Over the last 30 years, Intown housing has been growing by leaps and bounds in popularity and price. That’s true for real estate in all of Atlanta, and Georgia.
In 1990, the average home price in Georgia was roughly $70,700. By 2000, that had jumped to $111,200, according to Demographia/Wendell Cox Consultancy. Zillow reports that in 2024, the average value of a home in Georgia is $328,526.
But that’s all just numbers. Prices go up and down over time, but Intown real estate has seen more lasting changes since 1994.
Center stage
According to Ken Covers, Agent, Engel & Volkers Atlanta, the 1996 Olympics had the most profound effect on Atlanta’s real estate market because of the global reach the Olympics has on the world stage. “It was then the world realized what a great city Atlanta is. It is also what inspired me to check out Atlanta,” he added. “Once I did, it wasn’t long after that I packed up and moved here from Chicago.”
The games had a direct economic impact, too. Valerie Levin, Senior Vice President, Managing Broker, Midtown Office, Berkshire Hathaway HomeServices reported that the Olympics brought in approximately $5 billion.
“The games also generated an estimated $176 million in additional revenue for the state, not to mention the infrastructure improvements, urban redevelopment and media exposure which put Atlanta on the map as a global destination,” she said.
Levin explained that the growth was so fast and the impact on Atlanta so strong that the city had to grow up. “After the 1996 Olympics, the city attracted people from all over the country and the world who saw the potential and ease of living in this Southern jewel of a city,” she said. “This created a need for a robust artistic scene, five-star hotels and Michelin-rated restaurants.”
Harvin Greene, Agent with Dorsey Alston moved to Atlanta the day after she graduated from the College of Charleston and was working for Coca-Cola during the Olympics. “The investments in the city, its infrastructure and housing after that was what poised us to be the major market we are now living in,” Greene said.
New life for old neighborhoods
As more people flocked to Atlanta, they began looking Intown to some of the area’s more settled communities — such as the Old Fourth Ward, Westside and Summerhill. These neighborhoods have been enjoying a revival.
“It’s wonderful to see the restoration and renewal of these wonderful neighborhoods thriving with families,” Levin said. “Old Fourth Ward is not only an excellent location, it’s rich in our city’s history…Westside is one of the first developments to bring elevated shopping and dining in an urban setting. Summerhill tops Curbed Atlanta’s 2020 list of best places to live in Atlanta.”
Greene, a resident of Historic Druid Hills, said that Ponce City Market was transformative to the east side of town, and she believes that the Westside can credit Westside Provisions District and Georgia Tech with its growth. “Summerhill is one of the more interesting ones to me, as everyone was so upset when the Braves moved to Cobb County, but the new commercial district and Georgia State completely revived that area,” she said.
She added that she’s watching Lulah Hills, the old North DeKalb Mall site. “This is where I think the next hot spot will be as buyers are heading farther east towards Stone Mountain and Tucker for affordability,” Greene said.
Surviving the slump
Like the rest of the nation, Intown felt the effects of the Great Recession in 2008. Greene got into the real estate business during that time.
“I think it has helped me as I never knew an “easy” market. Every transaction was extremely difficult and complicated,” she said. “Overall, though, I believe Intown Atlanta fared much better as a whole than many of the suburban markets.
“While some areas that were on the cusp of redevelopment struggled as builders left half-finished projects, they have more than recovered and I think there is smarter development now than what was happening then,” Green added.
Levin also shared an optimistic view. “Like any disruption in our marketplace, it was a time for opportunity and to reinvent our business models,” she said.
She conceded that new construction was hit the hardest, as was commercial real estate. The recession destroyed more than 248,000 jobs in metro Atlanta and caused a quarter-million foreclosures. But since Atlanta attracts new residents and has a high job growth, the city fared better than most.
“The population of Atlanta increased by 0.7% between July 1, 2008, and July 1, 2009, adding 537,386 residents. This was one of Atlanta’s slowest growth rates,” Levin reported.
Since then, job growth has been solid which leads to a demand in housing. “The population of the Atlanta metro area in 2009 was over 5.4 million which was an increase of more than 1.2 million people. This growth helped Atlanta move into the top 10 metropolitan areas by population,” Levin said.
Covers, who specializes in the Morningside neighborhood, watched firsthand as that area lost less value than other areas and recovered quicker. “As we recovered and homeowners did their homework, the public realized the strength of the Intown neighborhoods,” he said.
The Beltline ties it all together
One of the biggest changes for Intown has been the Beltline, 22 miles of trails tying together Atlanta neighborhoods.“The BeltLine has absolutely changed the Intown real estate market, and all neighborhoods affected,” Covers said. “In addition to shelter, it brought an activity, a lifestyle to the public that they had been craving more of — whether it be biking, walking, skating.”
It has also created many different types of housing opportunities, like townhomes and condos, he added, and they’ve been very well received. “Plus the economic effect it has had on the effected neighborhoods has been absolutely enormous,” Covers stated.
Levin lives on the Beltline in Buckhead and said, “It has enhanced living and walkability in our city.”
On the other hand, she noted that home prices near the Beltline have risen faster than in other areas and contributed to “green gentrification,” a process where restoring urban areas with green spaces increases housing prices and displaces working-class residents.
To help alleviate the problem, “….the Beltline has acquired land to support affordable housing,” Levin said. “Murphy Crossing is a great example of this; it’s a 20-acre site located directly on the Westside Trail.”
The proposed development plan includes 1,100 residential units, including affordable housing as well as commercial space for small businesses and amenities.
Last thoughts
As far as real estate in general, Greene stressed that one of the biggest changes over the past 30 years has been the use of technology. “The ability to reach buyers directly and market homes through social media — this has been a game changer,” she said.
Homebuyers can get it all here, according to Covers. “I always tell people we truly do sell the American dream here in Atlanta — house, yard, garden and pool — with weather and seasons long enough that allow you to really enjoy having those features,” he said.
Levin predicted positive things for the upcoming year in real estate. “I believe the housing market in 2025 will be vibrant,” she said, “and Atlanta will continue to lead the country as a sought after city to live in!”
INTOWN @ 30: This story is part of Atlanta Intown’s 30th anniversary issue. Read more features here.
