The real estate market in Metro Atlanta has been a hot topic for investors over the past few years, and 2023 is no exception. With its booming economy, growing population, and a high demand for housing, the city presents an attractive investment opportunity. In this blog post, we will take a closer look at the current state of the real estate market in Metro Atlanta, the factors driving its growth, and why investors should consider investing in the city's property market.
Chad Carrodus is a top Realtor in Atlanta. Contact Chad if you are considering investing in Atlanta.
State of the Real Estate Market in Metro Atlanta
The real estate market in Metro Atlanta is thriving, with a steady increase in both home prices and sales volume. According to a report by Zillow, the median home value in Atlanta is $307,000, which represents a 16.3% increase over the past year. Additionally, the number of homes sold in Atlanta has increased by 15.4% over the same period, indicating a high demand for housing in the city.
The growth in the real estate market can be attributed to several factors, including a strong economy, low-interest rates, and a growing population. Atlanta has become a hub for business, with many large corporations choosing to establish their headquarters in the city, such as Delta Airlines, Coca-Cola, and Home Depot. The city has also seen a steady increase in job growth, with the unemployment rate currently at 3.6%, which is lower than the national average.
Another factor driving the growth in the real estate market is the low-interest rates, which have made it easier for people to buy homes. Additionally, the city's population is rapidly growing, with an estimated 6 million people living in the metro area. This growth is due to a combination of natural population increase and migration from other states, particularly from California and New York.
Why Invest in Real Estate in Metro Atlanta in 2023?
The growth in the real estate market in Metro Atlanta presents an attractive investment opportunity for several reasons. First, the city has a strong economy, which is expected to continue growing over the next few years. According to the Metro Atlanta Chamber, the city's economy is expected to grow by 4.3% in 2023, which is higher than the projected national growth rate of 2.7%.
This strong economic growth is expected to lead to an increase in job opportunities and higher wages, which will drive demand for housing. Additionally, with a growing population, the demand for housing is likely to continue increasing, creating a steady flow of renters and homebuyers.
Second, the real estate market in Metro Atlanta is relatively affordable compared to other major cities in the country. According to Zillow, the median home value in Atlanta is $307,000, which is significantly lower than the median home value in cities like San Francisco, where it is $1.3 million. This affordability makes it easier for investors to enter the market and purchase property.
Third, the rental market in Metro Atlanta is strong, with a high demand for rental properties. According to RentCafe, the average rent in Atlanta is $1,526, which represents a 6% increase over the past year. Additionally, the occupancy rate for rental properties is high, with many properties experiencing low vacancy rates.
Finally, the city has several ongoing infrastructure projects, which will further drive the growth of the real estate market. One of the most significant projects is the expansion of the MARTA transit system, which will provide greater access to public transportation for residents and improve connectivity across the city. The expansion of the MARTA system is expected to be completed by 2026 and is likely to lead to an increase in property values around the new transit stations.