While prices in the region have risen steadily, houses are still a bargain compared to many cities in the North and West. That has attracted investors, especially hedge funds and real estate investment trusts, which are looking to buy homes in order to lease them.
About one-third of the homes sold in the region are purchased by investors, both individuals and groups of people who pool together money to make big-ticket investments, according to a study by Redfin, a national real estate firm.
Among metro areas, Atlanta now ranks No. 1 in the percentage of houses sold to investors.
Percentage of homes purchased by investors, by metro
1. Atlanta: 32.7%
2. Charlotte: 32.1%
3. Jacksonville: 29.8%
4. Las Vegas: 28.2%
5. Phoenix: 28.4%
Most money spent by investors buying homes, by metro
1. Los Angeles
3. New York
Metro Atlanta housing, Jan. 2022 compared to Jan. 2021
Median price: $350,000 (up 23.5%)
Number of sales: 5,463 (down 15.4%)
Listed for sale: 8,733 (down 17.5%)
Sources: Re/Max, Redfin