Atlanta is one of the few cities in the southern part of the United States that is truly considered as cosmopolitan as cities up north. That?s in part due to the businesses and even celebrities that have elected to make Atlanta their home and place of business. However Atlanta too has been affected by the housing crisis. However not as bad as other larger cities in the United States.
Currently in Atlanta there are only about five thousand homes on the market. That number is very low compared to other cities the size of Atlanta. Over four hundred of the homes in the Atlanta market have been closed since the beginning of the year. The median sale of homes in Atlanta is around $250,000, which is comparable with the median prices of home sales in Los Angeles! So again there?s no wonder why many refer to Atlanta as being the hottest destination in the southern part of the U.S. for those who aren?t planning to retire any time soon.
However even though $250k is the median price for homes in Atlanta, as of February of 2010 there were over 150 homes under contract for almost half a million dollars. The exact figure is over $470k. This shows great promise for a strong rebound in the Atlanta real estate market! Despite this Atlanta is still plagued with foreclosures. These homes were hard for owners to lose and even more difficult for the banks to put on the market. These homes, those in foreclosure, are not moving as fast as resell and new homes in Atlanta. Many don?t view this as a problem and say that the fact that buyers in Atlanta want new and resold homes shows the amount of money that is in the area. However if most of those homes that are in foreclosure can?t be sold, they can really bring certain pockets of the Atlanta area down. The verdict is still out on how this will play out. However overall the Atlanta real estate market is overall doing better than most.