It’s been a while since I did a market update for the metro Atlanta area and the good news is that you didn’t miss much (except for the price increases).
So let’s run down the hot points of what’s going on in the market.
- Inventory is still low, causing prices to increase.
- Rates are increasing, further causing buyers to move off the fence to act now.
- Rental rates continue to skyrocket with no real end in sight as Atlanta continues to build apartments and condos. Did you know that the median price for an Atlanta condo is $400+!!! Only higher end buildings are being built right now (even in new construction).
- On the bright side, lenders are loosening restrictions
- Year over Year Median Price increase 7%!!
What you see above is Gwinnett, Cobb, Atlanta and Alpharetta (as well as the blue line representing the entire metro Atlanta area. The graph is showing the median price point of each area and how it always increases during the spring, continues to increase slightly through summer and then move down in the fall when school starts. WHEN you buy is important. WHEN you sell is important. Notice that since 2015 prices have only had “HUGE” increases depending on when you bought (even though year over year increase is actually 7%). It’s often better to list the home early in the year and it’s often best to buy right after school starts.
Since 2012 the cumulative increase for most of these areas is 100%! The median price point in Gwinnett was $110K in 2012. Now it’s over $220K! See this below.
When you see this know that prices are rising, competition is stiff and the days on market are low!
Some great reads that STILL apply even though we wrote about this a few years back:
Related Real Estate Resources: