Atlanta is a hot real estate market, with home prices rising and inventory remaining low. Here are some of the key trends to watch in the Atlanta real estate market in 2023 and beyond:
Home prices will continue to rise. The median home sales price in Atlanta was $385K in July 2023, up 4.9% from last year. This trend is expected to continue in 2023, as demand for housing outstrips supply.
Homes will sell quickly. The median number of days on market for a home in Atlanta was 28 days in July 2023, down from 20 days last year. This trend is also expected to continue in 2023, as buyers compete for a limited number of homes.
Inventory will remain low. There were 10,169 homes for sale in Atlanta in July 2023, down 20.5% from July 2022. This trend is expected to continue in 2023, as the supply of homes for sale cannot keep up with the demand.
Buyers will compete for homes. Homes in Atlanta are receiving multiple offers, and buyers are often waiving contingencies in order to win a bidding war. This trend is also expected to continue in 2023.
Investors will be active in the market. Investors are buying homes in Atlanta, both for rental properties and for flips. This trend is expected to continue in 2023, as investors see Atlanta as a good investment opportunity.
New construction will increase. There are more new homes being built in Atlanta, which is helping to increase inventory. However, the pace of new construction is not keeping up with the demand for housing, so inventory is still expected to remain low.
The market is expected to remain competitive. The real estate market in Atlanta is expected to remain competitive in the coming months, as demand continues to outstrip supply.
Here are some factors that are contributing to the hot real estate market in Atlanta:
Strong job growth. Atlanta is a major job market, with many Fortune 500 companies headquartered in the city. This is attracting new residents and businesses to the area, which is driving up demand for housing.
Low interest rates. Low interest rates are making it more affordable for people to buy homes. This is also contributing to the increase in demand.
Affordability. Atlanta is still relatively affordable compared to other major cities. This is making it an attractive option for homebuyers who are looking for a good value.
Investment potential. Atlanta is seen as a good investment opportunity by many investors. This is driving up demand for homes, especially in areas that are considered to be up-and-coming.
"If you don’t like where you are, move. You are not a tree." - Jim Rohn
If you are thinking about buying a home in Atlanta, it is important to be prepared for a competitive market. You may need to be willing to act quickly and make a strong offer in order to win a bidding war. You should also be prepared to pay a premium for a home in a desirable location.
Here are some tips for buying a home in Atlanta's competitive market:
Get pre-approved for a mortgage. This will show sellers that you are a serious buyer and that you have the financial means to purchase a home.
Be prepared to act quickly. Homes in Atlanta are selling quickly, so you need to be prepared to make an offer as soon as you find a home you like.
Don't be afraid to negotiate. Even in a competitive market, there is still room to negotiate the price of a home.
Be prepared to pay a premium for a home in a desirable location. Homes in desirable locations will be more expensive, but they are also more likely to sell quickly.
If you are patient and prepared to work hard, you can find a great home in Atlanta's competitive market.