Real estate investors and prospective home buyers are both looking for a piece in Atlanta. The growing demand in the housing sector is positively affecting real estate business in the said place. Anyone who gets in the game early is setting themselves up for a big chunk of meat. New home and land rates in Atlanta have increased exponentially for the last half a decade, and the tale tell signs to show a further increase.
So, what makes Atlanta’s real estate market the best.
Atlanta realtors have reported a certain pattern in the residential real estate where the prices increase substantially during the first part of the year. It stagnates well through the second part and then the marathon resumes during the first part of the following year.
Single-family units are up 19 percent, and the average price increase is estimated to be 11 percent to around $710,624. Atlanta-based Dorsey Alston says new in-town listings are growing at 4 % annually and the sales prices have shot high by 23 percent. The latest information suggests that the in-town market is strong because it’s where everyone wants to be. But because of some entry barriers, this market has seen very few new units being delivered.
The same company confirmed that Brookhaven’s prices increased by 15 percent during the first half of 2016. It also experienced an increase in the number of listings. Followed (but not closely) by North Fulton, a popular area for young buyers, which includes Roswell, Johns Creek, Alpharetta, and Milton. The average closed home price for these cities was 10% higher ($475,424). And the number of the new listing was up 12% from previous.
Due to the spontaneous increase of listings in the metro area, homeowners have projected more appetite. However, the trend will sometimes turn to another direction, so sellers are always keen, the company said. Most homes are bought for below list price. That means home buyers have a better chance of buying a house at a lower cost than advertised.
RE/MAX, a developer, based in Alpharetta reported that during the first half of 2016, the median price for all homes sold was $219,100. That is close to 5% more than 2015. Profit-making ventures in Atlanta’s real estate have already recorded good returns yet the market still has strong signs of price increase both in the short term and long term.
At this rate of sales of existing homes nationally this year, it’s going to go to the highest level that was experienced in the year 2007,’ the managing director and chairman of the index committees was quoted.
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