There’s a reason why Atlanta attracts so many homebuyers. Given its warmer climate and the fact that it is home to a significant number of flourishing, well-known enterprises, it is easy to understand why. It is a metropolis that offers the conveniences and culture of a large city while maintaining the accessibility and homey atmosphere of a small southern town.
Dubbed the “New York of the South,” Atlanta has a flourishing and rising job market, and many important technological businesses are moving there from the West Coast. It is home to 17 Fortune 500 and 31 Fortune 1000 companies. Moreover, it has several major colleges and universities, including the Georgia Institute of Technology (Georgia Tech), the University of Georgia (UGA), and Georgia State University (GSU). Because of this, the housing market in Atlanta is poised for significant growth and potential, making it a top investment opportunity in the U.S.
The National Association of Realtors listed Atlanta – Sandy Springs and Marietta, Georgia – as the number 1 real estate market for 2023 for the 3 main reasons: it has better affordability than any other city, 20% of renters have the ability to buy a home, and the population is rapidly growing.
But before you start investing in properties in Atlanta Georgia real estate, let’s take a peek at the housing market in the area.
Atlanta Homes For Sale – An Overview of the Atlanta Housing Market
According to Jenni Bonura – president and CEO at Harry Norman, the housing inventory in Metro Atlanta is strong and Atlanta is seeing a 4-month supply of homes as compared to the 2.9-month house supply inventory on a national scale as of the end of January 2023 from NAR statistics. Luxury homes are at a 10.9-month supply. Normally, it takes a 6-month supply of homes to completely satisfy buyer demand; however, in some areas, a 4-month supply will do the trick.
This healthy level of inventory creates a multiple-offer situation so to put it in context, Atlanta Georgia real estate is a great market for both sellers and buyers.
Construction of single-family homes for sale in Atlanta has slowed down, but there is a significant increase in the construction of multifamily homes. The rental vacancy rate in Atlanta is below the national average.
Because of its economic opportunities, many young professionals and millennials are moving to Atlanta which results in high demand for Atlanta Georgia rentals and Atlanta homes for sale, thus the increase in multi-family home construction.
Metro Atlanta Housing Market Trends
Data from Realtor.com as of April 2023, shows the median listing price for Atlanta homes for sale is at 414.9K. The median sold home price is $405K. Atlanta homes sell for an average of 49 days on the market. There are 4,502 homes for sale in Atlanta, GA, 600 of which were newly listed within the last week.
Most Atlanta homes for sale are selling close to what they are listed for. This promotes market stabilization between buyers and sellers. Check out our previous blog “What You Need to Know about Atlanta Real Estate Market” to learn more.
Hummel Group has a list of inventories of Metro Atlanta homes for sale. Contact us today and let our best Atlanta Realtors and Atlanta Georgia real estate agents help you find the property you deserve.
Average Rent in Atlanta
Atlanta Georgia rentals have an average cost of $1,749 for a 1-bedroom apartment according to Zumper data as of May, 2023. This is a $43 increase from previous years’ median rental price. There is a 1% increase for studio apartments in Atlanta with an average rental price of $1,591, on the other hand, a 2% decrease for a 2-bedroom apartment with an average price of $2, 256.
The most typical types of housing in Atlanta are one- and two-bedroom large apartment complexes. according to the real estate data company Neighborhoodscout.com. Atlanta also has a lot of single-family detached homes, duplexes, rowhouses, and houses that have been turned into apartments for Atlanta Georgia rentals.
7 Factors That Make Atlanta Georgia Real Estate a Top Investment Choice
The Atlanta Georgia real estate market offers a compelling investment opportunity with strong economic growth, affordable housing options, high rental demand, and strong appreciation potential. Here are some of the benefits to consider before buying a home in Atlanta.
1. Strong Economic Growth
Atlanta is a thriving city with a strong economy that has been growing steadily over the past few years. The city is home to many Fortune 500 companies and has a diverse range of industries, including technology, healthcare, and finance.
2. Growing Population
Atlanta’s population has been growing rapidly over the past decade, making it one of the fastest-growing cities in the United States. With a large number of people moving to the city every year, the demand for housing is high and is expected to continue to rise.
3. Affordable Housing
Compared to other major cities in the US, Atlanta’s real estate market offers relatively affordable housing options, making it an attractive option for investors and homebuyers alike.
4. High Rental Demand
With a growing population and a strong job market, the demand for Atlanta Georgia real estate rentals is high. This makes it an excellent market for investors looking to generate passive income through rental properties.
5. Low Property Taxes
Property taxes in Atlanta are relatively low compared to other major cities in the US, making it an affordable option for property owners.
6. Diverse Neighborhoods
Atlanta has a diverse range of neighborhoods, each with its own unique character and charm. From historic districts to modern developments, there are plenty of options for everyone.
7. Strong Appreciation Potential
Over the past decade, property values in Atlanta have been steadily increasing, with many areas experiencing double-digit appreciation rates. This makes it an attractive market for investors looking to build long-term wealth through real estate.
The Atlanta Georgia real estate market has had consistent development over the past few years, making it an excellent destination to invest in real estate as well as live. Atlanta is a hub for all kinds of real estate investing. It is a metropolis with a staggering amount of potential.
The best Atlanta Realtors and Atlanta Georgia real estate agents of Hummel Group can find the ideal choice of property if you are relatively new to investing and are looking for a reliable rental income.
If you prefer owning a property over renting, we have a list of Atlanta homes for sale that will surely captivate your heart and make you finally decide to settle in this growing community. Not only will you have a place to call your own, but it also helps you build your home equity.
Hummel Group is dedicated to helping investors and homeowners build wealth through real estate investments. Let us be your partner in discovering the Atlanta Georgia real estate market and find the best housing option that works for you.
Hummel Group is a signature partner of Keller Williams Realty that caters to Metro Atlanta and Marietta, Georgia. Contact us now to experience our world-class real estate services.