Real estate market and average home prices are rebounding
Home prices in the Atlanta area continued to demonstrate improvements at the end of the summer, possibly forecasting a rebounding trend that is leaving the struggling real estate market of the past few years behind. Potential homeowners moving to the city should check out the many houses for sale in Atlanta before they get priced out of the homes they want.
"Prices are coming back," Mitch Kaminer, the president of a local real estate board, told My Fox Atlanta. "They are bouncing back, some areas more than others. Some areas were hit more than others. Everyone agrees we hit bottom. Now we're riding it up and it's going to take baby steps to get up there, but we will."
The latest data on real estate prices in the Atlanta market revealed that the median sales price at the end of the summer was $150,000. This was a significant increase from the same time period last year, when houses were going for an average price of $139,000. Kaminer added that the stronger prices are due in no small part to diminishing foreclosure sales. Overall home sales increased by 3.2 percent from the same time period a year ago. This indicates that the city's residents were more confident and comfortable with living in Atlanta and planned to do so for the foreseeable future.
Atlanta has been making waves in the news lately for being a desirable location for people to move to and live in. According to a recent Businessweek study, Atlanta ranks as the 16th best city to live in. This ranking was arrived at through the study of several different metrics by the news source, including quality of life aspects - entertainment and dining options, culture, education, outdoor infrastructures - as well as unemployment and income rates.
According to the news source, Atlanta has 146 bars and 1,566 restaurants, as well as 37 museums, 37 libraries and 5 professional sports teams. These all contribute to a high quality of life, with local residents regularly looking for entertainment and dining out options. Additionally, the high number of bars and professional sports teams indicate that the city is a popular locale for younger generations, who are likely looking to buy a house and establish roots. As an added bonus, 7 park acres per 1,000 residents was a good rate, particularly for an urban metropolis like Atlanta.