With so much on-going development and promise in the metro Atlanta area, many folks are deciding not to sell their homes.
Though demand to move into the Atlanta area has never been higher, inventory for homes is becoming an issue for potential buyers. Not only is selection down from years past, but the prices are creeping up.
The AJC reports the median price for homes in the area is $254,000, 2% higher than in March 2017 and almost 6% higher than April 2016.
Meanwhile, 13,796 homes were listed for sale in April 2017. That’s 6.5% lower than a year ago.
In many ways, this shift was inevitable. Atlanta is quickly becoming one of the most popular places to live in the country, and with the promise of higher value due to redevelopment, folks are holding out for a better return on their investment.
At the end of the day, many realtors have been encouraging their clients to buy sooner rather than later to get the most value in this kind of market. While there will always be options on the table, the selection in metro Atlanta will inevitably decrease as the population grows.
For potential buyers who are sitting on the fence, this kind of news will factor in more and more to the decision making and purchasing process. Look for more bidders on homes to drive prices up even higher as the trends continue.
Are you looking to purchase a home in metro Atlanta? Contact me at firstname.lastname@example.org to discuss your options.