Take advantage of Atlanta’s booming real estate market by first understanding how to navigate it. The confusing lingo, statistics and sometimes ominous forecasts often leave potential homebuyers thinking they are unable to benefit in the current market.
Words to know
- Real estate market: Another word for the housing market, the real estate market represents the market of active properties buyers or brokers have purchased or sold. The real estate market also includes investors, sellers, renters, renovators and contractors.
- Residential real estate: Residential real estate is any property used for residential purposes like single-family homes and condos.
- Housing market trend: The housing market trend predicts whether property values will rise or fall during a particular period of time.
- Mortgage: A mortgage is a loan the borrower uses to purchase some form of property.
- Mortgage rate: The mortgage rate is the rate of interest charged on a mortgage.
Atlanta’s real estate market trends
The housing market is on the rise. As we recover from the COVID-19 pandemic, many buyers and sellers are excited to explore new listings. Even though there is a shortage of supply versus demand, Georgia MLS cited 5,973 active listings just in the month of May. This is a 6.6% increase in new property listings in comparison to March at 5,602 listings.
While the median sale price did increase to $325,000 from $277,500 in just a year, that just means more people are moving into the metro area. So, the market is trending upward since there is a rise in demand. The 2021 housing market is expected to remain high as Atlanta continues to recover from the pandemic.
How to stay informed
Remember, the market changes often. Stay up to date on current trends with reliable resources that help potential homeowners looking at residential real estate in Atlanta.
Websites include:
Georgia MLS provides real estate professionals with market statistics each month along with market recaps, sales by county, and monthly sales. The website provides information for the following counties: Cherokee, Clayton, Cobb, DeKalb, Douglas, Fayette, Forsyth, Fulton, Gwinnett, Henry, Paulding and Rockdale. Connect with your Realtor to get access to this incredible repository of data!
Atlanta Realtors is a research database that provides a monthly report of the city’s home sales, home prices and foreclosures. Use this resource to predict current market trends.
Investopedia is a financial website that provides services like investment dictionaries, advice and product reviews. Visit this website to find complex topics broken down into easy definitions accompanied by real-life examples.
With an ever-changing market make sure to find resources that reflect current data. Click here to stay updated on the latest housing market details on the Atlanta Real Estate Forum.