Here’s Exactly How Much Space $420K Will Get You if You’re Buying a Home in Atlanta

published May 16, 2024
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Atlanta, Georgia, USA Downtown Skyline Aerial Panorama.
Credit: Kevin Ruck / Shutterstock

If you’re thinking about moving to a new ZIP code, sometimes you may have a particular city or area in mind. If you’re planning to buy a home in a new location, it can be helpful to know more about trending real estate markets and what you can expect if you move there.

At the beginning of the year, Atlanta ranked 6th on Zillow’s list of 2024’s hottest markets, and now as summer approaches, the East Coast real estate market is sure to get even hotter. As of April, the median home price in Atlanta was right around $420,000. To get the scoop on what a potential homebuyer can expect to get for this price in the metropolitan city, we talked to Missy Derr, a real estate adviser at Engel & Vӧlkers, and Michael Ellman, an Atlanta Realtor with The Ellman Group, who shared some insight into the current state of the Atlanta housing market.

What does Atlanta offer potential buyers?

Atlanta is nicknamed “the city in the forest” because even though there is a substantial amount of man-made infrastructure, much of the city is covered by a canopy of trees. And while it is counted as one of the country’s larger cities, it isn’t as densely populated as other hubs, like New York or Chicago. Both Derr and Ellman highlighted Atlanta’s vibrant food scene that earned five restaurant Michelin stars this year along with the thriving arts and culture, music, and sports scenes.

The Atlanta Beltline is one of the most desirable features of the city. It is a “network of public parks, multiuse trails, transit, and affordable housing along a historic 22-mile railroad corridor.” This network also connects neighborhoods and features art installations, and, according to Derr, also has “mixed-use commercial areas such as restaurants, bars, food halls, and niche stores, such as gelato vendors.”

Who’s moving to Atlanta?

Ellman sees the city as a “melting pot of people and demographics” due to a number of factors. He says “the city is business-friendly,” and many companies have their corporate headquarters in Atlanta, including Home Depot, Coca Cola, and MailChimp. He also credits the growing culinary, music, and sports scenes that, together, offer something for nearly everyone.

Derr says that while “everyone is attracted to Atlanta at this moment,” she often works with first-time homebuyers eager to put down roots. She also sees “young professionals moving in droves as opportunity abounds with major companies relocating to Atlanta.” 

Coupled with Atlanta’s affordability and its friendly atmosphere, it’s drawing a wide range of people. While many young families flock to the areas outside the perimeter, many empty nesters are migrating back to inside the perimeter, where they can “experience walkability and the freedom available to them,” Derr says. 

What is the median household income in Atlanta?

The U.S. Census reports that in 2022 the median household income in Atlanta is $83,251 with a population of 498,715. In 2023, the bustling 11-county Atlanta metro region is home to a little over 5.2M residents and saw the third largest population boost in the U.S. in 2023. 

What type of home can you get for $420K in Atlanta?

The median home price in Atlanta hovered right around $420K in April 2024, so let’s see what you can get in Atlanta for that price. According to Derr, $420K will get you different things depending on if you’re looking “inside the perimeter” or “outside the perimeter” — the perimeter refers to Atlanta’s city limits that are defined by I-285. 

Inside the perimeter, Derr says the homes will be on the older side, “from the turn of the last century to the 1970s.” Homes will typically range from 1,200 to 1,700 square feet and have three bedrooms and two and a half baths. You could also get a smaller condo or a townhome with one or two bedrooms and bathrooms that includes amenities like a pool, common areas, and balconies as well as walkability to Atlanta’s shops, restaurants, and parks.

Ellman says that in the Buckhead neighborhood of Atlanta, with its “array of shops, restaurants, and nightlife, a budget of $425,000 will land you a one-bedroom, one-bathroom condo in a spectacular location.” But in the up-and-coming Brookhaven suburb, the same budget will get you into a two-bed, two-bath townhome built in the ’90s and early 2000s.

But keep in mind, $420K is the median price in Atlanta, which means that the actual price of homes can fluctuate greatly depending on the neighborhood you want to be in. For instance, “Virginia Highlands and Inman Park, two very popular neighborhoods, have single-family homes listed for over $1 million,” according to Ellman.

Overall, here’s what you can expect to get for $420K in Atlanta:

  • Between 1,200 and 1,700 square feet
  • A single-family home, townhouse, or condo, depending on the neighborhood
  • Access to the Beltline if you’re in the perimeter
  • Larger homes if you go outside of the perimeter

Recently sold Atlanta listings show a number of two-story, new construction homes that range from two to four bedrooms with one or two bathrooms and around 2,200 square feet as well as low-slung bungalow or craftsman style homes with three bedrooms and one or two bathrooms. This price range shows recently sold condos, some in high-rise buildings, loft apartments, and townhomes.