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Atlanta’s Housing Market: What’s Next & New?

Time and Date July 23rd, 2014 User by House4cashbuyers Comments No Comments

Atlanta’s housing market is strong and is only getting stronger for months now being one of only five American cities to have home prices increase by 2% back in April and the numbers were even higher in May. Because of this, Atlanta has bec…

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Atlanta’s Housing Market: What’s Next & New?

Time and Date July 23rd, 2014 User by House4cashbuyers Comments No Comments

Atlanta’s housing market is strong and is only getting stronger for months now being one of only five American cities to have home prices increase by 2% back in April and the numbers were even higher in May. Because of this, Atlanta has become somewhat of a poster child for the rest of the nation who have also demonstrated similar growth, for the housing market recovery. They are watching how realtors, home builders, and first time homebuyers in Atlanta will perform in the coming months. As Atlanta’s housing market continues to thrive, the question most people are asking is: What’s next for the ninth largest metropolitan area in America?

 

Atlanta’s WalkUP Regions

 

Atlanta has produced fewer and fewer new homes in recent years to be a suburban type of city. Part of this is due to many new homebuyers wanting to live where housing and businesses are close enough together to foster walkable neighborhoods and cut out 2 hour long commutes. Another factor is the economy, when the recession hit, new construction pretty much stopped. Inventory which was already high increased even more when foreclosed and short-sell properties entered the market. With few new homes built in recent years, paired with a stronger Atlanta economy, demand has outpaced supply, which is good news for builders. Analyst predict new construction will increase anywhere from 9-30% by the end of 2014, and more Atlanta residents are wanting new properties—and not just first time homebuyers, who have traditionally dominated the market.

 

Assisted Living Housing Trends for Retirees

 

Traditionally, homebuyers of retirement age bought into neighborhoods that housed other aging homeowners. This trend is changing in Atlanta. First time homebuyers only account for 20% of the housing market and they are starting to wait longer to buy their first homes so more and more Atlanta homes are being purchased by people coming from other areas—including older residents looking to live closer to children and grandchildren. More than half of these homebuyers over 55 are buying new properties and in newer and younger neighborhoods as opposed to the more established age restricted areas. It’s likely this growing demographic is looking to live closer to family, but not so close that they’re under the same roof.

 

Homes Sales and Values Increased

 

With more buyers moving to the Atlanta metro area and entering the market, home prices and sales have both increased significantly: month-over-month and, more significantly, year-over-year. According to local stats, existing home sales increased 4.9% in May, new home sales increased 19%, and pending sales jumped 6.1%, the largest increase since April 2010. Similarly home prices were up 6% for the month and 13% when compared to May 2013. Even as supply increases to meet demand, gains in home values are continuing, which is good news for Atlanta homeowners looking to enter the market.

 
If you’re interested in purchasing or want to learn more about how you can sell your house fast, simply fill out our Fast Response Form or give House 4 Cash Buyer’s a call at 404-220-7139. Our experienced real estate professionals would love to sit down and discuss your needs. One phone conversation can be life changing. We look forward to hearing from you!

 

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