The current landscape of balanced graph partitioning is divided into high-quality but expensive multilevel algorithms and cheaper approaches with linear running time, such as single-level algorithms and streaming algorithms. We demonstrate how to achieve the best of both worlds with a \emph{linear time multilevel algorithm}. Multilevel algorithms construct a hierarchy of increasingly smaller graphs by repeatedly contracting clusters of nodes. Our approach preserves their distinct advantage, allowing refinement of the partition over multiple levels with increasing detail. At the same time, we use \emph{edge sparsification} to guarantee geometric size reduction between the levels and thus linear running time. We provide a proof of the linear running time as well as additional insights into the behavior of multilevel algorithms, showing that graphs with low modularity are most likely to trigger worst-case running time. We evaluate multiple approaches for edge sparsification and integrate our algorithm into the state-of-the-art multilevel partitioner KaMinPar, maintaining its excellent parallel scalability. As demonstrated in detailed experiments, this results in a $1.49\times$ average speedup (up to $4\times$ for some instances) with only 1\% loss in solution quality. Moreover, our algorithm clearly outperforms state-of-the-art single-level and streaming approaches.