For the first time in two years, home prices are on the rise in every major metro and Atlanta is one of them, according to a new Redfin report. 

In December, home prices increased year over year in all 50 of the country’s most populous metropolitan areas, marking the first time the market had seen widespread growth since May 2022, when “the pandemic homebuying frenzy caused prices to skyrocket,” the report said. 

To compare, Redfin noted that in December 2023, home prices rose in 41 metros.

Atlanta’s year-over-year median home price grew 3.2% to $392,000.

Redfin senior economist Elijah de la Campa said communities that have long been known as affordable places to live are now seeing double-digit price growth, “and that’s after home prices skyrocketed during the pandemic’”

“Affordable housing havens have become harder and harder to come by; even places that saw some price relief last year, like Texas and Florida, are now seeing prices tick back up,” de la Campa said. “Many people looking to move this year will likely opt to rent because it’s the more affordable option, and rental affordability is expected to improve as more supply comes on the market.”

Homebuyer demand fueled by record-low mortgage rates caused home prices to soar during the pandemic. In 2023, when rates reached a two-decade high, they fell again. And while prices have recovered over the past year, they are still climbing as inventory issues continue to plague the market.