The information in this article has been adjusted to reflect the most current real estate market trends in Atlanta. The housing market in Metro Atlanta has recovered mainly without incident. As per Realtor.com in 2020, the Atlanta residential real estate market performed remarkably well despite unemployment and instability. So lets read about how you can advantage of Atlanta’s fast-growing market
In 2021, home prices soared, and the trend is expected to continue in 2022. In January of this year, the average cost of a home purchased in the 11-county area was 375,000 dollars. This price is 23 percent more than the median price in January. It was 0.5 percent down from the previous month’s median price.
Since the outbreak, record-low borrowing rates have enticed purchasers into the marketplace and increased purchasing power. Low mortgage rates provide buyers more purchasing power, even as property values grow. Low borrowing rates aren’t the only factor driving prices to new highs. A dearth of available dwellings is also a contributing factor. Poor mortgage rates and low inventory defined 2021, creating a perfect combination that will keep pushing housing prices upward in 2022. While costs continue to grow, inventories cannot keep up.
On this one, inventory looks to be leveling out, with a month’s supply typically lingering around through the summer. Overall, the housing market in Metro Atlanta remains competitive, albeit not as aggressively, but that was a few months ago. The supply in metro Atlanta reached a historically low 1.8 months a year ago, and it has continued to fall. As Of May 2021, inventories had only covered one month’s supply, and this fell to 0.9 months in January 2022, which is a new low for this area.
The Atlanta real estate market, is causing quite a stir among industry professionals. It’s easy to see why Georgia’s state capital is one of the strongest markets in 2022, with its strong job growth, rising population, and affordable housing.
Atlanta’s fast-growing market
So, what’s going on in Atlanta’s much-heralded real estate market? And as a real estate professional, how can you take advantage of these trends? Continue reading to learn more.
Price Increases Are Outpacing the National Average
According to experts, Atlanta home prices and existing home sales are expected to climb faster than the overall national average in 2022. Atlanta’s costs are expected to rise at a rate of 3.5 percent, far higher than the national average of 2.9 percent.
Furthermore, sales growth in Atlanta is expected to expand by 10% year over year, compared with the national average of only 6.6 percent.
The city’s tremendous expansion can be attributed to a number of factors, including job growth, population increase, and affordability. As per the recent data, Metro Atlanta’s population has increased by 15% in the last decade and is growing at 1.5 percent per year. By 2050, the city is expected to add 1.2 million additional employees. Furthermore, Atlanta’s cost of living is roughly 50% less than San Francisco’s & 60% lower than Manhattan’s.
Long-Term Investments are Increasing
Atlanta is known for being among the most profitable long-term property investment places in the country. Atlantaz is among the top ten percent of cities in the country for real estate appreciation. This is due to the fact that housing prices in the Atlanta Metropolitan region have risen by 165 percent in only the last decade.
Real estate investors should consider the following areas:
- Atlanta City
- Fulton County
- Sandy Springs
Home values in these localities have increased by 28.6% within the last year. Over the next 12 months, they’re predicted to grow another 23.3 percent.
Sales growth in Atlanta is projected to increase by 10% year over year, compared to the much anticipated national average i.e. 6.6%.
Do you want to have a look at the Atlanta market for yourself? The heat map & estimated value features might help you locate more hotspots. This allows you to select the best Atlanta possibilities so you can profit from this top market in 2022.
According to the Thriving Renters ‘ Market, renter-occupied houses in Atlanta account for roughly half of all occupied residential units in the metro region. This is because, in recent years, available entry-level housing has been scarce to buyers. As a result, potential first-time homebuyers are electing to rent single-family homes, making Atlanta an excellent rental property investment market.
Rents in Atlanta have increased by 23% year over year show no signs of slowing. For example, investors might expect to pay $2,095 per month for a three-bedroom condo in Atlanta. The most expensive areas include Peachtree Center, South Tuxedo Park, and Buckhead Village Hills, with rents exceeding $5,000 per month.
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