Atlanta Home Prices growing at twice national average

The growth we are seeing the Atlanta Metro area is driving home prices up faster and faster. We have a lack of inventory. Lot’s of construction is going on. High demand from Buyers. All these are reasons we are seeing the home prices grow a stealthy clip. Atlanta is also on notice. With all the job growth and influx of new businesses into the area, new residence will be coming to fill these new positions. I read this article from The MReport that shows our home prices to be growing at TWICE national average.

ATLANTA – If you live in a desirable area and you’re thinking of selling your home, your timing is good.

Of course, if you’re looking to buy — especially if you’re a first-timer looking for a good deal in a nice neighborhood — you may find yourself bidding against many other people like yourself.

All in all, it’s a seller’s market, with Atlanta home prices climbing nearly twice as fast as the national average, according to a report released Thursday by Re/Max of Georgia.

The median price of a home sold in the metro area last month was 8.4 percent higher than a year ago, with double-digit increases in several of the region’s core counties, said John Rainey, Re/Max vice president.

Regionwide, the median price of homes sold in metro Atlanta in July was $246,060, he said. “The greater Atlanta housing market is quickly becoming one of the hottest in the country.”

But the heat is mostly one way, the result of a mismatch between a limited supply of homes for sale and a growing pool of people – often young professionals – with good jobs who want to buy a home.

The number of homes listed for sale in July represented just 2.6 months of sales, down 16 percent from a year ago. Most experts say that there is a supply of six or seven months of sales in a healthy market.

That imbalance in metro Atlanta means that potential buyers often end up bidding against each other for good homes in desirable neighborhoods. It also means that the number of homes sold is not keeping pace with the region’s robust economic growth.

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