Zillow has revealed their always fascinating monthly home value index, and the news is good for the country, but not so great for Atlanta’s real estate market. While Zillow has national home values up for the eighth consecutive month in July, metro Atlanta values are down again with a year-over-year decrease of 4.1% (nationally, the figure is a positive 1.2%). But what do we always say? Real estate is local, local, local. There are always going to be pockets - especially in as large an area as metro Atlanta - of gains and losses. With that in mind, we wanted to take a closer look at what’s going on at the micro level.
Utilizing Zillow’s Home Value Index, we’ve broken down the top five gainers and the top five losers when it comes to year-over-year change in home values. This time around we’ll look at which of Atlanta’s ITP (inside the Perimeter) neighborhoods took the largest hits, and in the next installment we’ll see where values increased and decreased here and in the suburbs.
Top Five Decreases in Y-O-Y Home Value for July 2012
- Collier Heights: This historic subdivision just inside I-285 and noted for its retro midcentury look saw home values take a 30.1% plunge.
Zillow Home Value Index: $42,000.
- Washington Park: Although possessing plenty of historic homes with potential and a Beltline location, Washington Park hasn’t recovered from being hard hit by the foreclosure crisis; values are down 28.1%.
Zillow Home Value Index: $57,600
- Pittsburgh: Hopes had been high pre-crash for this challenged area south of downtown. Unfortunately its downward spiral hasn’t seemed to reverse, as home values have dropped 25.7%.
Zillow Home Value Index: $54,700
- Hammond Park: For the most part wedged between I-75 and I-85 just north of the airport, Hammond Park is composed mostly of ranch homes that haven’t held their value; to be exact, the overall value’s down 24.2%
Zillow Home Value Index: $38,500
- Greenbriar: Known for its mall and Tyler Perry Studios, Greenbriar hasn’t been immune from tumbling home values: they’ve decreased 23% since last year.
Zillow Home Value Index: $64,700