Investors buy $1 billion worth of metro Atlanta homes in early 2024

ATLANTA — Real estate investors shaved $1 billion off Atlanta’s real estate market to start the year.

During the first three months of 2024, the total value of Atlanta-area residential properties purchased by real estate investors exceeded $1 billion, according to a recent report from national real estate firm Redfin Corp.

The Atlanta Business Chronicle reports that the metro area joins Miami, Phoenix and several California markets in seeing more than $1 billion in homes purchased by investors from January to March.

Investors purchased more than 20% of all homes purchased in metro Atlanta during the quarter, according to the report.

Although the number of residential real estate transactions completed by investors declined slightly in Atlanta over the past 12 months, investor activity has picked up in other parts of the country.

Markets like Minneapolis, Minnesota and Las Vegas have seen investor home purchases increase 15% to 30% since May 2023, according to the Redfin report.

As investors buy up a considerable share of Atlanta’s cheaper housing stock, many first-time home buyers and those on a budget are tasked with deciding whether to continue renting indefinitely or try to purchase a more expensive house.

The median sales price of homes in metro Atlanta has increased 25% over the past three years, according to data from the First Multiple Listing Service. The median price was $428,500 last month.

Read the full report here.

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