Sports stadiums are not just about games and fun anymore. Instead, they play a great role in the economic development of a community in a number of ways. This is the precise reason why the Westside neighborhoods of Atlanta have experienced a sharp increase in housing demand after the construction of the new Mercedes-Benz Stadium.
So, if you are considering buying your first home in Atlanta or are just interested in real estate, this article will provide you a brief overview of how Atlanta’s new sports stadium is likely to spur growth in the real estate sector and offer you great housing opportunities.
1. Property Prices Are Likely to Remain Unchanged
Trulia, a leading source for real estate news and market trends, recently published the findings of an analysis that show that the median selling price of properties in the surrounding neighborhoods of the new stadium are likely to remain unchanged.
Trulia only included those homes and properties that are located within two miles of the stadium and determined that the new infrastructure development will not increase property prices, but it won’t hurt them either. However, despite the conclusive results of the analysis, many real estate experts still believe that properties located near the Georgia Dome will experience price appreciation.
2. Housing Demand will Increase
Increased property demand is one of the reasons why real estate experts believe that property prices will increase after the inauguration of the new stadium. In fact, you can already see a number of real estate developments in the surrounding area. Quest recently started working on a 190-unit real estate project in the English Avenue and Vine City neighborhoods. Other real estate investors are likely to jump in and build affordable housing units to cater to the increased housing demand.
3. Atlanta Will Attract Buyers from Surrounding Neighborhoods
Mercedes-Benz is bringing more than just football to Atlanta. The project includes restaurant, retail, and entertainment facilities in addition to the sports stadium, which are likely to attract homebuyers as well as renters from surrounding communities. This will give the Atlanta real estate market a boost and lead to property price appreciation. I also believe that if the Falcons emerge as the new Super Bowl Champion, we might see a sharp increase in demand for both residential and commercial properties in Atlanta.
To summarize, the construction of the new sports stadium is likely to benefit the local real estate industry in a variety of ways, offering great investment opportunities to both homebuyers and sellers.
If you are interested in learning more about the Atlanta real estate market, you may contact me on my website. To get more tips about home buying and selling, please visit my blogs on Luther Ragsdale.com and Platinum Real Estate.