The Yankees are coming!!! So is everyone else. Since I myself am a Damn Yankee; defined as one who stayed, I can see why the trend has been steady to downright migratory in the past 150 years. I have only been here 30, but personally seeing the metro area grow from 2.5 million in 1989 to nearly 7 million today has been mind blowing. Are market stats from last month see a continued trend of more homes for sale and longer days on the market. That being said, we are still in a Sellers Market- even up to $1 million. Inventory in the category below $1 million is selling below 6 months which is in the Sellers Market to Normal range. Prices continue to rise, up 3.2% from last month and 5.6% from April of 2018, giving us a Metro Average Sales Price of $320,000.
Compared to most of the United States this is still very affordable. The graphic above shows that at a salary of roughly $50,000 you can be a homeowner in Metro Atlanta. Compared to say Los Angeles at $123.2 we are looking very attractive. No wonder the film industry loves Atlanta.
Migration is not slowing down. So what does this mean? Not only is this a place to buy a home to live in, it is a great place to buy a home to rent. I have heard many younger people say they don’t want to be tied down. So don’t be. Buy something, live in for a couple of years and rent it to those others not wanting to be tied down. A few roommates could actually pay your mortgage. Rent free living looks like a great path.
If you are thinking about Buying, Selling or Investing in real estate, give us a call. 404-978-2273