Market Update 2019 – Newnan, Atlanta, GA
Being a Newnan mortgage lender, you need to keep on top of what the current housing markets are doing in the areas you cover. The real estate market always has its up's and down's and can be affected by a number of situations. Today, we are going to look at the latest housing market update in the Newnan, Atlanta, and surrounding areas.
Housing Market Forecast 2019
In general, Atlanta has a track record as a good choice for long-term investments in real estate. Over the past several years it has seen steady growth and the cost of living is fairly low. It's the economic center of Georgia. The surrounding areas continue to see a boom in the economy and it’s expected that turnkey property prices for the area will continue to rise into 2020.
Employment and population growth are two positive signs of a healthy real estate market, and Atlanta, along with Newnan and its surrounding areas is seeing just that. For as little as $127,000 you can buy an investment property. The 3-year appreciation forecast is 9.3%
Home values have gone up over this past year by 12.2%, and it has been predicted that a further 6.9% rise will be seen in the next year. Median home values are around $260,200, with per square foot median prices being $229, a figure that is higher than what you will find in the Sandy Springs, and Roswell metro areas, where the average price is $125. The median rental price is currently $1,750.
For the 12 months ending in 2019's 3rd quarter, the forecasted real estate market looks very positive, with a predicted rise to continue into the 4th quarter. 3rd quarter home prices will be higher than they were at this time in 2018. A 3-year look into 3rd quarter 2021 continues to have a predicted positive look for prices rising in homes.
Market trends are indicating a rise of 7% ($18,000) for median home sales, and a 3% rise for monthly rent for the past year. The average price per square foot for the same period rose from $194 to $211.
At this time, the housing market is quite competitive, with homes getting an average of 1 offer and selling in about 43 days. Average sale prices have been about $300K for this past month, which is up by 28.2% since the previous year. Average per square foot sales prices have been up 12.8% to $194 since last year. On average, homes in the area are selling for 3% below their listing prices, with hotter homes selling at their listing price in about 14 days.
Out of the 265 neighborhoods in the area, the most expensive is Sandy Springs, which has a median listing price of about 850K. The most affordable area is Grove Park, with median listing prices at $125,000.
In summary, the housing market for these areas will remain competitive and are predicted to see further growth and rising home prices as we continue through 2019 and move into 2020. If you want more information on the real estate market in your area, or want to know more about mortgage loans, give our Newnan mortgage brokers a call today.