The Georgia Housing Market is still thriving due to high demand, limited housing supply, and rising house prices. According to a study, Georgia’s housing market is the most expensive in America. According to Florida Atlantic University data, Georgia has one of the most expensive housing markets in the United States. Atlanta is at the top of the list.
Atlanta, Georgia’s capital city, has beaten out Charlotte, North Carolina, and Memphis, Tennessee, to claim the top spot in 2023. Researchers combined their method with data available from Zillow, among others. Data shows that Atlanta homes sell at a price 51% higher than their actual value.
The study revealed that Atlanta’s average listing price was $357.677, but the expected home value was only $236.627. If you want to purchase a house in Atlanta, you may pay over $100,000 more for the home than its actual value. Atlanta’s housing is overpriced for several reasons.
The city’s growing tech hub and robust job market are two of the most important reasons. Atlanta is home to several large technology firms, such as Google, Microsoft, and IBM. The city has seen a massive influx of workers, increasing housing prices. Atlanta’s overpriced housing market can also be attributed to the fact that it is a favorite destination for retirees, second-home owners, and vacationers. Atlanta is a popular destination for people who want a mild climate, fewer expenses, and easy accessibility to recreational activities.
Georgia Housing Prices and Forecast 2023-2024
Here is an overview of current market conditions and a look at the top 10 Metropolitan Statistical Areas in Georgia predicted to have the highest home price increases by 2024. Zillow estimates that the average Georgia home’s value will be $319158 by November 30th, 2023. This represents a 2.5% rise over the last year. The region is known for its quick pending of homes, which takes around 21 days to reach pending status.
Critical Metrics for November 30th, 2023
- For Sale Inventory: 36,138
- New Listings: 10,742
- Median Sales to List Ratio for October 31st, 2023: 0.98
- Median Sale Price (October 31st, 2023): $320,300
- Median list price (November 30th, 2023): 352,967
- Percentage of sales over list price (October 31st, 2023): 27,7%
- Percentage of sales below list price (October 31st, 2023): 48.8%
Does Georgia have a buyer’s market or a seller’s market?
Knowing whether the market is a seller’s or a buyer’s market. According to the most recent data, the ratio of 0.9988 indicates a balanced real estate market. The percentage of sales above and below the list price (27.7% and 49.8%, respectively, as of October 31st, 2023) suggests some negotiation is going on.
Top Georgian Places for Home Price Growth Projected in 2024
Zillow’s forecast gives insight into areas in Georgia where home values will rise dramatically. These projections were derived from data collected on November 30th, 2023. They show the percentage change in home prices between that date and December 31st, 2023.
Thomaston (GA)
The projected increase in home prices in Thomaston is significant.
- By November 30th, 2023, the growth rate is expected to be 0.4%.
- By February 29th, 2024, this is expected to increase to 1,1%.
- By November 30th, 2024, 6.5% is expected to be the highest.
Toccoa
In Toccoa (another metropolitan statistical area of Georgia), the growth trajectory in home prices is also noteworthy.
- Beginning at 0,6% starting November 30th, 2023
- By February 29th, 2024, it is expected to increase to 1,3%.
- By November 30th, 2024, we will reach 4.8%.
Cedartown GA
Cedartown’s home prices are also forecast to increase, as shown by the following percentages:
- Beginning at 0,1% starting November 30th, 2023
- By February 29th, 2024, the growth rate will be 0.5%.
- By November 30th, 2024, we will reach 3.8%.
Cornelia GA
The Cornelia Metropolitan Statistical Area shows the following projected increases in home prices:
- It will start at 0,2% on November 30th, 2023.
- By February 29th, 2024, the 0.5% will be reached.
- By November 30th, 2024, we will reach 3.4%.
Summerville, GA
In Summerville, the growth of home prices is forecasted to be as follows:
- Starting at 0,2% by November 30th, 2023.
- By February 29th, 2024, the increase will be 0.8%.
- By November 30th, 2024, we will reach 3%.
Calhoun, GA
The projected increase in Calhoun home prices is a progressive process:
- Beginning at 0,3% starting November 30th, 2023
- By February 29th, 2024, there will be an increase of 0.6%.
- By November 30th, 2024, it is expected to reach 2.9%.
Athens, GA
In Athens, the MSA expects to see the following increase in home prices:
- It will start at 0,3% on November 30th, 2023.
- By February 29th, 2024, there will be a rise to 0,8%.
- By November 30th, 2024, it is expected to reach 2.6%.
Bainbridge GA
Bainbridge is also in the spotlight, with its projected growth in home prices:
- Beginning at 0,3% starting November 30th, 2023
- By February 29th, 2024, there will be an increase of 0.6%.
- By November 30th, 2024, is expected to reach 2.5%.
Rome GA
The MSA in Rome is expected to see the following trend in home prices:
- Starting at 0,3% by November 30th, 2023.
- By February 29th, 2024, there will be a rise to 0,8%.
- By November 30th, 2024, it is expected to reach 2.4%.
Statesboro GA
Statesboro’s home price growth is expected to be a factor in the regional variations.
- It will start at 0,5% on November 30th, 2023.
- By February 29th, 2024, maintain 0.6%.
- By November 30th, 2024, it is expected to reach 2.3%.
Marys, GA
St. Marys, which is also included in the forecast, shows the following expected growth in home values:
- Starting at 0,2% by November 30th, 2023.
- By February 29th, 2024, a modest rise to 0,4%.
- By November 30th, 2024, it is expected to reach 2.2%.
Waycross GA
Waycross’s home price projections contribute to regional dynamics:
- Beginning at 0,3% starting November 30th, 2023
- By February 29th, 2024, there will be an increase of 0.7%.
- By November 30th, 2024, is expected to reach 2.1%.
Factors influencing the Georgia housing market:
Several factors influence the state of the Georgia housing market:
- Fluctuating Mortgage Rates: Fluctuating rates can impact buyers’ purchasing power and affect the demand for homes. Buyers may hesitate to enter the housing market if rates continue to increase.
- Inventory levels: The availability of homes available for sale can affect market dynamics. Inventory levels: A shortage can cause prices to rise, while an excess can lead to a stagnation or decrease in price.
- Georgia’s economic conditions, including the job market and business climate, can impact the housing market. Demand for housing is typically driven by economic growth.
Georgia’s housing market may be experiencing some fluctuations, but a crash will not likely occur in 2023. Many MSAs are expected to grow steadily, which indicates a stable market. It’s essential for potential buyers and sellers to be informed about the market and to work with real estate professionals who are experienced to make informed choices. Individual markets will vary. It is essential to consider local conditions and expert advice to navigate the Georgia housing market in 2023.
Will the Georgia housing market crash?
We hear more rumors about a crash in the market, but at this point, local data do not confirm this. We haven’t seen any significant home price drops or crashes in the Georgia Housing Market. Certain factors suggest that the housing market could remain strong. Georgia’s economy is robust and diverse, with industries like logistics, film, and technology growing quickly in recent years. Georgia has a business-friendly environment, low tax rates, and a low cost of living compared to other states.
Georgia will remain the top state for relocation and is expected to continue ranking high. Georgia’s real estate will become even more expensive as the flood of new residents increases competition and limits housing availability. YouGov reports that Georgia ranks ninth in the US, ranked from best to worst, according to Americans.
YouGov asked the public to select which of the two states was better in a series of head-to-head matches. States were rated according to their “win percent,” which is how often they won the head-to-head matchup if it was among the two shown. Georgia, Georgia, and Texas, two other states with warm climates and ocean coasts, ranked ninth and tenth, respectively.
According to the US Census Bureau, the state’s population has grown significantly over the last decade. From 2010 to 2020, there was an increase in the number of people by more than 1 million. Several factors, including a robust economy, low living costs, and a mild climate, have fueled the state’s growth.
In cities like Atlanta and Savannah, the influx of new residents puts pressure on housing markets. The demand for housing in Georgia increases as more people move there, leading to higher prices and a lack of affordable housing. It has become difficult for some residents, particularly those with low incomes, to find suitable housing.
Demographic change is another factor that impacts the Georgia housing market. Georgia has an increasing number of retirees and young professionals with very different housing requirements. While retirees prefer rural or suburban communities, young professionals prefer cities with convenient access to amenities. In Georgia, the demand for urban and suburban housing has increased.
Georgia’s population has grown due to a variety of ethnicities and races. The state’s diverse culture and economy have contributed to its success, but this diversity also poses unique challenges for the market. Housing preferences can vary between ethnic groups and races, affecting housing availability and affordability in some areas.
There are always uncertainties and risks in the housing market. A slowdown in the economic climate, changes in interest rates, job losses, and other factors could impact demand for housing.
While there are positive signs in the Georgia housing sector, it’s important to remain cautious and watch market trends. Georgia’s strong economy and increasing population make it an attractive place to do business and live, but limited housing and increased competition can make it difficult for some buyers.