Predicted to be one of the top 10 housing markets in the US in 2015 by Realtor.com, Atlanta managed to live up to the expectations of real estate agents and industry experts and showed a rising trend in 2015. The same is expected from the Atlanta real estate market in 2016 which was hit hardest by the real estate bubble bursting a few years ago.
To help real estate agents prepare better for the coming year, I am summarizing the predictions for 2016 and an overview of how the industry performed during the last year.
How the Atlanta, GA Real Estate Market Performed in 2015?
Atlanta, GA, which is considered to be one of the hottest housing markets of the US, was predicted to experience a growth rate of 11 percent in 2015 by CNN Money. While the expectations looked unrealistic to many people, the market managed to benefit from the increased demand for new and existing homes and experienced a surge in the number of new homeowners. The demand for real estate was primarily fueled by lowering home prices and increased rate of population and household growth.
Kirkwood and Morningside Lenox Park remained the most popular neighborhoods of Atlanta while Midtown Atlanta, North Buckhead, and Paces experienced a decrease in the average listing price. On a year-on-year basis, average listing price and median sales price increased by 0.4 percent and 8.7 percent respectively.
The inflating real estate numbers are indicative of the market’s health and it is expected that Atlanta, GA real estate will continue to experience the same growth in 2016 as well.
2016 Atlanta, GA Real Estate Market Forecast
Touted as the best city for millennials, Atlanta is expected to experience a surge in the new and existing home sales as the income and household size of its population will increase slightly in 2016. While currently housing demand outpaces housing supply, the new real estate projects are likely to fill the demand and supply gap, causing prices to decrease slightly.
Some of the neighborhoods of Atlanta are predicted to perform better than others in 2016. These include Kirkwood, Capitol View, Pittsburgh, Adair Park, Edgewood, Lakewood, Peoplestown, Mechanicsville, and West End. In addition to these, areas with good walkability and better amenities are also likely to remain the focus of developers and real estate agents as real estate projects in these areas are likely to have a higher average sales price per unit.
As an experienced real estate agent and mentor, I see the Atlanta, GA real estate market to be the best place for real estate agents who want to make a fortune in this year. However, because of increasing competition and housing supply, real estate agents are likely to put in more efforts and time to attract more clients and close a higher number of real estate deals successfully.
To learn more about how you can benefit from the booming Atlanta real estate market, keep reading my blogs on Platinum Real Estate and Luther Ragsdale.com. I am looking forward to see you in my upcoming million dollar producer workshop. You can also download my free eBook ‘Social Media for Real Estate Agents’ to learn the tips and tricks of finding real estate leads online.