The U.S. real estate sector is in flux, with various regions experiencing steady growth and others staying stagnant. Standing out in the current environment is Georgia. Its formidable economy, robust job landscape, and escalating home values have attracted investors and industry professionals. This blog will guide you through Georgia’s real estate landscape and spotlight lucrative investment opportunities for 2023.
Understanding Georgia’s Real Estate Landscape
According to the Georgia Association of REALTORS, Georgia’s housing sector is steadily growing. While house prices have risen, homes for sale are scarce. As of July 2023, the median sales price increased two percent to $358,000, while the average sales price increased six percent to $429,447, year over year. However, inventory levels decreased seven percent to 25,935 units, and closed sales were down 17 percent to 10,610.
Forecasts for the rest of 2023 suggest that Georgia, especially Atlanta, will remain competitive. While the Mortgage Bankers Association predicts stable prices, the National Association of Realtors predicts a modest rise.
In short, Georgia’s real estate landscape will continue to be competitive. While Atlanta will predominantly be a seller’s market, potential negotiations for properties under their listing price could be more frequent in other areas.
What Is Fueling Georgia’s Real Estate Growth?
Georgia’s real estate boom is due to several factors:
- Population growth – Since 2010, Georgia has been the second-fastest-growing state in the U.S., welcoming over 1.1 million new residents. This growth has amplified housing demand and property values.
- Economic prosperity – Industries spanning technology, logistics, and film production call Georgia home. The state’s pro-business mindset and economic living costs have attracted various corporations, boosting job offerings and swelling the population.
- Low housing inventory – A mismatch between high housing demand and low supply has sparked a fiercely competitive market. It’s also been a significant factor behind the soaring house prices.
Top 5 Real Estate Markets In Georgia
Selecting the right market can make all the difference in real estate. For 2023, these five Georgia cities stand out:
- Norcross – Known as “Atlanta’s Summer Resort,” the city is rapidly growing.
- Brookhaven – This sprawling DeKalb County city is a hub for young professionals.
- Temple – The city boasts a serene, rural vibe in the face of impressive population growth.
- Sandy Springs – This is a growing suburb with many homes selling under their asking price.
- Winder – A town with potential, Winder is ideal for families and those looking to retire.
The Bottom Line
Georgia’s real estate market promises lucrative opportunities in 2023. Investors maximize their return on investment by recognizing potential hotspots and the factors driving its growth. As seasoned lenders, Malve Capital is here to assist investors in Georgia’s fix and flip market. Our real estate know-how and exceptional service can help you navigate this hyper-competitive market and achieve success. Contact us today to begin your profitable real estate venture in Georgia!