There was once a time, not too long ago, when the housing market was in complete ruins. Nobody was able to buy, and sellers were dramatically lowering their asking price. As the economy continues to improve, we are seeing a rise in the housing market. Atlanta has been doing a wonderful job, in that the market has increased significantly in the past couple of years. Will 2016 bring an overall increase, or will market trends begin to decline?
Experts claim that the housing market in Atlanta, Georgia is only going to continue to grow. Real estate information posted on the popular website Zillow, stated that Atlanta houses rose by 11% in 2015. It is predicted that prices will continue to rise through summer of 2016. Right now Atlanta’s housing market is considered neutral, compared to other cities in the area. An average home in Atlanta will cost you $175,700. The average price has been pretty consistent in the upward trend. The month of June was one of the best for the Atlanta housing market, this year. The number of homes sold and the price they sold for were both at an all-time high. For these reasons, the Atlanta housing market is expected to increase in the New Year.
Experts have come up with reasons as to why the housing market in Atlanta has continued to increase. An increase in job growth plays a huge role in the continued growth and success of Atlanta’s housing market. The U.S Bureau of Labor and Statistics actually reported that Atlanta, Georgia had the second fastest rate of job growth in the month of May. This is based off of the twelve largest metro areas in the United States. With the growing number of people who are employed, more individuals are looking to purchase a home. Families with two working partners can now afford a mortgage payment because they are both making an income to support a monthly payment.
Housing Market not great everywhere
Although the housing market is doing very well in Atlanta, Georgia, there are other areas throughout the United States that have seen a significant decrease in the market for 2015. With this in mind, it is important to understand that the 2016 projections are just estimates. We would like to hope that the Atlanta area will exceed these predictions for the 2016 housing market, but there is always the slight possibility that numbers can be different.
Buying in 2016
With the projected rates set to increase in the year 2016, purchasing a home in Atlanta can be a great investment. Prices are also increasing, making it a great year if you are looking to sell. Sellers should be able to make money with the listing of their home, rather than lose money.
Overall, the city of Atlanta is one of the hottest metropolitan areas for the 2016 housing market. Do you think their housing market will continue to grow into 2017 and beyond? How might this increase effect the state of Georgia? Feel free to leave your comments below!