Georgia housing market: Everything you need to know
With an influx of new residents, Georgia has seen its population soar by over 11 percent between 2010 and 2021, with Fulton County, home to Atlanta, leading the charge with a remarkable 15.1 percent increase. This growth is hardly surprising, given that Atlanta was named one of Zillow’s top 10 hottest housing markets for 2023, and Bankrate’s Housing Heat Index crowned Gainesville, Georgia as the hottest metro area in the entire country.
However, this surge in population has created a demand-supply imbalance in the housing market. If you’re considering buying or selling a home in Georgia, it’s essential to understand the current dynamics. Let’s delve into the specifics of the Georgia housing market.
Georgia Housing Market Overview
The real estate landscape in Georgia varies widely depending on location. For example, the median price in Atlanta differs from that in Macon by approximately $200,000. Despite high mortgage rates and a decrease in sales volume, Georgia’s housing market remains robust. While prices are holding steady or slightly rising, the median home price in Georgia is still below the national average.
Georgia Housing Trends and Stats
As of July 2023, the median price for a home in Georgia stands at $358,000, reflecting a 2 percent increase from the previous year. Although this is below the national median of $406,700, properties are taking longer to sell, with an approximately 55 percent increase in time on the market, now averaging around 34 days. Additionally, the sale-to-list price ratio in Georgia is 99 percent, indicating that homes are selling slightly below the listed price.
When it comes to closing costs, Georgia typically sees expenses amounting to about 1.3 percent of a home’s sale price. For a home priced at the median of $358,000, this equates to around $4,654.
Should You Buy or Sell in the Georgia Housing Market?
For Sellers
Presently, it’s a seller’s market in Georgia, with a limited 2.5-month supply of housing inventory, significantly lower than the balanced market requirement of five to six months. This high demand and low supply scenario has pushed prices upward, allowing sellers to potentially earn more than they would have in previous years. The median sale price statewide has increased by 2 percent since the previous July and by over 15 percent in the span of 2022.
While online estimators provide a rough idea of your home’s value, working with a real estate agent who analyzes local comparables is the best way to determine an accurate listing price.
For Buyers
Affordability is a key advantage for potential buyers in Georgia. Even in Atlanta, where prices are higher, the median home price remains below the national average. To stand out in this competitive market, securing preapproval for a mortgage is crucial. Not only does it give you a clear understanding of your budget, but it also signals to sellers that you’re a serious and qualified buyer.
Georgia Housing Market Predictions
While there has been speculation about a potential housing market crash, most experts agree that it’s not a likely scenario for Georgia. Though the market has cooled slightly with fewer new listings and closed sales, demand remains high, and prices continue to rise. With the population still on the upswing, Georgia’s housing market is expected to remain robust.
Find a Georgia Real Estate Agent
Whether you’re buying or selling in Georgia, having an experienced real estate agent by your side is invaluable. Look for an agent familiar with your area or, ideally, your specific neighborhood. A seasoned agent will navigate the complexities of the local market, aiding sellers with marketing and pricing strategies and assisting buyers in finding the perfect property and guiding them through the bidding and closing process.
In conclusion
the Georgia housing market offers both opportunities and challenges for buyers and sellers alike. By staying informed about current trends and enlisting the help of a skilled real estate agent, you can make the most of this thriving market. Happy house hunting!