Atlanta, the capital of Georgia, is one of the strongest real estate markets in the United States, which sees a steady influx of visitors every year and continues to be the state’s economic and cultural hub. It is a promising location for anyone looking for employment prospects across a variety of industries, including banking, real estate, medical, and more because of its expansion, which shows no signs of slowing down.
The cost of living in and around Atlanta is still affordable, and inhabitants may enjoy a high standard of living without going over their budget, even though it is only 1% below the national average. Also, the city is home to several Fortune 500 corporations, like The Coca-Cola Company, Home Depot, Delta Air Lines, and others, thus there are many work opportunities.
Let’s explore the rich culture and vibrant energy of Atlanta to understand the great opportunities it has.
The Soul of the South – Atlanta
If you ever have the opportunity to visit, Atlanta is a wonderful city that you will adore. As soon as you enter, you can sense the enthusiasm and energy there. Atlanta has a lot to offer, including welcoming inhabitants, delectable cuisine, and a thriving music scene.
Atlanta’s rich history and vital contribution to the Civil Rights Movement are just a couple of the things the city has to offer. Learning more about the remarkable leaders who battled for justice and equality while touring the historical sites and museums that honor this period is fascinating.
Another thing that makes Atlanta special is its diverse and eclectic neighborhoods. Each one has its own personality and vibe, from the upscale shops and restaurants in Buckhead to the bohemian charm of Virginia Highland. There’s always something new to discover and explore in Metro Atlanta.
Furthermore, one of the things that Atlanta is most famous for is its thriving economy and business community. From large corporations to small startups, there’s always something exciting happening in the metroplex. But don’t worry, there’s still plenty of fun outside of work! Whether you’re catching a Braves game at Truist Park, enjoying a picnic in Piedmont Park, or trying some delicious Southern cuisine, there’s a lot to see and enjoy here.
Atlanta Housing Market Trend 2023
The National Association of Realtors (NAR) has listed the Atlanta-Sandy Springs-Marietta region as the number 1 housing market to watch this year. Atlanta outperforms the national average and surrounding rival cities in a number of categories, including overall employment growth, change in active listings, and population stability, according to the organization’s research.
While its housing market is more expensive than other counties in Georgia, it is one of the more affordable markets in the nation when compared to cities of similar size. “The Atlanta metro area continues to be more affordable than most areas across the country, with more than 20% of the renters able to afford to buy the typical home in the area,” NAR said. “The job market is robust, with many major tech companies from the West Coast opening offices, such as Apple, Microsoft, and Visa. As a result, the area experiences substantial migration gains and fast population growth.”
Data Source from Zillow and Census Reporter
According to Laura Rittenberg – Coldwell Banker Realty – on The Trend Report for Atlanta, “real estate remains in a strong position for the remainder of 2022 and heading into 2023, especially among the more affluent consumers. Additionally, consumers are over three times more likely to think that 2023 will be a better time to invest in real estate as compared to 2022 — rising a whopping 42% from only 11% a year ago.”
Atlanta Rental Housing Trend
Atlanta, GA is a city with a lot of rental homes, and about half of the households are occupied by renters. However, during the height of the coronavirus pandemic, when the city’s economy was locked down, the rent prices took a nosedive. This was a significant shift after eight years of steady rent growth in the Atlanta housing market. While some areas, like Buckhead, Lindbergh, Emory, and Midtown, saw the steepest drops in rent prices, the suburbs fared much better.
But the good news is that the housing market is recovering quickly from the pandemic’s effects. According to Realpage.com, Atlanta’s apartment demand has been at an all-time high, and the entire Georgia market has taken the nation’s top spot for apartment demand. In the third quarter, Atlanta’s 9,008 units accounted for 87% of the market’s annual absorption.
The cost of rent in Atlanta has dramatically increased both annually and monthly as of February 26, 2023. Compared to the previous year, the average rent for a 1-bedroom apartment has increased by 4% to $1,762. Despite the fact that during the last month, the average rent for a studio apartment dropped by 1% to $1,608, the average rent for a 1-bedroom apartment rose by 3% to $1,762, and the average rent for a 2-bedroom apartment jumped by 4% to $2,290.
Overall, the Atlanta housing market is rebounding, which is pushing up rent costs. Even though this may not be good news for tenants, it does indicate that the city’s economy is recovering and prospering once more.
What Does it Mean for Sellers and Buyers
If you’re planning to buy or sell a home in Atlanta, you might be interested to know that, as of January 2023, the housing market is still in favor of sellers. Due to the low number of listings and rising prices, sellers are probably going to get a healthy return on their investment.
It’s a different situation for buyers, though. Because of the intense competition, you must move quickly to present a compelling offer. To find the ideal home, you might even need to broaden your search beyond your favored areas.
Even though sales volume has decreased, the housing demand in Atlanta is still high due to the city’s growing population and job opportunities. As a result, the prices are likely to keep going up.
According to Samuel Morgan – Engel & Völkers Atlanta, “We expect inventory levels to remain low as new home construction is still lagging and current homeowners are not going to give up the historically low-interest rates they have with their current mortgages. Atlanta’s growth and vitality will keep the market moving. At some point in 2023, we expect interest rates to moderate, leading to a substantial increase in pending sales as there is a great deal of pent-up demand.”
Whether you’re buying or selling, it’s always a good idea to work with a knowledgeable real estate agent who can guide you through the process and give you the best advice.
In short, the Atlanta housing market in January 2023 offers plenty of opportunities, but it’s important to stay informed and work with the right Georgia Realtors to make the most of it.