Statewide home prices rose 19.5% year-on-year in May. At the same time, the number of homes sold fell by 5.8% and the number of homes for sale fell by 3.2%. Building rental communities in Atlanta are all the rage, especially in a metropolitan area like Atlanta, where 50% of homes rent instead of owning. A high or increasing percentage of homes selling above the list price indicates that the housing market is competitive and that bidding wars are becoming more common.
Talking about other rate hikes will encourage those in the market to buy a home to look even more, said Daryl Fairweather, chief economist at Redfin. Leaving aside the short-term effects of Covid-19 that is expected to end, the Atlanta housing market is strong Housing prices in the greater Atlanta area continued to rise, but a growing inventory may cause it to become a seller's market in the coming months. Hedge funds and corporations have been buying homes in the greater Atlanta area, constituting a sizeable minority of buyers. As the Georgia MLS marketing officer notes, “Atlanta is such a transient city: there are always people who move and need housing.
Kanell, the economics writer for the AJC, has been reporting on jobs, housing and the economy at the AJC for nearly two decades. Find out when is the best time to buy a home in Georgia, the best places to live and what you can do to ensure you get a great deal on your dream home. When it comes to thriving metropolitan areas with relatively reasonable housing prices, Atlanta is a serious contender. The direction and pace in which housing supply changes indicate whether options for buyers increase or decrease.
Incomes tend to be higher in these areas, but often not enough to compensate for the high price of housing. Ideally, a buyer would prefer a ratio of sale price to list price close to 90%, while a seller would always prefer scenarios that could yield a ratio of 100% or greater. The Federal Reserve Bank of Atlanta's homeownership affordability monitor rates the metropolitan area as affordable for households earning the area's median income, but that's changing rapidly. The direction and pace in which home prices are changing are indicators of the strength of the housing market and whether housing is becoming more or less affordable.
The right agent can help you find the best home for your budget and priorities, and negotiate a winning offer so you don't miss out on your dream home.