City, suburbs or country: Where to buy in Atlanta
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You might find slightly better real estate deals inside the perimeter compared to way down in Upson County.
What's happening: Home prices in rural Georgia increased by 70% from March 2019 to September 2023. Meanwhile, they increased by 67% in the suburbs.
- The city of Atlanta, which has seen red-hot growth over the past decade and now has a median sale price of $417,000, saw the smallest increase by comparison: 61%.
Why it matters: It's not a good time to buy, experts say.
The big picture: Mortgage rates soared past 7% this summer, and "they're unlikely to fall in a meaningful way," Bankrate chief financial analyst Greg McBride told Axios.
State of play: Homeowners — particularly those who purchased well before the Fed started hiking interest rates — are hesitant to sell and take on a more expensive mortgage.
- In addition, developers can't meet demand, creating a strain on supply.
Zoom out: Much of the new construction is in the suburbs, Michael Carnathan of the Atlanta Regional Commission told Axios earlier this summer.
- Intown Atlanta isn't full, of course, but the city's relatively few remaining large patches of land are more likely to become mixed-use developments, data centers or public projects — not subdivisions.
Intrigue: Metro Atlanta has consistently ranked near the top of Florida Atlantic University's index of areas with overvalued home prices.
The intrigue: Cross-state relocations will continue to rise through 2023 and beyond, Redfin chief economist Daryl Fairweather predicts.
- If people move, they'll move to cities where they can afford to buy.
💭 Thomas' thought bubble: Given the chance to choose a country house anywhere in the world, I'd gladly accept this 3,546-acre ranch in Hawaii.
- Which one would you pick?
Go deeper: Leaves will fall. Housing prices won't, experts predict