The Atlanta Regional Commission predicts the 20 county Metro area to see continued growth and the population breaking the 8 million person mark by the year 2040. That may seem like a long time from now, yet if you buy a home with a 30 year mortgage, you will have 8 more years to pay on it when we reach 2040. What this does show is demand for real estate will continue to grow with the population.
If you purchased a home at the height of the previous market, before the shift in 2007, you are still 8.78% above the purchase value today. This is reflected in the fact that Short Sales have all but disappeared because homes are no longer under water in Metro Atlanta. The rate of Foreclosures have also normalized to hardship caused vs economically caused.
The average sales price in Atlanta has reached another all time high at $308,000. This is another red flag in affordability. Inventory is very low below $300,000 where the Sellers Market has held tight.
What does this mean for you? Please contact us to strategize what your best move would be in looking to Buy or Sell your home. We are your Local Economists when it comes to Real Estate. 404-978-2273.
All photos and data courtesy the August 2018 Case-Shiller Report.