This past July, Atlanta, Georgia’s housing market posted a historic high when the metro area’s median home price exceeded a quarter of a million dollars for the first time in history. Where does this latest real estate benchmark leave Atlanta-area investors?
To answer this question, we must examine not just the latest market statistics, but some broader geographic and economic indicators:
- Employment Trends & Types: The Atlanta-area economy is incredibly diverse with healthy subpopulations working in professional and business services, education and health services, government employment, and trade, transportation and utilities. Job creation is steady and local universities attract and cultivate STEM talent.
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Household and Housing Creation: The Atlanta housing market still has the physical space for more inventory. Thanks to relatively low costs for labor and construction in the southeast, suburban markets are playing a key role in single- and multi-family development, with commuter-friendly areas experiencing rent growth and new construction. There are many opportunities for investors to buy low, add value, and either sell or rent high.
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Cost of Living Continues to Beat Other Areas of the Country: Atlanta continues to be one of the most affordable major metro areas in the country, thanks to the many suburban areas just outside the city itself that offer easy access and a relatively low cost of living. Particularly for companies relocating from elsewhere, Atlanta housing prices and cost of living are extremely reasonable and attractive.
Is the Heat Still On, and For How Long?
My conclusion: The market is still hot and shows no signs of slowing down. Areas that were suspect a few years ago are still experiencing huge growth, such as College Park or East Point. The northern suburbs are predicting double-digit growth over the next 2-3 years and remain the most affordable in the country. With population growth, housing expansion, and job growth, I think the Atlanta market is a “must consider” for national investors and a great perk for Atlanta natives that live there and can invest locally.
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