Atlanta is booming. We are fortunate to live in such a vibrant and rapidly growing metro area. According to the University of Georgia’s Economic Outlook for 2018, we can expect continued growth this year, matching 2017’s already stellar performance. Statewide employment is predicted to increase by two percent, nearly twice the national average and personal incomes should rise by almost six percent, again well ahead of the nation. Georgia’s unemployment rate is expected to dip below five percent this year as the economy reaches full employment status.
Greater Atlanta is home to such well-known companies as Coca-Cola, Home Depot, United Parcel Service, Delta Airlines, and Georgia Pacific. The metro region is also a significant hub for film and media corporations and is often referred to as the “Hollywood of the East.” CNN and The Cartoon Network have their corporate headquarters in Atlanta, and popular shows such as “The Walking Dead” are produced here. All of this business activity has also led to rapid population growth. A 2017 report from the US Census Bureau shows Atlanta’s metro population is approaching 5.8 million and it is one of the most diverse and fastest growing regions in the entire country. In the last seven years alone the population of greater Atlanta has increased by more than half a million people and is expected to surpass 8 million by 2040. Corporate relocations are also driving growth, the recent announcement that French automaker PSG will be setting up its North American headquarters in Atlanta will bring even more auto industry executives to town. PSG joins Mercedes-Benz USA and Porsche North America in having a corporate headquarters in the greater Atlanta area.
So what does all this growth portend for the local residential real estate market? Realty Trac reports homes appreciated approximately 5% in the Metro Area in 2017 and are predicted to rise another five percent in 2018. The average sales price in Metro Atlanta rose to $229,000. If you are looking to buy a new home now would be a good time to make a move so that you can take advantage of interest rates that are still near their historic lows as well as to lock in your purchase price before values increase further. Strong demand and limited inventory equate to a competitive market for potential buyers. The current inventory of unsold homes is estimated at three months’ supply in the lower price ranges. Generally, anything less than six months is considered a sellers’ market. The inventory of higher priced homes ranges from 3 months to over 2 years. In addition, the rapid growth of the US economy as a whole may lead the Federal Reserve to raise interest rates in the coming months a change which will affect the cost of buying a home. Bottom line, if you are looking to buy a new home, don’t delay! Prices are only going to go up, contact the experienced professionals at The Sonenshine Team today and let us help you find the home of your dreams!
Debbie Sonenshine is also more than happy to help if you are looking to sell your home. As mentioned above the current market is hot, inventory is low, and prices are on the rise. We can work with you to get the best possible price for your home. At The Sonenshine Team, we give each of our clients 100% of our time, attention and commitment to meeting their personal goals. This commitment to excellence and customer service is what has made The Debbie Sonenshine Team the number 1 Coldwell Banker Team in the State of Georgia. Call or email us today and let’s get started on our journey to your new dream home.
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