I was just digging through the Atlanta Business Chronicle’s Residential Real Estate Summit Supplement (try saying that three times!) and I came across a really interesting chart. The graphic, developed by Atlanta-based RealValuator, breaks down 130 zip codes in Atlanta by average price and number of transactions. Some highlights worth sharing:
- The highest zip code by average sales price is 30327: $1,002,229.
- The lowest zip code by average sales price is 30314: $21,488.
- 7 zip codes have an average sales price above $500,000.
- 24 zip codes have an average sale price above $300,000.
- 42 zip codes have an average sale price below $100,000.
- 13 zip codes have an average sale price below $50,000.
While many still misconceive real estate markets with one broad brush, reality on “”the street”” shows us that there are hundreds of mini-markets. Housing type, school district, zip code, subdivision… these are the real factors that help determine value, not what a national housing economist tells us about an entire metropolitan area. It’s an absolutely crucial point for those who are actively buying and selling real estate to understand. Without it, we’re all just shooting from the hip. And that’s not much fun (especially when it’s your money involved!)
For those of you interested in a particular sub-market- what’s selling, what’s not selling, average sales prices, number of foreclosures, trends, etc.- I’ve got tons of tools (including a subscription to RealValuator) at my disposal. I’d be happy to sit down and chat with you and break things down…