With all the talk recently about the Atlanta housing market, many people are probably wondering how Atlanta’s housing market ranks nationally, and whether it is a good time to buy or sell real estate in Atlanta. Let’s look at some of the recent numbers to help unravel this for you.
HOT MARKET (i.e., Rising Prices)
As the housing market overall continues its recovery from the recession of a few years ago, a few cities are experiencing exponential growth in the sense that housing prices are on the rise. A recent study published by CNN Money in April 2014 placed Atlanta as the fifth fastest-growing housing market in the nation (and the fastest growing market east of the Mississippi), with a 16.8 percent increase in home prices from the same time last year. That means on average, a home in Atlanta is worth almost 17 percent more than it was a year ago. (Forbes indicates growth was even greater in 2013, with an increase of 36.3 percent as the market righted itself.) Predictions are that home values will continue to rise in this area.
AFFORDABILITY
Even with the recent boom in the Atlanta housing market, believe it or not, recent statistics show that the Atlanta metro remains one of the most affordable places in the nation to buy a home. In a May 2014 report published by NerdWallet, among larger metro areas of 1,000,000 people or greater, the Atlanta metro ranks as the nation’s second most affordable housing market, combining a median home price of $139,500 with an annual median household income of over $57,000.
INVENTORY
According to a May 2014 report by MetroStudy, new home starts for the first quarter in Atlanta were up 28 percent from the previous year. Existing home availability in Atlanta was still a little conservative as owner confidence continues to recover, but the number of new homes coming on the market means Atlanta ranks high nationally in the number of available homes. A more recent MetroStudy article (August 2014) indicates this trend has continued into the second quarter, with the state of Georgia now ranking fifth in the nation for new home starts.
WHAT THIS ALL MEANS
Taken together, what do these numbers mean for you? They tell you that while it costs more to buy a home in Atlanta than it did a year or two ago, this area is still one of the best places in the nation in terms of amount of home for the money—and the inventory continues to grow to meet the rising demand. All told, this is a great time to buy a home in Atlanta—and it’s also a great time to sell! For expert help with either one, contact the professionals at Atlanta Fine Homes Sotheby’s International Realty today.