Atlanta's Home Prices Jumped 10 Percent in One Year As Production Boom Fuels Home Market

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With film and television spending hitting a record high in Georgia, home prices rose sharply last year in the state’s biggest city, home to Tyler Perry’s $100 million estate.

https://www.hollywoodreporter.com/lifestyle/real-estate/atlanta-home-prices-jump-production-boom-1235291087/


five bedroom 1920s Georgian Revival residence in Atlanta’s Buckhead neighborhood

In the past decade, Atlanta has earned the moniker Hollywood of the South. The city boasts a population of around 500,000 in Atlanta proper and roughly 6 million in the greater metro area, with a rising number of full-time and part-time residents who are entertainment industry professionals. Many have been lured to work on productions like Black Panther: Wakanda Forever, The Walking Dead and the new Father of the Bride, or to find more stable work at the 700-acre Trilith Studios or Tyler Perry Studios in the heart of Atlanta.

Long a mecca for hip-hop artists and Black creators, Atlanta has also become increasingly popular with public figures from all walks of life. The undisputed media king of Atlanta — Tyler Perry — recently completed an astounding $100 million estate on 2,100 acres in the city of Douglasville, near his 330-acre studio complex. Celebrities who live or have had homes in Atlanta include Elton John, Melissa McCarthy, Ludacris, André 3000, Norman Reedus, Cardi B, Shaquille O’Neal, Gucci Mane, Jane Fonda and The Vampire Diaries co-creator Julie Plec. Whitney Houston was also a longtime resident; the Alpharetta home where she and Bobby Brown shot Being Bobby Brown is on the market for $1.9 million.

This rise in status and cachet has helped lead to a booming real estate market. Along with ample work opportunities and Southern hospitality, Atlanta offers luxury real estate at a fraction of the price of Los Angeles or New York. According to Rocket Homes, in November 2022, the median price of homes sold was $395,322, a 10.8 percent increase over 2021. The median price for five-bedroom-plus homes is $1.2 million.



According to Shanna Bradley of Ansley Atlanta Real Estate, the luxury market is particularly on fire right now — though overall home prices across the city slightly declined in November compared to the previous month. In the exclusive neighborhood of Buckhead, lavish estates are on the market for $4 million to $6 million, boasting amenities comparable with a $15 million home in Los Angeles. Bradley holds the $5.995 million listing on Mariah Carey’s palatial Buckhead estate, which includes nine bedrooms and a recording studio. Another Buckhead standout currently on the market is the home of best-selling author Emily Giffin, whose 1920s mansion is listed for $8.99 million. “Comparatively speaking to other markets, we have been relatively affordable,” says Christa Huffstickler, CEO of luxury brokerage Engel & Völkers Atlanta.

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Tyler Perry’s $100 Million Mega Home