By Samantha McKinlay, Real Living Capital City Realty
Atlanta keeps on growing. Last year 87,000 people moved to our fair city and increased our population by 1.7%. Thanks to the continued growth in the movie business, financial technology, and health IT firms in the city, much of this influx of talent comes from areas such as the West Coast, New York, and Boston. Research firms are predicting 2019 will see an even greater increase as Georgia continues to be named, for the fifth consecutive year, as the #1 State for Business (Forbes; Area Development Magazine).
Those of us in Grant Park don’t need to look far to see the effect on housing demand in our community. We are all aware that the last three years have shown incredible increases in property values, with appreciation of 14% per year becoming a normal expectation. However, with rising interest rates and political unease, what are the predictions for the housing market in Atlanta as a whole, and Grant Park specifically? Researchers predict that Grant Park will continue as a desirable location with prices continuing to appreciate, although at a lower rate than previously as more inventory becomes available. November, December, and January are traditionally slower months for real estate. During these months in 2018, 12 homes in Grant Park sold with an average price of $412,000 and closed at 1.6% under their listed price. This is an indicator that home prices are becoming more stable and sellers are needing to adjust their prices slightly.
Analysts are in agreement that 2019 will see an increasingly balanced market in Atlanta. The availability of more homes will mean that buyers have greater choice and negotiating power for their purchases. A balanced market is ideal for those looking to buy for the first time, but also for those wishing to upgrade, downsize, or simply move. There is a myth that a hot seller’s market is good for homeowners, but that’s only true if they are moving to a different state. If you want to sell in a seller’s market, you’re also going to buy in the same market. Predictions for Grant Park real estate are bright for 2019; homes have appreciated, and many contain strong equity. Demand remains high but inventory will increase; days on the market may be longer and prices will flatten out. Ultimately, this is a good time to buy a home in Grant Park, and for selling one too!