Zillow Home Value Index · 157 Georgia counties · through 2026-06

Georgia Housing Divide

Georgia's statewide home-value index set another record this month. It is also true that 60 of its 157 counties are already below their own peak — and the counties falling fastest are the expensive ones. The state average is the average of two housing markets moving in opposite directions.

Statewide index, since Dec 2019
+60.6%
All-time high, reached this month. Nationally the median county is up 51.1%.
and yet
Counties past their own peak
60 of 157
22 of them by more than 5%. All five Atlanta core counties are among them.
Where

The divide has a shape

Each county shaded by the metric you pick. Switch to distance below peak and a ring appears around Atlanta: the core counties turned down while the countryside kept climbing.

    Hover a county · click to trace it below
Median county value
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Median gain since 2019
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Counties past peak
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Deepest drawdown
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Zillow's index is smoothed and seasonally adjusted, so month-to-month moves are real rather than seasonal. It covers 157 of Georgia's 159 counties — Quitman and Webster are too thinly traded to index.

Two Georgias

The same boom, two endings

Every county indexed to its own December 2019 value. The four heavy lines are group medians. The Atlanta core — Fulton, DeKalb, Cobb, Gwinnett, Clayton — gained the least of any group and turned first.

Show the group numbers as a table
GroupCountiesMedian valueSince 2019Off peakPast peak

The inversion is the finding: the cheapest counties ran hardest. Jenkins (+98.6%), Upson (+97.8%) and Candler (+94.2%) nearly doubled from a low base, while Fulton — the state's economic centre — managed +33.0% and is 5.9% off its peak.

When

Two peaks, two years apart

The month each county's index topped out. This is not one distribution — it is two: a cluster that peaked in 2024 and never recovered, and a cluster peaking right now.

peaked and rolled over peaking in the last three months

45 counties topped out during 2024 and 11 even earlier, and they have been drifting down ever since. Another 86 set their high somewhere in 2026 — all but two of those are still within 1% of it. A single statewide number cannot describe both halves.

Conditions now

Cooler, but not cheaper

June 2019 against June 2026 — same month, so seasonality is held constant. Selling has got markedly harder, yet there is still less on the market than before the pandemic.

Every county, then and now
June 2019 June 2026

The combination is the lock-in effect: owners holding sub-4% mortgages are not listing, so inventory stays scarce even as demand weakens. Scarcity holds the price line while time-on-market and discounting do the adjusting instead.