The Atlanta real estate market is generating plenty of buzz among industry experts. With its strong job growth, booming population, and affordable housing, it’s easy to see why Georgia’s state capital is one of the best markets in 2022.
So, what’s happening in Atlanta’s raved-about real estate market? And how can you capitalize on these trends as a real estate professional? Keep reading to find out.
Price Growth Above the National Average
In 2022, experts expect Atlanta home prices and existing home sales to rise faster than the national average. According to Realtor.com, Atlanta's prices look to grow at 3.5%, which is considerably higher than the 2.9% national average.
Additionally, sales growth in Atlanta is projected to increase by 10% year over year, compared to the anticipated national average of just 6.6%.
This impressive growth relates to a few key factors, including the city’s rising population, job growth, and affordability. According to recent data, the population of Metro Atlanta has grown by 15% over the past decade and is increasing at an annual rate of 1.5%. The city is forecast to add 1.2 million new jobs by 2050. Additionally, Atlanta boasts a cost of living nearly 50% lower than San Francisco's and 60% under Manhattan's.
Long-Term Investments on the Rise
Atlanta has a reputation as one of the most profitable long-term real estate investment destinations in the United States. In fact, Atlanta is in the top 10% nationally for real estate appreciation. This is because home prices in the Atlanta Metro area have increased by approximately 165% in the past decade alone.
Real estate investors should consider the following areas:
- Atlanta City
- Fulton County
- Sandy Springs
Home values have risen by 28.6% in these areas within the past year alone. They're also expected to rise a further 23.3% over the next 12 months.
Want to explore the Atlanta market yourself? You can find other up-and-coming locations using PropStream's heat map and estimated value features. This enables you to identify the best opportunities in Atlanta so you can capitalize on this top market in 2022.
Thriving Renters’ Market
Renter-occupied households in Atlanta account for exactly half of the total occupied housing units in the metropolitan area. This is because there has been a shortage of entry-level housing available to buyers over the last few years. As a result, aspiring first-time homebuyers are opting to rent single-family houses, making Atlanta a great place to invest in rental properties.
Atlanta rents have climbed by 23% year over year and are showing no signs of slowing down. For a three-bedroom apartment in Atlanta, for example, investors can expect median rents of $2,095. Areas such as South Tuxedo Park, Peachtree Center, and Buckhead Village Hills are the most expensive, fetching rents of over $5,000 per month.
If you’re looking to capitalize on Atlanta's current real estate market, now is the time. Ensure you're on top of the trends and equipped with the right tools to help you get ahead. Try a 7-day free trial of PropStream today.