An astonishing trend in real estate that has offset a tough year around the country is in metro Atlanta. According to a recent report by Norada, a Housing Recovery Market Index by Realtor.com showed a 7.8 point real estate market gain above the baseline for January 2020. This means that the market here is outperforming the pace set in January of this year.
In addition, total units sold in the 29-county metropolitan area, including Forsyth county, were up 8.81% in August, and the median residential sales price increased by 11.64% over the previous year.
Active residential listings were down in August by 53.47% over 2019, but the market is showing signs of recovery. While inventory has lagged over the past five months, sellers are back in the market, meaning the region is trending toward a balanced market now.
Is Atlanta a good market for real estate investing?
Atlanta has a proven record for having some of the best long-term investment opportunities for real estate in the nation. Not only is the low cost of living advantageous, Atlanta attracts young professionals, millennials and students who prefer renting to owning. Before 2020, Atlanta’s job growth was averaging an annual 2.3%, higher than the national average of 1.6%.
Some of the most popular housing units in the city are one and two-bedroom large apartment complexes as well as single-family detached homes, duplexes and rowhouses. Investment properties are selling for as little as $127,000, much lower than the national average of $152,000. For the real estate investor, there is a huge market for steady rental income.
Where is the market headed for 2021?
According to Zillow, the Atlanta real estate market forecast calls for a 4.7% increase in home prices over the next 12 months, with demand outstripping supply. Although the current market is attracting buyers with record-low mortgage interest rates, it remains a seller’s market for the near future.
Whether deciding to buy a first home, selling a current residence or contemplating the purchase of a property for rental and investment purposes, it is very important to have an experienced legal source to help with all aspects of the transaction. From closings to title searches, refinancing, insurance and document review, it is best to have skilled and knowledgeable resources to ensure a legally sound real estate transaction.