After a lengthy downturn through 2020, the housing market in Atlanta has bounced back in record time. More people than ever are now on the move, looking to buy a starter home or upgrade their digs to something a little bigger. Either way, the competition is fierce, and the market likely only get more competitive through the summer and beyond. So, if you’re even thinking about buying a home in Atlanta, it’s time to get moving. Still not sure? Here’s what you need to know about the current market trends.
Big Increase in Housing Demand
Housing demand started bouncing back in January with more than 4,400 residential properties sold in that month. Since many people are working from home, more suburban homes are selling than in the cityscape, although that could change in the coming months.
Either way, demand will likely continue to increase as the peak buying season starts in earnest toward the start of summer. So, if you want a leisurely homebuying experience, time is running out. You’ll soon have to compete with many other buyers interested in snagging their very first home or a stately upgrade.
Housing Supply Quickly Dwindling
As with all things, a rise in demand equals a decrease in supply – and the housing market is no exception. Worse yet, without a large supply of homes on the market, new listings tend to sell faster and faster.
Over the past few months, houses have gone from staying on the market for 48 days to selling in just 23 days tops. When that happens, the market favors the sellers who can pick and choose between all their offers or simply wait for the price to rise.
Bidding wars are common as homes fly off the market in less than two weeks’ time. As this happens, home prices rise quickly to match supply and demand. If the housing supply does not quickly recover, you might end up putting in offers for house after house before getting your offer accepted.
Home Prices on the Rise
Through 2020, median home prices in Atlanta stayed around the $350,000 mark as many people dug in to wait for better market conditions. Now that people are on the move, the prices are reflecting the increased action.
In fact, from January to April, median home prices went from $325,000 to well over $380,000, and they are continuing to rise. So, if you decide to wait it out, you could end up paying quite a bit extra for a home in the greater Atlanta metro area. Prices increase as you go farther out from the city center with many suburban homes landing in the $500,000 to $1 million range.
Best Selling Neighborhoods in Atlanta
Although home prices are increasing consistently all across Atlanta, some neighborhoods are selling better than others, such as:
- Druid Hills
- Oakland City
- Adair Park
- East Lake
You can expect fierce competition with other homebuyers when looking in those areas for your perfect residence. So, allow for extra time to shop around and put in your bids early.
You should also try to partner with an experienced real estate agent who can submit a compelling introduction letter with your offer. While shopping for a home in a seller’s market, a well-crafted intro can win you the home even if there are better offers in the mix. Sellers love to pass off their beloved residences to people who will give them all the care and adoration that they deserve.
Once you get your offer accepted, don’t waste any time arranging for help from a skilled Atlanta moving company. By the time closing rolls around, you want to be ready to get packed up and ready to go, so you can enjoy your purchase from day one.
Ready to Make Your Move? Call Our Atlanta Moving Company for Help
If you’re ready to make your move, skip the stress by partnering with our Atlanta moving company, A.C. White Relocations. When you hire our moving company, you can either handle packing up your belongings yourself or let our team complete the process from beginning to end. Either way, you can trust that we will carefully transport all your items and get them to your new home on time and in great condition.
To get started, simply call 770-763-7167 or fill out our online form for a free moving estimate. We look forward to helping you complete your hassle-free move, so get in touch with our team today.