Recently, the ABA Banking Journal published an article that names Atlanta as a city that is rising from the depths of the housing crisis and rebuilding. Few metro areas experienced as much stress as Atlanta, where many banks failed during the credit crisis, but the market is finally showing signs of light. This cycle of the rejuvenating Atlanta real estate market has earned the description as a phoenix. So what’s the real estate market like exactly?
Real estate prices seem to have bottomed. In some markets, they actually have new construction, ‘spec’ homes being built, but there is a long way to go before the city is at the stability level it was a few years ago. Residential real estate prices in metro Atlanta actually fell for five straight years from 2008 to 2012, according to the Federal Housing Finance Agency. Loaning entities, such as banks, are still trying to regain their footing and allow for new lending applications to be processed and fair. Sales activity has increased for Atlanta, and moving to Atlanta is gaining in momentum as vacancy rates are dropping.
For now, we are all curious to see what the latter half of 2014 will bring to Atlanta.