Georgia is a rich and beautiful state with a lot to offer. The Georgia housing market boasts some great places to live, like Atlanta. The state’s capital has a median income of over $60,000 a year with a population of 5.8 million. While Atlanta isn’t the only place in the state, it is one of the best for busy professionals and offers an array of suburbs to choose from if you don’t want to live in the metropolitan area.
Georgia borders Florida, to the south, making a trip to sandy beaches as far as the eye can see less than a day’s trip. Georgia also borders the Atlantic Ocean, so there are beaches aplenty right within your state. You’ll also find mountains, coastal plains, and more. It’s a warm state, and so close to Florida it works as an excellent place for retirees to relocate. Georgia has a lot to offer, including some neutral housing markets that are good for both the buyer and the seller, in some ways.
The 2018 Georgia Housing Market Influencing Factors
Many things factor into predicting the housing market in any state. We’re going to look at the Georgia housing market and the factors that affect your buying and selling in 2018. From median home values to mortgage risks, here are the stats.
- Zillow reports that the median worth of homes in Georgia is $163,900. This price is an increase of almost 7 percent since the previous year. We predict this trend will continue and the values will continue up another 4 percent, at a minimum. Houses are listing at an average price of just below $242,000, but homes that are selling range around the $175,000 mark. We predict that selling prices will start to go up to closer meet the listing prices as 2019 draws nearer.
- Renting in Georgia is a costly affair, with average rent at $1,300 a month.
- Mortgage delinquency leads to more homes on the market due to foreclosure. The same Zillow report shows that Georgia’s delinquent mortgage percentage is currently at 1.6 percent. This rate is equal to the national average. 13 percent of homeowners in Georgia are at risk of losing their homes to mortgage debt. We predict that there is a potential for an increase in delinquent mortgages and foreclosed homes this year, but at less than 1 percent.
Three Great Places to Live in Georgia
There are many great places to live in the Georgia housing market, most of them are suburbs of Atlanta. Because of this, we’ll look at Atlanta as a whole when it comes to where you buy your Georgian home, as well as two other options.
Atlanta is home to an excellent music scene, making it a city with a rich nightlife. Atlanta is creeping toward a full-blown seller’s market in 2018. Zillow shows that the average home value in Atlanta is around $225,000, which is a 10.2 percent increase. This increase will continue through most of 2018, leading to a 6 percent change by 2019, we predict.
Homes are selling for just over $300,000, but it’s an average of $1,700 a month just to rent. The unemployment rate in Atlanta is at 5 percent, which can have a negative effect on home sales. It can also be a factor in the delinquent mortgages in the area. 19.5 percent of homeowners in Atlanta are in hot water when it comes to mortgage payments. We predict this will decrease home sales and increase foreclosures in 2018.
Roswell, Georgia, not to be confused with Roswell, New Mexico, is an excellent neutral market worth looking into if you’re in the market to buy a home. Zillow reports that the median value of homes in Roswell is $371,500, with an average of $174 per square foot. That’s far cheaper than renting, which is even higher than the cost of rent in Atlanta, at $1,500.
Roswell homeowners have fewer delinquent mortgages and payment issues than those in Atlanta. This low rate, 5.4 percent for people with their head below water, lets us predict fewer houses on the market this year in Roswell.
If you want the feel of a down-home southern living, Savannah also offers a neutral market. This type of market means that it is neither a buyer’s nor a seller’s market. While average homes are valuing at only $129,000, homes are listing at a median price of $224,900. Metro areas in any city can vary for the overall prices of homes for sale and for rent, which is why Zillow reports a $50 difference in rental costs from Savannah to Savannah’s metro areas.
The overall medium rental pricing is $1,300 a month. 16.1 percent of owners are underwater, and the average delinquent mortgage is 1.8 percent. We predict some of these houses will end up on the market within the year, which could boost the market either way when it comes to buyers and sellers.