What does this mean for you as a buyer?
Atlanta expects to have a consistent influx of buyers, without an increase in sellers. So, home prices are anticipated to rise by 5%+ in 2023. The good news is that mortgage rates likely hit their peak at 7% in November 2022 and are expected to drop slowly over this next year. While there is no expectation to reach the 2-3% rates of 2021, the forecast from the National Association of Realtors (NAR) Research Group is for rates to stabilize below 6% in 2023.
What does this mean for you as a seller?
With demand only projected to increase in our highly desirable area, home equity will be on the rise for the foreseeable future. Given the economic indicators listed in graphic 1, you can expect to see competitive offers continue.
Why is Metro-Atlanta the HOTTEST market in the nation?
According to NAR, the top 10 markets expected to outperform all other metro areas were determined based on the 10 economic indicators listed in graphic 1. Atlanta takes top position in every category by offering the most job opportunities alongside a manageable cost of living. For example, 15% of renters in Atlanta could afford to buy an average priced home compared to the national average of 6.4%, according to a survey done by The New York Post.
Looking to buy or sell in Atlanta? Contact The Dwell Collective - find more info on the back cover!
