Using hedonic models, we analyze the effects of proximity and noise on housing prices in neighborhoods near Hartsfield-Jackson Atlanta International Airport during 1995-2002. Proximity to the airport is related positively to housing prices. We address complications caused by changes over time in the levels and geographic distribution of noise and by the fact that noise contours are measured infrequently. A general decline in noise boosted housing prices during 1995-2002. After accounting for proximity, house characteristics, and demographic variables, houses in noisier areas sold for less than houses subjected to less noise. Also, the noise discount is larger during 2000-2002 than 1995-1999.