The Face of Georgia’s Housing Market

The face of Georgia’s housing market

Georgia is known for having one of the most rapidly growing economies in the US. The manufacturing, programming, and tourism sectors have shown dramatic growth. More than 20 Fortune 500 companies currently call Georgia home, with investors demonstrating confidence in the state’s thriving economy. Billion-dollar companies here include Home Depot, Coca-Cola, and Delta.

The real estate climate in Georgia is just as appealing, considering the diversity of options. Each city and community is unique, providing an array of environments that appeal to a broad range of home buyers. Atlanta, the star of Georgia’s economy, has a dynamic urban appeal. Savannah offers the ease of suburban living along with many recreational opportunities. Fayetteville, on the other hand, promises peace and quiet even as the local economy has seen remarkable growth over the past few years.

Real estate in Georgia

According to Zillow, there are more than 80,000 homes for sale in Georgia, with the median home value set at $184,300. This reflects an11.6%increase from its 2018 value of $168,000. As the state welcomes new residents, this figure is predicted to rise by 7.3% until the end of 2019.

Homes, meanwhile, are listed at a median price of $250,000 but sell at around $185,000. With increased demand, houses are expected to sell at a higher rate in 2019.

When it comes to rentals, Georgia lists over 9,800 tenancies with an average rental rate of $1,131 as of January 2019. Studios rent for $962, 1-bedroom apartments for $1,038, and 2-bedroom apartments for $1,150. Rent in Georgia is lower than in nearby Florida, where the average is $1,345.

Rising real estate markets in Georgia

  • Jonesboro
  • Jonesboro’s affordable housing, growing economy, and convenient access to Atlanta make it an attractive choice for home buyers and investors. The area boasts of Ranch and Craftsman-style homes in homey suburban settings. It also has a growing economy that offers many employment opportunities in industries such as transportation, warehousing, and waste management services. Being directly connected to I-75 N, Jonesboro residents enjoy convenient access to Atlanta via transit systems MARTA and Xpress.

    Home values in Jonesboro have been appreciating at a fast rate since 2014. As of December 2018, the median home value in Jonesboro was $116,200 – a 28.1% uptick from December 2017. This growth is predicted to continue throughout 2019, with an increase estimated at 16.5%. Jonesboro properties are ripe for the taking as they are well below the state average of $185,500.

  • Savannah
  • Savannah’s proximity to the ocean, exciting tourist destinations, and beautiful suburbs make it a mecca for real estate investors. Savannah’s cost of living is 17.2% lower than that of Atlanta’s. Home values are also lower at a median price of $134,600, but these have gone up 9.3% over the past year and are projected to increase by 6% in 2019. The average rent in Savannah is at $985 per month.
    There is a diverse range of real estate options in Georgia. Ardsley Park, which is strategically located near an 18th-century historic district, offers single-family homes with 2- to 4-bedrooms. Tybee Island is a showcase of luxurious waterfront houses and condos. In Downtown Savannah, home buyers are spoilt for choice with a selection of lovely Victorian houses, bungalows, high-rise apartments, and luxury condos

Fayetteville

There are traces of Fayetteville’s historic past in what was once an agricultural trading town founded in 1832, even as the city is steeped in 21st-century conveniences. Opportunities abound in the local transportation, education, and healthcare industries. Fayetteville residents typically live in Ranch or Colonial-style single-family homes. Most people who buy a house in Fayetteville stay for the long term, as evidenced by the high home occupancy rate.

The median home value in Fayetteville rose to $243,300 in 2018. Buyers will appreciate the fact that the median price of homes listed ($325,000) is lower than the median price of homes sold ($238,700). Therefore, the time to buy a home is now before inventory drops further. From 303 listed homes in 2018, houses for sale are down to 288.

Take your pick from among the many options available to home buyers in Georgia. Let me, real estate broker Jenice LaGrande, help you get the best deal in the city of your choice. Call me at 770-774-4443 or email countrywidere(at)gmail(dotted)com.