ATLANTA — At of the start of July, the average home price in Georgia was just shy of $320,000.

Zillow reports that Georgia home prices rose 1.3% over the last year.

Homes in the City of Atlanta average a price of $377,400 and costs have fallen 1.3% since last July, the opposite of the statewide trend.

By price, Alpharetta, Dunwoody and Buckhead remain king, with home prices averaging as high as $655,00, $622,000 and $591,600, respectively.

Sandy Springs also ranked high by price, with Zillow reporting its average home value at almost $629,000.

Marietta, by comparison, was slightly lower at $456,460. Chamblee and Buford were reported at $454,600 and $467,000.

The price fluctuations come at a time of economic uncertainty. The U.S. Federal Reserve is still experimenting with strategies revolving around interest rate adjustments to get inflation under control.

While the interest rate changes don’t directly affect mortgage costs, each basis point decision by the Central Bank causes ripples in the system and across the market.

The latest data from Zillow showsa record high on home values for its June 2023 market report.

The real estate company said home buyers were “shrugging off high mortgage rates” but homeowners did not meet potential buyers at the table.

Zillow reported that every major U.S. market saw home values increase in June, but the values remain below 20220values for more than half of the available inventory.

Alongside the higher prices, new pending sales fell by almost 5%.

In addition to overall price increases, one area in Georgia topped a measure for price appreciation.

Gainesville was ranked fourth overall for home appreciation in the country, with above-average job growth, population growth, and unemployment, according to Bankrate.

Price issues are also an area of concern for potential buyers.

A study of home values versus home prices compiled by Florida Atlantic University placed Atlanta as the city with the most overpriced homes in the country.

The data from FAU showed Atlanta homes cost about $120,000 more than they’re actually worth, as of the end of June.

Using data from Zillow, similar to what was compiled by FAU, Norada, a real estate investment company, put out a list of the Georgia markets where home prices will rise the most by 2024.

Their list showed the following price jumps predicted to hit by June 2024:

• Thomaston, GA: 14.1%
• Cedartown, GA: 11.6%
• Toccoa, GA: 11.2%
• Fitzgerald, GA: 10.8%
• Summerville, GA: 10.2%
• Rome, GA: 9.7%
• Macon, GA: 9.3%
• Americus, GA: 9.3%
• Calhoun, GA: 9.1%
• Athens, GA: 9%