Should You Invest In The Atlanta Real Estate Market?
As a Realtor in Atlanta, one question that I often get is ‘is this a good time to buy?’ Since my Real Estate license did not come with a crystal ball (darn!), I turn to the experts for market forecasts, trends, and predictions. I recently found this article by Norada Real Estate that I think is worth reading if you’re considering buying a home in Atlanta within the next three years. The highlight? Atlanta’s real estate market has a 3-year appreciation forecast of 9.3%! Read the full article below.
Should you invest in Atlanta Real Estate Market?
Located in the state of Georgia, the city of Atlanta is a hotspot for any type of real estate investing. Atlanta has shown promising population growth and employment, which are two signs of a healthy real estate market. You can purchase investment properties in Atlanta for as low as $127,000. Comparing that to the national average, which is $152,000, that’s a pretty significant deal!
Atlanta is One of the Top Rental Markets in the U.S.
Newly rehabed properties with tenants
Properties starting at $70,000
Up to $750/m cash flow
500 people move to Atlanta every day
2 million more people expected by 2030
3-year appreciation forecast of 9.3%
Atlanta Real Estate Market Forecasts 2019, 2020, & 2021
According to Zillow.com, the median home value in Atlanta is $260,200. Atlanta home values have gone up 12.2% over the past year and their Atlanta Real Estate Market prediction is that the prices will rise 6.9% within the next year. The median list price per square foot in Atlanta is $229, which is higher than the Atlanta-Sandy Springs-Roswell Metro average of $125. The median price of homes currently listed in Atlanta is $320,000 while the median price of homes that sold is $219,100. The median rent price in Atlanta is $1,750, which is higher than the Atlanta-Sandy Springs-Roswell Metro median of $1,450.
Atlanta Real Estate Forecast
According to LittleBigHomes.com, the Atlanta real estate market forecast for the 12 months ending with the 3rd Quarter of 2019 is positive. Their accuracy of the Atlanta real estate market trend prediction is 90%. Accordingly, they estimate that the probability for rising house prices in Atlanta, Georgia is 90% during this period. If this Housing Market Forecast is correct, home prices will be higher in the 3rd Quarter of 2019 than they were in the 3rd Quarter of 2018.
Atlanta Housing Market Forecast 2019-2021
The Atlanta housing market forecast for the 3 years ending with the 3rd Quarter of 2021 is also positive. The accuracy of the Los Angeles housing market trend prediction for Los Angeles is 85%. Accordingly, LittleBigHomes.com estimates that the probability for rising house prices in Atlanta, GA is 85% during this period. If this Housing Market Forecast is correct, home values will be higher in the 3rd Quarter of 2021 than they were in the 3rd Quarter of 2018.
Atlanta Real Estate Market Trends
Atlanta real estate market trends indicate an increase of $18,000 (7%) in median home sales and a 3% rise in median rent per month over the past year. The average price per square foot for this same period rose to $211, up from $194. Trulia has 4,796 resale and new homes for sale in Atlanta, including open houses, and homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process.
The median sales price for homes in Atlanta for Dec 28 to Mar 27 was $285,000 based on 1,835 home sales. Average price per square foot for Atlanta was $211, an increase of 9% compared to the same period last year. The median rent per month for apartments in Atlanta for Mar 2 to Apr 2 was $1,650.
Atlanta Real Estate: Median Sales Price
As per the real estate company named Redfin, the Atlanta housing market is somewhat competitive. Homes in Atlanta receive 1 offers on average and sell in around 43 days. The average sale price of a home in Atlanta was $300K last month, up 28.2% since last year. The average sale price per square foot in Atlanta is $194, up 12.8% since last year. Homes typically receive 1 offer. Homes for sale in Atlanta, GA sell for about 3% below list price and go pending in around 43 days. Hot Homes for sale in Atlanta, GA can sell for around list price and go pending in around 14 days.
Atlanta Housing Market Statistics
Median Sales Price - $285,000
Price Per Square Foot - $211
Median Rent Per Month - $1,650
Median Household Income - $48,204
Home Owners - 49%
Single Residents - 48%
Median Age - 35
College Educated - 49%
Transportation - 88% people commute by car
There are 9,321 homes for sale in Atlanta, ranging from $1.5K to $21M on Realtor.com. 881 of which were newly listed within the last week. Additionally, there are 1,676 Atlanta rental properties for sale, with a range of – to $50K per month. In February 2019 the housing market in Atlanta, GA was a buyer’s market, which means there were roughly more active homes for sale than there were buyers. Buyer’s markets are generally more advantageous for buyers rather than sellers.
The median list price of homes in Atlanta, GA was $309K in February 2019, trending down -6.4% year-over-year. The median listing price per square foot was $190. The median sale price was $250K. Homes in Atlanta, GA sold for 1.56% below asking price on average in February 2019. On average, homes in Atlanta, GA sell after 65 days on the market. The trend for median days on market in Atlanta, GA is flat since last month, and flat since last year.
The median list price in Atlanta is $349,900 on Movoto.com. The median list price in Atlanta was less than 1% change from March to April. Atlanta’s home resale inventories is 5,394, which decreased 1 percent since March 2019. The median list price per square foot in Atlanta is $228. March 2019 was $228. Distressed properties such as foreclosures and short sales remained the same as a percentage of the total market in April.
Whether you’re looking to buy your first home, purchase an investment property, or list your current home and buy your next place, the predictions for Atlanta’s Real Estate market are strong. Engaging with a professional, hard-working realtor is one of the first steps. If you’re ready to get started, please fill out the form below. Not quite ready yet? Leave us a comment in the ‘Comments’ section at the end of the article. We’d love to hear your thoughts.