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How Are Rising Mortgage Rates Affecting Real Estate in Sandy Springs? Plus Top Ten Sandy Springs Home Sales Of 3rd Quarter 2022

Our community saw a very steady rise in the number of home sales month-over-month through May of 2022. After the crescendo of 87 homes sold in May, the numbers began to drop at almost the exact rate they had risen. This comes as no big surprise as 30- year fixed mortgage rates more than doubled from an average 3.22% in January to 6.7% by the end of September.

The good news for buyers is that we are finally starting to see sale prices in Sandy Springs falter, and even drop, in the high end of the market. While the highest priced home to sell in Sandy Springs this quarter was over $5 Million, the prices for the next 9 sales fell a bit from Q2. Last quarter we saw all 10 top sales at $3 Million or more, while Q3 saw only 4 sales above $3 Million. Moving forward, we expect to see inventory improve while prices adjust to a more reasonable level.

Here are number of sales and average close price for single family homes in Sandy
Springs year to date.

Month Number of Sales Average Close Price
January 52 $953,008
February 55 $1,064,302
March 66 $1,197,725
April 69 $1,074,433
May 87 $1,074,997
June 68 $1,294,836
July 65 $1,051,942
August 54 $1,073,675
September 52 $1,118,206

Attached housing for 3rd quarter, 2022 shows the same basic trajectory as single family housing, illustrating that prices across the board have been affected by the mortgage rate hikes. Steady increases have transitioned into price fluctuations in Q3. Further correction in prices should continue as inventory will hopefully increase making this a good market for buyers again.

Number of sales and close price for attached housing YTD in Sandy Springs:

Month Number of Sales Average Close Price
January 69 $315,544
February 69 $292,659
March 78 $341,959
April 82 $354,669
May 103 $415,504
June 73 $412,615
July 56 $309,262
August 86 $362,443
September 66 $350,767

As inventory rises, bidding wars begin to go by the wayside, and home prices start to drop, we will see our seller’s market begin to transition into a buyer’s market for the first time in several years.

And finally… The top 10 home sales in Sandy Springs for the 3rd quarter of 2022:

1

1714 Brandon Hall Drive, Atlanta, Georgia 30350, 4 Bedrooms Bedrooms, ,5 BathroomsBathrooms,Residential,Sold,1714 Brandon Hall Drive,7068576

1714 Brandon Hall Drive
1714 Brandon Hall Drive, Atlanta, Georgia 30350
Sold 09/14/2022
4Bedroom(s)
5Bathroom(s)
89Picture(s)
7,496Sqft
Set on a dreamy, wide-open tract of land that was once part of a small vineyard, this exquisite home offers endless views of the Chattahoochee River. Building 1714 Brandon Hall Drive, so close to the Chattahoochee River, was the culmination of four decades of home-building experience.
$5,250,000

2

131 Burdette Road, Atlanta, Georgia 30327, 7 Bedrooms Bedrooms, ,8 BathroomsBathrooms,Residential,Sold,131 Burdette Road,7054638

131 Burdette Road
131 Burdette Road, Atlanta, Georgia 30327
Sold 08/01/2022
7Bedroom(s)
8Bathroom(s)
58Picture(s)
9,785Sqft
Incredible Harrison Design located in Sandy Springs. This European Oasis is completely gated 1.4+ acres and truly magnificent. Meticulously landscaped. The rooms are spacious and flow efforlessly throughout the house. Fully equipped open eat-in kitchen with keeping room. Separate dining room and formal living room.
$3,975,000

3

1020 Mount Vernon Highway, Sandy Springs, Georgia 30327, 4 Bedrooms Bedrooms, ,4 BathroomsBathrooms,Residential,Sold,1020 Mount Vernon Highway,7062186

1020 Mount Vernon Highway
1020 Mount Vernon Highway, Sandy Springs, Georgia 30327
Sold 09/30/2022
4Bedroom(s)
4Bathroom(s)
58Picture(s)
6,956Sqft
DO NOT DRIVE ONTO PROPERTY WITHOUT AN APPOINTMENT! Opportunities like this don’t come along often….Perfectly positioned on one of the highest points in Atlanta, this meticulously designed custom creation on 1.7 acres provides skyline views that only a handful of other homes in the entire metro area possess! The home itself is equally as stunning as the view.
$3,700,000

4

5310 London Drive, Sandy Springs, Georgia 30327, 6 Bedrooms Bedrooms, ,6 BathroomsBathrooms,Residential,Sold,5310 London Drive,7041612

5310 London Drive
5310 London Drive, Sandy Springs, Georgia 30327
Sold 09/09/2022
6Bedroom(s)
6Bathroom(s)
53Picture(s)
9,036Sqft
Architecturally designed by renown Spitzmiller Norris this home sits on 1.4+/- acres with mature landscaping. This private retreat is also minutes to Heards Ferry Elementary School and Riverwood Charter High School. This sought after neighborhood is also surrounded by some of the best private schools in Sandy Springs and Buckhead.
$3,050,000

5

3 Leighton Court, Sandy Springs, Georgia 30327, 6 Bedrooms Bedrooms, ,6 BathroomsBathrooms,Residential,Sold,3 Leighton Court,7054802

3 Leighton Court
3 Leighton Court, Sandy Springs, Georgia 30327
Sold 07/07/2022
6Bedroom(s)
6Bathroom(s)
41Picture(s)
8,000Sqft
Enjoy your best life in this impeccable home in Sandy Springs perfect location tucked in a quiet gated private enclave of custom homes. Your own resort style walkout backyard with a heated saltwater pool and spa, outdoor kitchen, covered patio and fully landscaped privacy - perfect for intimate or grand scale entertaining.
$2,800,000

6

635 Mount Vernon Highway Nw, Sandy Springs, Georgia 30327, 5 Bedrooms Bedrooms, ,6 BathroomsBathrooms,Residential,Sold,635 Mount Vernon Highway Nw,7054126

635 Mount Vernon Highway Nw
635 Mount Vernon Highway Nw, Sandy Springs, Georgia 30327
Sold 07/11/2022
5Bedroom(s)
6Bathroom(s)
87Picture(s)
11,700Sqft
Your private oasis! Get ready to be stunned by this 14,000+ square foot estate. Double gated automated driveway with a car collector's dream 10 car garage (OR boat garages)!!! Plus unique circular drive that parks 20+!! 12' ceilings on main floor! The grand two-story entry Foyer gives way to a 24' Great Room with a coffered ceiling, and an abundance of natural light.
$2,750,000

7

127 Dudley Court, Atlanta, Georgia 30327, 7 Bedrooms Bedrooms, ,6 BathroomsBathrooms,Residential,Sold,127 Dudley Court,7089077

127 Dudley Court
127 Dudley Court, Atlanta, Georgia 30327
Sold 09/08/2022
7Bedroom(s)
6Bathroom(s)
58Picture(s)
7,384Sqft
You must come see this picturesque home on a quiet flat cul de sac just steps from Chastain Park!! It is everything you wanted!! Wonderful yard in front and back with a beautiful salt water pool!! Gracious covered porch opens into the entrance hall leading to formal dining and handsome office rooms.
$2,740,000

8

6020 Riverside Drive, Atlanta, Georgia 30328, 12 Bedrooms Bedrooms, ,12 BathroomsBathrooms,Residential,Sold,6020 Riverside Drive,7049300

6020 Riverside Drive
6020 Riverside Drive, Atlanta, Georgia 30328
Sold 08/05/2022
12Bedroom(s)
12Bathroom(s)
7Picture(s)
9,154Sqft
Gorgeous Gated estate in city of Sandy Springs and is nested on over 2 acres corner lot (corner of Riverside Drive and Heards Ferry Rd). Main home with 5 car garage, two in-law suites/apartments with full kitchens and exterior entry. Oversized Master suite is in main. Home offers 12 bedrooms, 12 baths and 2 half baths, Over 9100 sq. feet home (per tax records), built 2000.
$2,640,757

9

4966 Long Island Drive Nw, Atlanta, Georgia 30327, 6 Bedrooms Bedrooms, ,6 BathroomsBathrooms,Residential,Sold,4966 Long Island Drive Nw,7063586

4966 Long Island Drive Nw
4966 Long Island Drive Nw, Atlanta, Georgia 30327
Sold 08/02/2022
6Bedroom(s)
6Bathroom(s)
74Picture(s)
8,700Sqft
Exquisite gated brick and stone home in sought-after Chastain/Sandy Springs. The lovely manicured grounds include mature landscaping with an Italian marble fountain. The stunning private backyard is an oasis with palm trees, resort style salt water pool, spa, cabana and an outdoor kitchen ideal for entertaining. This home has an incredible three level living space and three car garage.
$2,600,000

10

4737 Dudley Lane, Sandy Springs, Georgia 30327, 6 Bedrooms Bedrooms, ,5 BathroomsBathrooms,Residential,Sold,4737 Dudley Lane,7044236

4737 Dudley Lane
4737 Dudley Lane, Sandy Springs, Georgia 30327
Sold 09/21/2022
6Bedroom(s)
5Bathroom(s)
52Picture(s)
7,841Sqft
Traditional move-in ready home is perfectly situated on .75 acres in Chastain Park! Grand entrance foyer leads to formal living room with fireplace and formal dining room. Beautiful vaulted ceiling family room with fireplace overlooks the backyard. Kitchen offers granite countertops, wood island, double ovens, gas range and opens to the breakfast room with fireplace.
$2,500,000

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About

Sandy Springs is a vibrant and growing city just north of Atlanta, Georgia. It’s where beautiful residential neighborhoods meet world-class amenities, and all within a short drive from downtown. If you’re looking for high-end shopping, you’re a foodie looking for your next culinary treat, or even an outdoor adventurer looking for a great place to get away in the woods, Sandy Springs has got you covered! 

Sandy Springs offers plenty of community activities to go along with its quiet neighborhoods and beautiful homes. The Performing Arts Center and live music on the City Green at City Springs are just the beginning. There is a lot going on for residents and visitors alike.

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