay at Hotel Clermont might fit the bill.

"The Shining"-themed stay at Hotel Clermont

 Hotel Clermont now has a "The Shining"-themed stay. Photo: Courtesy of Hotel Clermont

One of the biggest Halloween celebrations, The Little 5 Points Halloween Festival & Parade runs Oct. 22-23. The parade will run down Moreland Avenue, and vendors will be set up on Euclid.

And don't forget to stop by Barry Wisebram's haunted front yard on Flat Shoals Avenue to see what terrifying creations he came up with this year. 

9. Go to the Native American Festival and Pow Wow at Stone Mountain

This year's event features inter-tribal dance and drum competitions, craft demonstrations, cooking traditions, storytelling and wildlife presentations. There will be hands-on experiences, too, like exploring a tipi. 

10. Eat chili at the Cabbagetown Chomp and Stomp

Get your tasting spoons ready; the chili competition is back for another year on Nov. 5. Expect lots of beer and bluegrass music, too.

The day-long event runs 11am-6pm, right through the Krog Street Tunnel. 

10 must-do fall activities in and around in Atlanta

Hoist a stein at Oktoberfest or go to a "Shining"-themed haunted house at The Clermont.

Georgia

<figure><img alt="parade for pride" height="880" id="ee371fee-addf-44cc-af1b-d7f84ddf45ee" src="https://images.axios.com/9zjUZPxcyTwbboGpyhIfPS28bdk=/2022/09/16/1663335003770.png" width="1328"/><figcaption>Atlanta Pride is back this fall. Photo: AP Photo/Robin Rayne</figcaption></figure>PSLs are back which means it&#x27;s time to work on your fall bucket list. Here are some ideas to get you started.<h5>1. Hoist a stein at Oktoberfest </h5>The annual festival features live music all weekend, keg tapping, stein hoisting, keg rolling, and bratwurst and pretzel tosses.

Things to Do

It's the most wonderful time of the year. Here are some ideas to make the most of the holiday season. 

Skate the Station tickets are $16 for a 75-minute session and skate rental. 

Hours: The rink is open now through Jan. 16. Hours are 4-10pm Monday-Friday; 11am-11pm Saturday; and noon-8pm Sunday. 

The Rink at Park Tavern ice skating tickets are $15 Monday-Thursday and $20 Friday-Sunday. Parking is $3 on weekdays and $5 on weekends. If you don't want to skate, you can spectate by a fire pit with seasonal cocktails. 

Hours: The rink is open for all ages 4:30-8pm Monday-Friday and 11:30am-8pm Saturday-Sunday.

Extended hours: It's open 8:30pm to midnight for people ages 16+ daily. The rink will open at 11:30am from Dec. 19 through Dec. 30.

Photo: Courtesy of Atlanta Botanical Garden

Sip Glühwein as you shop from 50+ vendors at the annual German-inspired market, located at The Buckhead Village.

Don(ner) your ugliest holiday sweater and drink with hundreds of other crawlers.  

The crawl is 5pm to midnight Dec. 10. Find more details here.

5. See "A Christmas Carol" at Alliance Theatre

The Christmas classic returns to Alliance Theatre with shows through Dec. 24. Tickets start around $25 for adults. 

Fill your heart (and stomach) with a jelly-filled doughnut, it's a Hanukkah Tradition. 

Skate the Sky Igloo weekday rentals include a two-hour igloo reservation, 50 minutes of skate time and skates, $100 food and drink tab,  a complimentary bottle of bubbles or round of hot chocolate and unlimited games at Skyline Park.

The package is $300 for up to six people of all ages. It's available Monday-Friday. 

Find weekend and 21+ rental details here.

Igloos are also available for rent at 9 Mile Station. 

Get in the holiday spirit with festive drinks in a decked out Christmas bar, like Rockin' Around the UrbanTree at UrbanTree Cidery or Tinsel Tavern at Live! at The Battery. 

Tinsel Tavern Photo: Courtesy of Live! at The Battery

9. Attend the Menorah Lighting Ceremony with Chabad Intown

There are handful of menorah lightings scheduled throughout Atlanta Dec. 18-22. Find the schedule and location details here.

Photo: Taylor Brodeur, courtesy of Chabad Intown

10. See the "Nutcracker! Magical Christmas Ballet" at Fox Theater

Celebrate Christmas Eve Eve with this beloved ballet performance. There's a 3pm and 7pm show on Dec. 23. Tickets run $34-$104. 

Photo: Sergii Malov, courtesy of Fox Theatre 

10 festive things to do in Atlanta this holiday season

From ice skating to light shows, here's a glimpse at Atlanta's can't-miss holiday happenings.

holiday lights at atlanta botanical garden

holidays

It&#x27;s the most wonderful time of the year. Here are some ideas to make the most of the holiday season.

Atlanta shows no signs of a market crash this year. Here's what experts say to expect instead.

Supply simply can't keep up with demand. 

With "a huge deficit of housing," strong demand and expected population growth, the Atlanta metro market is poised for appreciation, says Kelly Stephens,  vice president and managing broker of Engel & Völkers' North Fulton and Buckhead offices.

2. Still, 2023 won't be as hectic for buyers.

The market won't be as tumultuous as 2021 or 2022, according to Stephens.

Zoom out: Karen Hatcher, immediate past president of the Atlanta Realtors Association, predicts a healthy economic outlook for 2023, which should drive relocations and incomes. 

 "Coupled with interest rates leveling out, we should see strong buyer demand from locals and domestic migration with a healthy selling season," she says. 

To keep up with all the demand, Hatcher says new construction will be necessary. 

Current homeowners who bought or refinanced in the last couple of years when mortgage rates were at record lows are projected to stay in their homes, she says.

Stephens predicts there will be "more new construction sales in proportion to resale this year."

"Builders are continuing to add inventory and are finding ways to work with lenders on a bulk scale to help open up better mortgage options for buyers," she says. 

Here's what experts say 2023 holds for Atlanta real estate

Atlanta shows no signs of a market crash.

Illustration of the year 2022, with a keyhole for a zero, which zooms in so you can see through the keyhole to the year 2023.

Real estate

Atlanta shows no signs of a market crash this year. Here&#x27;s what experts say to expect instead.

Brianna Crane

Featured stories

Median home sale prices drop in metro Atlanta

Here's what experts say 2023 holds for Atlanta real estate

10 festive things to do in Atlanta this holiday season

Buying a house in Atlanta is easier, but not cheaper

10 must-do fall activities in and around in Atlanta