Georgia is a flourishing state located in the southeastern part of the United States. Apart from its ideal spot and pleasant climate, the Empire State of the South boasts of affordable living costs. Reasonable tax rates and modestly-priced properties have attracted some of the world’s wealthiest companies and property investors to Georgia.
For the Georgia Association of Realtors (GAR), the real estate market in the ‘Peach State’ isn’t just peachy, it’s becoming hot. As of April 2022, the number of home listings in the state has decreased to about nine percent.
Georgia offers several options for rental, family, and luxury real estate properties, especially those provided by firms like the Corcoran Group. Whether a home buyer or rental investor, consider the hottest real estate markets in the area.
Georgia’s lucrative realty market
According to GAR, average home prices increased by 17.9% in 2021 year-on-year, with most properties spending only 29 days on the market—almost half the 51 days from the previous year. Prices for single-family homes, condominiums, or townhouses experienced 18% and 15% hikes, respectively. The GAR further reported that two-bedroom properties also had a 29% uptick in closed sales in the said period.
In spite of a robust increase, the median home value in Georgia, pegged at USD$ 306 113, is still lower than average US home prices at USD$ 374,900. Investors looking at pricier real estate assets can still afford to purchase in Athens, GA, considered one of the best places to live in for its vibrant economy and fun environment.
Moreover, a financial website has identified Atlanta, Sandy Springs, and Athens-Clarke as among the fastest-developing places in the country. As economies in these areas expand, so does the real estate market. A report by the Atlanta Realtors Association also revealed Fulton, Gwinett, Cobb, and Dekalb counties have the highest number of properties sold as of January 2022.
Best places for real estate buyers in Georgia
The GAR expects positive real estate market performance to continue in the coming years. While the city’s central districts remain famous for apartment and condo seekers, families are more likely to settle in the suburbs to save costs further.
A real estate academic institution has identified these markets as the potential top destinations for property investors and buyers alike.
- Norcross: The city’s proximity to the state capital, Atlanta, makes Norcross an excellent option for buyers. It may not have some of the priciest homes in Georgia, but prices grew 26% in 2021, and overall growth registered at 80% in the last 12 years. Buyers have been flocking to Norcross, causing housing inventories to plummet further and property prices to increase.
- Braselton: Located on the outskirts of Atlanta, Braselton is known for its family-friendly vibe. Besides highly-rated restaurants and schools, the town also has one of the best road courses and a vineyard. In 2021, Braselton had more homes available than a year before, and 40% of properties were sold at prices higher than their listing price. Industry players believe this trend will continue for the next few years.
- Brookhaven: Another of Georgia’s real estate hot markets is Brookhaven which, in April 2022, saw 2.73% of its properties selling higher than their listing prices. The place has several reputable schools and is known to house historic homes, museums, and shopping malls. These may be enough for most families to set their sights on this location.
- Chamblee: This city is considered a seller’s market and, as of April 2022, has experienced median home prices soaring to 24.8% compared with 2020. Over five percent of properties in Chamblee were bought at costs higher than their asking prices during the same period. The area is the state’s primary transportation hub, propelling its growth to over 200% since 2010.
- Sandy Springs: Prices of real estate properties in Sandy Springs haven’t seen a dramatic increase since 2020, but homes are sold more than their listing prices—indicating a massive demand for the market. Additionally, houses in this city are being snatched as soon as they’re listed, with most selling 16 days faster than average. The area’s job market is driving a demand increase, where, at least, two of the biggest multinational companies are located.
- Temple: This city registered one of the highest population increases in the last decade, causing higher demand for housing. According to reports, property prices grew 31% in 2021, with houses getting off the market as quickly as 9 days. Huge demand and low inventory make Temple a seller’s market this year and the next.
- Winder: Located in Atlanta’s suburbs, this quiet city is also in demand for real estate buyers, with about two-thirds of homes selling for more than their asking price. Properties also last for only 10 days on average before being snagged by a lucky home buyer.
Conclusion
Georgia’s property market is on the uptick since 2021. The state is home to family houses, condominiums, and rental properties in its business districts and suburbs.
Whether a real estate buyer or prospective homeowner, the state offers a few housing options that suit your needs and requirements. However, you have to act fast as inventories continue to plunge.
References
- “2021: Another Banner Year for the Georgia Housing Market.” Https://Garealtor.Com/, Georgia Association of Realtors, www.garealtor.com/2021-another-banner-year-for-the-georgia-housing-market. Accessed 1 July 2022.
- McCann, Adam. “Fastest-Growing Cities in America.” Https://Wallethub.Com/, Evolution Finance, Inc., 12 Oct. 2020, www.wallethub.com/edu/fastest-growing-cities/7010.Accessed 1 July 2022.
- “The Fastest Growing Real Estate Markets in Georgia in 2022.” Https://Www.Aceableagent.Com/, Aceable, Inc., www.aceableagent.com/blog/fastest-growing-real-estate-markets-georgia. Accessed 1 July 2022.
- “Atlanta REALTORS® Market Brief: January 2022.” Https://Www.Atlantarealtors.Com/, Atlanta Realtors Association, 23 Feb. 2022, www.atlantarealtors.com/resources/atlanta-realtors-market-brief/detail/atlanta-realtors-market-brief-january-2022. Accessed 1 July 2022.
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