Calling Atlanta home just doesn’t show signs of getting cheaper anytime soon.
That’s certainly not unexpected amidst a surging regional economy, but recent statistics have been jolting. HotPad’s inaugural report on Atlanta rental trends, for instance, showed city rents are growing three times faster than the national median, outpacing even San Francisco.
Now, on the homeownership front, a RE/MAX Georgia analysis indicates that sales prices across the metro have jumped by 8 percent in a single year. That’s flirting with twice the national average of 4.9 percent.
Atlanta inventory remains low—currently at a scant 1.8-month supply, when a supply of six months is considered a balanced market.
Anecdotally, have a look at a popular intown neighborhood like Cabbagetown, where exactly two non-pending houses are for sale right now, per Estately.
“What we’re witnessing in the greater Atlanta housing market are the effects of very low inventory—decreasing supply with the median home price increasing 8 percent year-over-year,” writes John Rainey, RE/MAX Georgia vice president. “It’s simply going to take a bit longer to find an ideal home than in previous years.”
A RE/MAX breakdown by county provides a more specific look at the region’s trends, with a few surprises, including a relative explosion in recent sales prices in DeKalb County:
What’s the good news for buyers? Anything?
Well, a different analysis in December found that metro Atlanta still landed in the bottom quarter of most expensive cities across the land.
Buying the average home in metro Atlanta is an attainable goal for anyone making at least $43,400 per year, according to a study by HSH.com, which considered average home price, anticipated mortgage rates, and down payments of 20 percent,
For specific examples that might not break the bank, we unearthed a range of properties across town (below) last year within an easy walk of MARTA stations, each asking around $200,000. Just to give an idea: