Atlanta metro area median price: $101,900.
Atlanta's median price might be close to $102,000, but that doesn't mean it's a realistic price to buy a home, says Mitch Kaminer, president of the Atlanta Board of Realtors.
"Having a lot of foreclosures and short sales brings down the median sales price," he says. "It's going to skew your thinking if you're looking to buy at that price range."
Asking price: $109,900.
A 5-year-old condo in a midrise building in Atlanta.
Metro median price: $101,900 (down 10.2 percent from one year earlier).*
- 1 bedroom, 1 bathroom.
- 688 square feet.
- Covered parking.
- Bamboo floors throughout living area.
- Kitchen area with granite counters and stainless-steel appliances.
- Scenic city views.
Listed by: Keller Williams Realty -- In Town.
In the city, buyers will likely find an older home for $102,000 -- anywhere from 30 to 70 years old -- typically with two or three bedrooms, he says. At that price, the home might need some updating or renovating.
In Atlanta proper, buyers could find a one-bedroom condo that's anywhere from brand-new to 40 years old, he says. In the suburbs, the average age of a condo is about 20 years old, so it might need some modernization, Kaminer says.
And if buyers are willing to commute to the suburbs, they can find a three-bedroom house -- about 20 years old on average, he says. But that home might need new appliances, a new kitchen or new bathrooms, Kaminer says. "It's typically not going to be in move-in condition."
*Source: National Association of Realtors, fall 2011.