Just like Las Vegas and Pheonix, the housing market in Atlanta had also crashed really hard. While the downturn came sometime after other markets, so did the influx of investors who came to buy foreclosed properties of the city. While this investor activity is somewhat visible in traces, the housing market here is gradually getting back on its feet for good.
The past few months have seen some normalization of the Atlanta real estate market. The housing market of the city has gained considerable attention. While the property prices went up 11.5 percent in 12 months to June 2015, it has outpaced Georgia (9%) as well as the United States as a whole (6%).
According to real estate experts, the market is definitely back up. Prices have been helped due to the tailing off of the distressed sales that followed the financial crisis back in 2008. The relatively low stock levels resulted in yet another boost. Recent estimates put the figure of available retail units at 16000 – which is worth 4.2 months’ worth of supply. In the US, a 6-month market is what is considered to be balanced.
It is important to highlight that City of Atlanta’s population, which comprises of Downtown, Midtown, and the Buckhead commercial district increased by more than 6% to a figure of 447841 between years 2010 and 2013. On the other hand, the wider metropolitan areas are home to approximately 5.45 million people.
Besides this natural population growth, many business that are located in Atlanta, including Coca Cola, Delta Airlines and UPS, are relocating their employees to Atlanta from other cities in the US, according to the local real estate agents.
In addition to that, state tax breaks for television, film, and the digital industry has further fuelled the requirements for centrally-located property, particularly apartments.
In response to the growing demands, developers are constructing residential towers close to the limited metro network of Atlanta. They are often a part of the mixed-used schemes that are being introduced in an attempt to break the habit of residents’ with regards to the dependency on car usage.
Builders are seen to become very active since the start of this year, and tones of new buildings are being erected. Homeowners are also in the mood to get the most out of their properties so that they can make the transition into new products. All in all, the Atlanta real estate market is rising up again and looks extremely promising for anyone who wishes to venture into it.