A Look at the Residential Real Estate Market in Atlanta, Georgia
Introduction
If you’re looking to purchase or sell a home in Atlanta, Georgia, chances are you’re wondering what the current real estate market looks like. After all, it’s important to understand how much homes cost and whether now is a good time to buy or sell. Let’s look at the current residential real estate market in Atlanta.
Market Trends
The median list price for homes in Atlanta is $310,000—up 9% from last year. The median sales price for homes rose 6.3% since last year and currently stands at $285,000. While this may seem high compared to other cities across the United States, it is still relatively affordable when compared to most of the larger cities in the state. In addition, Atlanta has seen an increase in new construction over the past year with a total of 1,978 permits being issued by city officials—a 2% increase over last year’s numbers.
Cost of Living
According to AreaVibes, the cost of living in Atlanta is slightly higher than the national average but still considered very affordable when you compare it to cities like New York City or San Francisco. The median rent for an apartment in Atlanta is $1,500 per month; however, that number can vary greatly depending on location and amenities offered. Additionally, utilities such as electricity and water can be expensive due to hot summers and cold winters; however, they are still much lower than many other major metropolitan areas throughout the United States.
Real Estate Taxes
Property taxes are also relatively low when compared to other major cities throughout the United States. According to Tax-Rates.org, property taxes range from 0.7% – 1% depending on where you live within the city limits; however, this number can fluctuate depending on local school districts and municipalities as well as any special assessments that may have been imposed by local governments over time.
Additionally, homeowners’ insurance costs will vary based on location and coverage amounts; however, it generally runs between $800 – $2000 per year for most homeowners in Atlanta.
Conclusion
All things considered, now is a great time to purchase a home in Atlanta! With prices rising steadily each year and plenty of new construction popping up around town there is no shortage of options for prospective buyers who wish to make this vibrant city their own! Whether you are looking for a single family detached home or something smaller like an apartment or condo there are plenty of options available that fit everyone’s budget! So, if you’re looking for your own slice of Southern hospitality then look no further than beautiful downtown Atlanta!
Did You Know?
Earltoms is an active investor in the hot Atlanta, Georgia housing market, taking great advantage of the current conditions. For homeowners looking to capitalize on this great market, this is the right time to get into contact with Earltoms. Attentive and knowledgeable professionals are ready to listen and negotiate a deal that maximizes your profit while successfully selling your house. Don’t miss out on great opportunities in the Georgia market, take advantage of what Earltoms has to offer.
Give us some basic information about your house in Atlanta. Visit our Atlanta page if you wish to fill out the form to sell your house to EarlToms.
If you’re house is not located in Atlanta, don’t worry. We currently purchase houses in the Atlanta metropolitan area within an hour radius of Atlanta. This includes most suburbs of Atlanta.
