If all roads lead to home recovery, then it’s pretty clear that not all American’s are taking the same path.
In 2013, heavy investor interest began driving up the number of homes sold throughout the country. Listings priced high to low were selling like hot cakes.
According to a report from Redfin, sales of the priciest homes – meaning properties in the top one percent – grew by more than 35 percent, while sales of the other 99 percent still made out with an increase of 10.1 percent.
This year, however, things have begun to slow down – at least for most of us. Redfin confirms that home sales in the bottom 99 percent since January have dipped by a national average of 7.6 percent. Though a select number of major metro areas have experienced slight increases in the bottom 99 percent of home sales, the majority of growth remains in the top one percent where sales are up 21.1 percent.
Atlanta’s Growth Stays Slow and Steady
Atlanta is a unique market, offering amenities and opportunities appropriate for everyone from college hopefuls to independent high rollers, so it was no surprise that 2013 saw home sales grow across the board. Sale of more affordable homes, priced in the bottom 99 percent, grew by 17.8 percent, nearly matching the 21.7 percent growth home sales in the top one percent experienced.
The city ended the year with some momentum, and it has definitely made an impact on sales in 2014. Redfin found that since January, home sales of Atlanta’s priciest properties – meaning any home priced at or above $861,000 – are up by 21.8 percent – surpassing even last year’s figure. Unfortunately, sales of the other 99 percent of properties have had a less impressive first quarter, but still managed a positive increase of 4.8 percent.