Metro Atlanta Real Estate Market Update - Fall 2015 (2024)

FAQs

What is the Atlanta real estate market forecast for 2024? ›

In 2024, Atlanta's real estate market is expected to experience the following: Average home values in the metro area are forecasted to see hikes of as much as 6%, mirroring national trends. However, some neighborhoods may see price drops, highlighting the importance of local market conditions, according to Atlantafi.

The decline to neutral shows how the overall Atlanta housing market has trended since mid-2022, when the metro area was a strong seller's market. Over the next year and a half or so, the Zillow data shows some fluctuation but an overall decline through April 2024, where the heat index decreased.

The financial crisis of 2007–2008 was caused by the bursting of real estate bubbles that had begun in various countries during the 2000s.

Meanwhile, housing premiums in Atlanta are 40.37% overvalued, bringing Atlanta in as the second most overvalued housing market in the country. “Detroit's rise as the most overvalued housing market in the country is likely due to new household formation,” said Ken H. Johnson, Ph.

Georgia Housing Market Predictions:

In certain predictions for 2024, a consistent but slower growth in home prices is expected as the market stabilizes. The inventory levels may remain tight, ensuring that demand continues to outstrip supply, particularly in popular areas.

In summary, buying a house in California in 2024 may be a good time for some buyers, depending on their personal and financial situation. The housing market is expected to rebound from a sluggish year in 2023, with more supply and demand, higher prices and affordability, and lower mortgage rates and inflation.

If you want to sell fast, May is the month to pick! While the month is almost over, June is also a fantastic month to sell. A recent ATTOM report highlights the top five months to sell a home: May, February, April, June and March.

Experts predict that Georgia's housing market will see continued growth in home values, albeit at a slower pace compared to the recent past. This is likely due to the rise in mortgage rates, which has cooled down the previously white-hot market. The key driver for this growth will be the ongoing issue of low inventory.

Overall, Atlanta is the hottest of real estate markets and has been for years. This is great for buyers and investors who want rental properties.

Mortgage rates are high, but home prices keep rising — blame the lack of housing supply. Economists predict that any market correction will be modest and not on the scale of the Great Recession. Experts do not expect a housing market crash, due to low inventory, strict lending standards and other factors.

Will there be a housing market crash in 2024? ›

There are no signs that the U.S. housing market is about to crash. In fact, the economic outlook and expectations for the real estate market nationally are positive for 2024.

Bank of America economists predict that house prices will remain high until at least 2026. Their report suggests that while the rapid price surges experienced during the pandemic will cool down, prices will not drop significantly.

Persistent Demand

Expert predictions for 2024 suggest that home prices will likely see a slight increase, indicating continued growth in the market. This trend is largely driven by the influx of young professionals, students, and families seeking affordable homes close to employment opportunities and quality education.

Atlanta is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

For decades, the overall cost of living and availability of cheap land has caused real estate in metro Atlanta to be more affordable than in other major cities. The city has no natural boundaries. But a recent study claims to show that it is now smarter to rent in metro Atlanta than it is to buy - at least for now.

Most experts do not expect a housing market crash in 2024 since many homeowners have built up significant home equity. The issue is primarily an affordability crisis. High interest rates and inflated home values have made purchasing a home challenging for first-time homebuyers.

Georgia Housing Market Overview

In June 2024, home prices in Georgia were up 3.9% compared to last year, selling for a median price. On average, the number of homes sold was down 14.2% year over year and there were 11,176 homes sold in June this year, down 13,040 homes sold in June last year.

Now is the ideal time for aspiring real estate agents to enter the market in Georgia and give their careers a solid boost. For first-timers, Georgia real estate could provide your career the enriching start it needs. It could also work as a lucrative option for those looking for a mid-life career switch.