Atlanta has a current population of 522,328. With the city quickly becoming a desirable place to live, this number is only set to increase. So if you're considering investing in the Atlanta real estate market, now is the time to do it.
Atlanta has a great job market, high-quality education opportunities, and plenty to do for young and old. Its neighborhoods are generally clean and safe, so it's no wonder many people are attracted to living in this modern city.
Find out more about the exciting predictions for Atlanta's 2023 real estate market below.
Home Prices in Georgia Could Rise
The average home price cost in Georgia was $324,799 in 2022, which was a 14.7% increase from the previous year. Real estate prices will likely continue to increase.
This increase is mostly due to supply and demand. As renters and prospective homeowners seek property in Georgia, there is less availability on the market. This drives prices up and could make it more difficult to buy property in the future.
Atlanta Leads the 2023 Real Estate Market
Thanks to Atlanta's rapidly growing job market, living affordability, and population, it is set to lead the US real estate market in 2023. The National Association of Realtors predicts the cities to watch based on ten key criteria. Atlanta has ticked off every one.
This simply means that the attention Atlanta is receiving in terms of real estate will continue to increase. This could push population growth and give the city a new lease of life as one of the best places to live in North America.
Atlanta MSA Home Prices Could Increase
A Metropolitan Statistical Area is an urban area with at least 50,000 residents. In Atlanta, these areas are predicted to increase home costs because there is such a demand for property here. Prices could increase as much as 2.6%.
To beat this increase, it is best to invest in Atlanta property sooner rather than later. After all, if you buy cheaper and sell higher you stand to make more money on your investment.
Rental Demand Could Increase in Atlanta
While home prices are increasing rapidly in Atlanta, so to are the cost of rental properties. As a younger population move towards Atlanta for the wealth of opportunities the city presents, few can afford a mortgage just yet.
This is driving rental prices up as flats, apartments, and even rooms in shared houses are quickly snapped up by those hungry for a taste of Atlantean life. Landlords need to stay on top of their game to ensure they are providing good-quality accommodation at affordable prices.
The Atlanta Real Estate Market is Stirring
The Atlanta real estate market is an exciting opportunity for any new or experienced property investor. The ever-increasing popularity of the city means homes and rental properties are always in demand. This makes it a great place to own buildings that can be sold or leased.
For property management advice, get in touch today. From market questions to advice on selling and buying, our team of experts can help with any query.