Atlanta Real Estate Market Forecast 2024
As we are all getting settled into this shiny new year, we thought it would be the perfect time to share our predictions for the 2024 Atlanta real estate market. Now, we could keep you in suspense until the end of this post, but we are just going to cut to the chase…. we are feeling VERY optimistic about this year. There are a few challenges and multiple opportunities that could have an impact Atlanta home values and those thinking of buying or selling a home this year.
So let’s delve into the Atlanta real estate market forecast for 2024, offering what we hope will be valuable insights and help you make some important decisions.
A Positive Outlook for 2024
The overall sentiment as we step into 2024 is one of cautious optimism. Experts anticipate a promising start to the year, particularly for prospective buyers eagerly awaiting more favorable interest rates. However, we must acknowledge a significant factor that could influence the market – limited inventory. This challenge has the potential to further tighten the real estate landscape in Atlanta. (Translation: multiple offers and bidding wars are expected to continue for homes in high-demand areas around Metro Atlanta as well as single family homes priced below $500,000).
Are Interest Rates Going to Come Down?
The availability of favorable mortgage interest rates is expected to attract more buyers to the market in 2024. With interest rates remaining low, prospective homebuyers will find it more affordable to secure financing for their dream homes. This factor can motivate more individuals and families to enter the real estate market.
Many mortgage lenders are also offering first time home buyer grants and special programs to get a lower interest rate in the first few years of your loan. If you’d like to be connected with a few of these Atlanta loan officers, please reach out to us anytime.
Will 2024 Be a Seller’s or Buyer’s Market?
While demand for housing remains high, Atlanta has faced challenges related to housing inventory shortages (i.e. too many buyers and not enough homes for sale). The limited availability of homes for sale has led to increased competition among buyers and, in some cases, bidding wars. This trend is expected to continue into 2024, making it a seller’s market.
Will There Be a Surge of New Construction Homes?
One notable trend expected to shape the Atlanta real estate market in 2024 is the surge in new construction. This growth can be attributed to two primary factors: limited availability of resale properties and innovative efforts by homebuilders to offer mortgage rate relief through buydowns. Essentially, builders are striving to make homeownership more accessible by reducing mortgage rates for potential buyers.
The Atlanta region, with its robust demand and anticipation of reduced mortgage rates, is poised to experience a significant increase in new construction. Consequently, we can anticipate sustained high home prices and a stable business outlook throughout the year. If you’ve been contemplating the idea of investing in a brand-new home or exploring new construction options, 2024 presents an opportune moment to do so.
Are Rental Prices Going to Increase Again?
For those considering real estate investments, the rental market in Atlanta is worth noting. With the increase in home prices and the limited housing supply, rental rates have been steadily rising. Investors looking for rental income opportunities may find the Atlanta market appealing in 2024.
Atlanta ranked No. 13 nationally on Forbes Advisor’s “The Best Cities For Renters Of 2023.” Forbes Advisor evaluated the 96 most populated U.S. cities with available data across 23 different metrics to uncover the best cities for renters, according to the report.
Of the 150 largest U.S. cities by population in the contiguous U.S., the ATL has been ranked as the second “most desired” city among renters in November, according to a new analysis by nationwide apartment search website RentCafe.com. You can also check out the article, “Atlanta Ranked #2 Hottest Rental Market in Country.”
Are Atlanta Home Values Going to Go Up in 2024?
One of the key trends expected in the Atlanta real estate market in 2024 is the continuation of steady growth in home values. Over the past few years, Atlanta has seen a consistent increase in property values, and our market experts believe that this will continue, primarily due to the limited housing inventory.
There are SO many potential Atlanta home buyers still out there waiting for interest rates or home prices to decrease. Many can no longer wait to purchase a home, so we are anticipating that this pent up demand will create many multiple offer situations, driving up prices.
In addition to bidding wars, several other factors contribute to this growth, including a strong local economy and population influx.
When Will Be the Best Time to Buy or Sell a Home in 2024?
Timing remains a critical factor in the Atlanta real estate market. For those of you that are looking to buy a home this year, you should keep a close eye on the market trends and act quickly when you find a property that meets your needs. Make sure you have a local REALTOR by your side who can set you up with new listing email alerts and give you access to unlisted or ‘coming soon’ homes.
If you are interested in selling your Atlanta home this year, you can benefit from the current seller’s market right now! We do recommend that you consult with real estate professionals to determine the optimal time to list your home, based on current comparable home sales in your neighborhood and inventory levels (i.e. competition!).
Conclusion: Making Informed Decisions in 2024
As you can see, the Atlanta real estate market is poised for continued growth and offers various opportunities for both buyers and sellers in 2024. Steady home value appreciation, low interest rates, and limited inventory are driving factors in this market. However, timing and market awareness will be crucial for those looking to navigate the real estate landscape successfully.
Whether you’re planning to buy or sell a property in Atlanta this year, it’s advisable to consult with local real estate experts who can provide tailored advice based on your specific goals and circumstances. By staying informed and understanding the dynamics of the Atlanta housing market, you can make confident decisions that align with your real estate objectives in 2024.
If you’d like some honest advice about the current market, the Urban Nest team is always here for you! Contact us anytime.
