Despite the coronavirus emergency and poor sales projections for March and April, the real estate market in Atlanta, Georgia, is full of promise!
Residential and commercial real estate sales are on the rise. Property prices are holding steady. Although the current number of COVID-19 cases is expected to peak before tapering off, the Georgia heat and humidity may slow down viral transmission enough to prevent matters from getting any worse.
With a population that is expected to jump to eight million by 2040, Atlanta is an attractive relocation destination for companies. Commercial property prices are reasonable, and Georgia is business-friendly. In fact, Site Selection magazine has named Georgia as the number one business location for seven years straight.
Sara Sloan, an Atlanta realtor who shows homes online, describes the current real estate market as “very hot.”
Can Atlanta Overcome the Effects of the Lockdown?
In March, Georgia home sales increased by 13.55 percent while home prices rose by 1.8 percent. This is a 9.2 percent increase over last year and a very fortuitous sign.
Although Atlanta housing inventory has dropped by 16.3 percent over last February, the total number of real estate sales for the same period has increased by 3.8 percent.
The demand for housing is being fueled in part by millennials who are starting families and shopping for homes.
Renter population in Chamblee, an Atlanta suburb, has increased by 156 percent even though renter income has dropped by 8 percent.
What’s the Future of Atlanta Real Estate?
According to Curbed Atlanta, 34 major real estate projects were in development in midtown Atlanta last year. Those properties will offer close to 2,400 rental units and condos with more being planned.
Experts predict substantial job growth across Georgia going forward with more new real estate development projects in the works. That includes the $5 billion proposed development plan for downtown Atlanta.
Multinationals are bringing their production to the US. With Atlanta’s position as a global distribution hub, Georgia real estate can be a lucrative and attractive investment. This is true whether you’re buying a home or relocating a company headquarters.
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