The spring season is officially here, which means the weather is warming up, flowers are blooming, and now is the peak season to buy a home. Real estate experts on the Home Garden and Television Network (HGTV) have stated that the spring and summer months are the most popular time to purchase a home. This is when most sellers list their homes for sale and when you could receive the most competitive rates on an Atlanta mortgage.
So, to help you get started on your quest for homeownership, your local mortgage lender, Jeff Wilmoth with Homestar Financial, has listed the most current market update for the Newnan, Atlanta, and Fayetteville region.
Newnan Market Update
In reference to Realtor.com, the residential market trends for all property types in Newnan, Georgia have been consistently increasing over the past three years. In March 2016, the median listing price was $203,850. One year later the price had increased to $229,325 and by March 2018, the median price was listed at $239,900. The current median listing price for 2019 in Newnan, Georgia is $259,000 and experts are projecting that the rates are going to continue to rise in the near future.
Atlanta Market Update
The housing statistics for Atlanta show more fluctuation in price than in Newnan. In March 2016, the median listing price was $279,000 and increased to $325,000 the following year. By March 2018, the median listing price had risen to $349,900, however, the current median listing price for 2019 has since decreased to $324,900. This means that if you are considering applying for an Atlanta home loan, now would be the best time so you take advantage of these current low rates.
Fayetteville Market Update
Fayetteville has shown similar market trends to that of Atlanta. In March 2016, the median listing price was $251,500 and one year later the price had increased to $273,450. By March 2018, the median listing price had increased again to $299,900 but the current median price for 2019 has recently dropped to $292,000. Therefore, you should schedule an appointment with your mortgage lender now and lock in a rate before they go back up.
For more information on the current market update for the Atlanta region and surrounding areas or to get started on your mortgage application, please contact your local Atlanta mortgage lender with Homestar Financial at 404-597-5662.