Craftsman. Ranch. Bungalow.
When it comes to buying a house, people tend to know exactly what style of architecture they want.
But, what do those preferences mean for sellers? Does owning a Split-level home give you the upper hand when negotiating, or would buyers rather pay top-dollar for a Craftsman?
This week, we set out to discover how certain home types are selling around Metro Atlanta. We compiled data from homes that sold in 2016 to get an idea of how architectural style impacts price and days on market, by county.
Some initial takeaways:
- Listing agents use “Traditional” to describe a lot of homes. Like, one-third of homes. We quickly found that while some of the homes that were listed as “Traditional” actually fit that classification, many did not. It seems this is the go-to when agents are having trouble classifying a particular property. For this reason, we excluded these houses from our analysis.
- Sales of Tudor and Victorian homes were low in Metro Atlanta last year. Although these styles are among the top 10 in the U.S., there wasn’t enough data to include them in this report.
This is what we found for the most commonly sold homes across Cobb, Dekalb, Forsyth, Fulton and Gwinnett counties:
In 2016, Bungalow-style homes were in high demand in Fulton and Dekalb. These properties overindexed in price in Dekalb, where they went for a median of $306,000. This is significant as the median price for all homes in Dekalb last year was $223,000.
We barely saw any transactions for Bungalow properties in Forsyth. Just 23 properties of that style sold in 2016, and they significantly underindexed in price. While the median price of all Forsyth homes sold last year came in at $498,500, Bungalows sold for a median of $125,500.
Craftsman is an interesting style to describe. We’re seeing Bungalows, Ranches and Traditional two-story homes being classified as “Craftsman.” However, homes that are designated as such have common architectural features that actually make them Craftsman homes. Unlike the “Traditional” designation, listing agents are a bit more careful about classifying properties as “Craftsman.” For example, 870 Craftsman homes sold last year in Fulton vs. 6,300 “Traditional” homes. For this reason, we decided to include them.
OK, back to the analysis!
Craftsman homes overindexed in price in all five counties, but sold for the highest amount in Dekalb with a median price of $429,000.
Across the board, Craftsman homes took a significant time to sell. They went the quickest in Fulton with 71 days on market, and took the longest in Forsyth with 89 days on market.
Contemporary home owners in Forsyth didn’t have much more luck than Craftsman owners in terms of selling their houses in a timely manner. Although they had a whopping selling price of $340,970, Contemporary homes in Forsyth took an average of 81 days to sell.
With a median price of $194,000, sellers in Gwinnett brought in the lowest amount for their Contemporary homes. And, it took 58 days on average to sell these properties.
European is by far the most expensive style in Metro Atlanta. They went for the most in Fulton for a median price of $665,000 … but (get ready for it), they took longest to sell as well—122 days on average!
Theses homes sold fastest in Dekalb, but it still took homeowners 71 days to get their European-style properties off the market.
To be fair, it does take homes at this price point a long time to sell, so these lengthy days on market aren’t much of a surprise.
Split-level homes underindexed in price across all five counties last year.
With 63 days on market, they took longest to sell in Gwinnett – where, surprisingly, they also happened to be the least expensive. Sellers in Gwinnett sold their Split-level homes for a median of $168,274. These properties went for the most in Fulton with a median price of $247,000, and they took 57 days to sell.
Sales of ranch homes were pretty consistent in all five counties, which makes sense: They’re the most popular style of home in all of Georgia. Our findings are consistent with Trulia’s research on the topic: Ranch properties are the most affordable style of house in Fulton, going for a median of $169,900 in 2016.
Although they were cheapest in Fulton, these homes were the most commonly sold in Dekalb, where they made up 23% of last year’s transactions.
Townhouse sales were pretty consistent in all five counties, but they sold most frequently in Fulton – where they made up 15% of transactions.
Prices for Townhouses underindexed in every county we analyzed, however, sellers in Fulton received the most for them at a median price of $248,000. Sellers in Gwinnett received the least at $167,000. These homes also took longest to sell in Gwinnett with an average of 56 days on market.
High-rise and mid-rise
High-rises and mid-rises get special mention because they are incredibly popular in Fulton, though not so much anywhere else. They accounted for 17% of Fulton transactions last year.
Homes in high-rises (buildings with six stories or more) sold for a median of $248,000 and sold within 65 days.
Homes in mid-rises (buildings with five stories or less), on the other hand, went for $173,000 and sold in 41 days.
The higher the price, the longer the wait
Overall, we found that certain home types, e.g. European and Craftsman, will sell at higher prices, but they’ll also take longer to sell. European homes, for example, appeal to niche buyers who are certainly willing to pay $450,000+ to live in that style of property. Sellers just need to keep in mind that finding those buyers will take anywhere from 10 to 12 weeks, on average.
It is a bit surprising, however, to see other homes taking so long to sell as well. Ranch properties, for example, are not priced as high as some of the other styles. Yet, we’re still seeing sellers waiting seven or eight weeks to receive acceptable offers.
In a high-demand market like Atlanta, homeowners should be able to sell these properties within a reasonable time and at market value. It might all come down to sellers marketing their homes more effectively.
To learn how you can sell your home in six weeks or less—regardless of its style, check out the Knock strategy.