Springtime in Atlanta typically signals the start of the most popular time of year to buy and sell property, especially in the sought-after Buckhead community. With a housing market that continues to thrive, 2016 so far is proving to be no exception. Despite some tightened regulations for mortgage loans and slight increases in interest rates, home sales overall seem to be undeterred. If you’re thinking of buying or selling property in this area, here are some Buckhead real estate trends for 2016 that are worth considering.
INCREASE IN HOME VALUES
While property in the Buckhead area continues to be well above the citywide average, indicators are that this trend will continue in 2016 as the market continues to do well here. While this isn’t across the board in all neighborhoods, certain areas of Buckhead have seen significant increases in median sales prices over the past several months. This is likely to continue as we come into peak season.
INCREASE IN HOME SALES
As property values increase in Buckhead, there is a reasonable likelihood that more property owners will put their homes on the market. It is also increasingly likely that these homes will be on the market for lesser amounts of time before going under contract. One indicator suggests an increase of nearly 6 percent in the Atlanta housing market this year, and since popular areas like Buckhead tend to drive these numbers, the market increase could be even higher in the more coveted neighborhoods.
LOWER INVENTORY
Ironically, an increase in the number of homes for sale doesn’t automatically translate to more availability. In fact, as these homes sell more quickly, the overall availability of Buckhead real estate may actually drop by a modest amount, which can also be a factor in sale prices. If you’re a buyer, this means if you find a home you like, it’s in your best interest not to wait too long before making an offer. For some buyers, this may also trend toward an increase in condo sales as the inventory of stand-alone homes diminishes.
It’s important to be reminded that no one can truly predict the future of the market, not even the market experts. However, taking previous trends into account, we can at least make some educated guesses regarding Buckhead real estate trends for 2016 and how the market is likely to behave. For more information about availability in Buckhead and other parts of Atlanta, contact Atlanta Fine Homes Sotheby’s International Realty at 404.237.5000.