Atlanta Real Estate Market Update: August 2015
For the first time in 2015 the median price dropped for both metro Atlanta as well as Gwinnett County as a whole. Median pricing dropped in Gwinnett from $194K to $189K for homes sold in August. Overall this is still a whopping 8.9% increase over last year. Increases like this are not sustainable over the long term. In addition, although we are still up in every category over 2014 we are down.
When you look at the graph below you’ll notice that we are heading toward our usual Fall downturn. This price decrease isn’t always an indication of overall price decreases but rather that luxury home buyers tend to buy during summer months as well as school home buyers.
A little bit more interesting might be that metro Atlanta as a whole has exceeded the 2007 median price peak, while Gwinnett is very, very close. Gwinnett County was only $6K away from breaking that 2007 barrier. So what’s next.
If the economy stutters and rates increase I’d expect to see these prices come back down slightly. However, the low supply overall makes me think if there is a correction it will be small. There’s another graph that’s not shown here, but if you take the historical 3% appreciation growth for the country you’ll see that we have a ways to go to get back onto the historical scale.
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