Atlanta is trending towards being the housing market in the U.S. with the most potential for growth in the new year, according to researchers at the National Association of REALTORS®.
- Housing affordability
- The number of renters who can afford to buy a median-priced home
- Job growth
- Migration gains and population growth
- An increase in active housing inventory
- Less severe housing shortages.
“Atlanta has greater housing affordability than comparable cities, its population is growing more rapidly and 20% of renters there can afford to buy a median-priced home—higher than the national average—the NAR report notes. Atlanta also boasts a robust and growing job market, where many major technology companies, such as Apple, Microsoft and Visa, are relocating from the West Coast.”National Association of REALTORS®
Markets were compared by weighing several housing and economic factors and comparing them nationally, including:
See The Positive
It’s wise to consider this in context with Atlanta’s real estate market cooling last year. The number of monthly pending home sales in metro Atlanta fell to a 12-year low in December, according to FMLS. Meanwhile, new listings dropped to the lowest monthly total in 10 years.
Those factors combined to make January metro Atlanta’s slowest month for home sales since January 2011. There were fewer than 2,800 sales last month, down 38% compared to January 2022 and a 67% decline from the monthly pandemic-era high in July 2020. In every downturn, however, their is a positive opportunity and Atlanta Agents and Homeowners will have one in 2023.
“The Atlanta real estate market has been rebalancing over the last several months, with the number of listings increasing and the total number of sales cooling from the records set last Spring,” reports Atlanta REALTORS® Association President Michael Fischer. “Historically, housing is in short-supply, but more balanced conditions will present Buyers with opportunities they haven’t seen in several months.”Atlanta Realtors Association
The Metro Atlanta housing market, though, has recovered more positively relative to other markets. Although interest rates and inflation brought the 2022 real estate market back to reality, Atlanta continues to strengthen in factors that cushion more dramatic falls found in other markets.
“With interest rates continuing to pull back from recent peaks, we are expecting a busy spring market on the horizon as Atlanta continues to be a great place to live and work,” says Fischer.
Below are statistics supporting the NAR prediction.
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