Over the past year, there have been some positive trends in the local real estate industry. The median price for homes in Georgia has risen to $145,000—which may not seem like much for some markets, but in Georgia that is the result of a 30 percent jump in price.
In addition, the amount of homes pending sale and the amount of new listings for available homes was also up. As the credit markets are slightly more lenient with loan-seekers, the amount of people purchasing a home in the state is growing, pushing the need for more supply to move. In Atlanta, the sales numbers are better than in all of the other cities in Georgia.
Interested in buying a home and moving to Atlanta? Act quick, as the demand for living in this southern metropolis is only growing.
S&P/Case Shiller recently reported that home price gains have lowered throughout the US. The annual gains for the 10-city and 20-city composites were 10.8 percent, which was a drop from the previous months. In metro Atlanta, however, the opposite was reported. Thanks to investors looking to purchase homes to rent out, the price gains in Atlanta and the sales growth overall have been trending in the southern city.
Interested in moving to Atlanta? There are a lot of competing sellers and buyers in the area, and it has proven to be a tough task for many looking to purchase property in Atlanta.
It is likely that the market will become increasingly competitive for buyers, which will then slow the market overall. As less inventory is available, less inventory can be moved. This is all normal though, and the more stable the market is, the more likely it is to slow down and hit a balance. The market has been strengthening not only in Atlanta, but in the entire state of Georgia. In fact, the median price for selling a home in Georgia has gone up nearly 40 percent in the past year.
Concerned about safety regarding your upcoming move to Atlanta? Rest assured, the Atlanta metro has a few areas that are outshining the rest of the state in terms of safety. According to Movoto’s real estate blog, the 10 safest cities in Georgia are as follows:
1. City of Johns Creek
2. City of Acworth
3. City of Canton
4. City of Kennesaw
5. City of Grovetown
6. City of Duluth
7. City of Suwanee
8. City of Dallas
9. City of Woodstock
10. City of Loganville
The study ranked cities with a population of 10,000 people or more and charted how much the area saw problems like murders, violent crimes, property crimes and total crimes.
What sets these areas apart from other parts of Georgia are special elements like the community. An active community that looks out for its neighbors is going to be more effective at fighting and preventing crime than any resident could do alone.
Atlanta is a unique city on many levels, including the current state of its real estate. Unlike most of the US, Atlanta is still a sellers’ market. Prices have grown 16% year-over-year in Atlanta. That’s double the growth rate we saw in the rest of the country, so homeowners looking to sell their properties are in a powerful position.
On a national level, sales were down eight percent in the spring quarter (Q2) for 2014 in comparison to 2013. However, in Atlanta, we saw the opposite. Residential sales grew about two percent in Atlanta. So what’s the reason so many people are moving to Atlanta and buying homes? Quite frankly, compared to the rest of the country, Atlanta is cheap. Add that to the fact that it is a large metro with big city offerings and it becomes clear why so many people want to buy property there.
It has been a long and winding road for the real estate market throughout the US, and Atlanta is no exception. According to Zillow and their real estate data for the second quarter of 2014, metro Atlanta prices are strengthening on a slow and steady climb from the pits of the recession of 2008. While experts predict the recession will not truly be out of Atlanta’s hair until 2016, it is definitely progressing and showing change in the right direction.
But what about on a national scale? The climb is still very real for many markets, and home values are currently about 11.3 percent below their 2007 peak. U.S. home values climbed 6.3 percent year-over-year in the second quarter to of $174,200 — the slowest annual pace of appreciation recorded so far this year and a sign that the market is returning to more normal levels.
As we have seen steady price growth throughout 2014 thus far, it is likely only the prices will continue to rise, but at a slow rate. Each month we are seeing about a 2 percent rise in price, and the market is slowly inching back to a normalcy that it saw before the recession. Thinking of moving to Atlanta and buying a home? The time to act is now, as prices will continue to climb as the months pass us by.
According to a new study by CBRE Inc., Atlanta ranks number 5 on a new list that tracks green efforts by cities throughout the country. The list has 30 cities on it total, all of which are ranked by buildings in the cities that incorporate sustainable and energy saving designs. Atlanta earned its spot with 54 percent of commercial space in the city certified as sustainable. Minneapolis ranked as the “greenest” city in the nation, with 77 percent of its commercial real estate certified as green. Other cities in the top 5 included San Francisco, Chicago, and Houston.
Atlanta has built up its inventory of sustainable buildings, and it’s been a top 10 city ranked by its number of LEED-registered and certified projects, according to the U.S Green Building Council. The switch to more efficient construction became crucial for the area when the city was becoming increasingly criticized for urban sprawl and for contributing to high car usage and gasoline emissions.
Thinking of moving to Atlanta and building your dream home? Keep energy efficient home designs at the front of your radar when selecting a development company or architect. Sustainable projects emphasize energy and water conservation, but they are also more widely associated with the desire to improve quality of life.
Thinking of moving to Westside Atlanta? Atlanta is getting more commercial growth in the coming months, thanks to the addition of trendy shops and dining hot spots to the area of town known collectively as Westside Atlanta. So far, confirmed tenants to move to the area as it undergoes redevelopment include a luxury apartment complex (called Elan Westside), which will be located at 14th Street and Howell Mill Road. But that is only the beginning! A new restaurant from the Castellucci Hospitality Group will be opening in the building’s retail area, with a menu focused on Basque inspired dining. The restaurant will be named Cooks & Soldiers and it will be an expansive 4,600 square feet.
Additionally, a Buckhead-based boutique called The Bilt-House will open a new location in the area. The store is a lifestyle boutique targeted at a high end demographic. Another ladies boutique is moving in to the building’s retail space called Kane.
More vacant space that is available for new retail tenants is tentatively projected to include a salon. As of now, there is not much information in terms of dates for development.
Buckhead has been a long term project and has seen various delays since its inception and implementation in 2006. Now, after years of battling the ups and downs of the economy and housing market, Buckhead is back on track to becoming the luxury Atlanta neighborhood that was initially intended. A shopping project within Buckhead, aptly called the Streets of Buckhead, was a $1 billion mixed-use project that is finally coming into fruition.
The stores expected to open with the shopping complex this fall will be a healthy mix of restaurants and retailers, such as Shake Shack and high end names like Helmut Lang, Jimmy Coo, Hermes, and more. The projected development is anticipated to be 300,000 square feet of shopping and dining.
If you are thinking of moving to Buckhead, there are going to be even more residential options as Buckhead becomes a destination for living, dining, and shopping. Start looking now to find the dream condo or home you are searching for! Buckhead has something to offer families, individuals, young professionals, retirees, and more. Come find what you are looking for in Buckhead.
As the Atlanta housing market attempts to regain stability after a long winding road, one chief concern for insiders of the local real estate market is pricing. Specifically, pricing in Midtown. While the target demographic of the Midtown Atlanta area is millennials, the price point for renting in the neighborhood is not in line with millennial salaries. In fact, even the top paying salaries for recent graduates is still a stretch for comfortable living.
Atlanta is the last of nine markets the company is involved in to see the condo product reemerge. In a recent progress report, Atlanta Intown Paper counts no fewer than 37 projects in development from Emory to downtown to the Westside, but how much of this new housing will be affordable for millennial budgets? Rental rates remain unclear, though the need for affordable multi-family housing is not news to anyone’s ears. The question now is if something will be made that fits the bill. Moving to Atlanta is gaining in popularity among the graduate set, it’s just a matter of where in the city they can live.
Foreclosures are slowly becoming a painful distant memory for the metro Atlanta real estate market. There were a mere 2,054 foreclosures in 13 counties stretching from Hall in the north to Rockdale in the south, and from Douglas in the west to Gwinnett County in the east. During June 2010, at the height of the housing crisis, there were 11,016 listed in the same counties, according to numbers from Kennesaw’s Equity Depot. Despite the drop in foreclosures, the Atlanta market isn’t exactly healed from the housing crisis of 2008. Current problems lie in the lack of available housing for prospective buyers. A normal market has a six- to seven-month supply of homes. At the end of April, there were 4.1 months’ worth of homes available.
Atlanta real estate is definitely tight, and people aren’t too willing to sell in the region. At the same time, this tight market is resulting in a spike in home prices, and hopefully as the price tags become more enticing for homeowners, there will be more existing homes available to buy. While Atlanta foreclosures are becoming a thing of the past, there is still plenty of work to do to make Atlanta a healthy housing market.