Atlanta’s real estate market continued its upward surge at of the end of 2018. With droves of people migrating to this cosmopolitan city, the demand for more real estate options has increased.
Atlanta’s population has been growing steadily since 2000. From 472,967 residents in 2016, Atlanta saw 13,323 more people make the city their permanent address a year later. The increase in population has invigorated the real estate market. However, it pays to look closely at other factors affecting the city’s real estate market.
- Decrease in housing inventory
- Rising home values
- Lower mortgage delinquency rates
It may get increasingly difficult to secure real estate in Atlanta. According to Metrostudy, Atlanta’s inventory of newly built homes is on the decline. There were more single-family houses constructed in Q2 of 2018 (7,081 units) compared to the previous year (6,539 units). Closings, however, were up by 13%. The numbers suggest that new construction homes in Atlanta are literally being yanked off the market as soon they’re made available. Builders can barely keep up with the demand.
When it comes to listed homes, January 2019 figures show that the average time an Atlanta home stays on the market is 65 days, which is 20 days shorter than last year’s numbers. Homes for sale in Atlanta also stay on the market for a shorter time than areas like Savannah (76 days) and Cumming (81 days). The city also beat the state average of 70 days.
The higher demand for Atlanta homes has resulted in an increase in home values. According to Zillow, the median home value in Atlanta for January 2019 is $255,100, which is 14.8% higher than last year’s $228,000. This upward trend is expected to continue throughout 2019 by 7.6%.
This rise in real estate home values is not changing in the near future, considering Atlanta’s increasing population and the decrease in the number of homes available in the market. However, waiting for this trend to plateau is not recommended either as the inventory continues to shrink. Experts advise home buyers to buy now or make the decision to invest at the earliest possible time before the market tightens.
Atlanta’s mortgage delinquency rate has declined, with the improvement of the US economy and the rise in employment. The average rate of delinquency was 1.9% in 2017. This year, it’s down to 0.9%. This is even lower than the national average of 1.1%.
Unemployment fell from 4.2% in 2017 to 3.4% in 2018, which may also indicate less foreclosures in the future. This could also mean, however, that there will be fewer available homes for sale.
Are you ready to make the move to Atlanta and experience the best that the city has to offer? Let me, real estate broker Jenice LaGrande, help you find the home that best fits your needs. I have over 18 years of experience selling homes within the area so getting the perfect home for you is just a matter of time and preference. You can call me at 770-774-4443 or email countrywidere(at)gmail(dotted)com.