Atlanta Home Price Update
Home prices in Atlanta have definitely been looking up lately. The progression of many real estate markets that began to pick up, since the economy started to rebound, has gradually become substantial. In Atlanta, the market has fluctuated just like many others around country; however, lately, home prices have shown an upward trend, especially in the last couple years.
The average home price in Atlanta, according the Case-Shiller Home Price index, at the end of November 2013 was around $115K. In comparison, the same average was around $96.97K back in November 2012. Historically, due to seasonality, home prices have a tendency to start rising soon after the winter season ends. Unusually, the average home price this last winter (December 2013) was actually higher than what it was during the beginning months of spring (Feb.-Mar. 2013). Additionally, during the past couple years, the average home prices steadily climbed year over year. If you look at the month of February in 2012, the average home price was actually at a low of $86K. However, in February of 2013, the average home price was at $100K, which is an increase of about 16%. This shows that there has been a trend of increasing prices for more than a year in Atlanta, which will hopefully be a sign of positive things to come in the market. The truth is, Atlanta home prices took a hit when the market crashed, and has been treading water ever since. However, it appears that there is real forward momentum in this city.
For prospective homebuyers, this means it could be a prime time to buy a house before prices increase even more. For home sellers, it means that there is currently an opportunity in the market to sell at prices that simply have not been there in the past.
Trying to figure out what a real estate market will do is just as difficult as trying to gauge what the stock market will do in the future, which is why it is important to look at the information you have available to you. Whether you are a home buyer or seller, or perhaps both, looking at the current upswing that Atlanta home prices have been carrying lately is definitely not a bad sign. No one will argue about that, however, it is still important to do some legwork when it comes to handling something as costly as a real estate transaction. Working with someone who knowledgeable about the local real estate market can definitely help you navigate the process of pricing a property - whether it's to buy or sell.