Atlanta Real Estate Market Predictions for 2024
Hope 2024 is treating you well! We thought it would be the perfect time to share our Metro Atlanta real estate market predictions for 2024. Economists, real estate brokers and other market experts are feeling VERY optimistic about this year, so let’s dive into the market forecast report!
Market Forecast 2024: A Cautiously Optimistic Outlook
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).
Interest Rates Predictions
They’ve already started to decrease and because this is an election year, industry experts predict that they will decrease even further. Most likely the interest rates are NOT going to go back down to the historically low three percent (3%) range. So many buyers have been waiting for even the smallest dip in rates, so we expect that prospective homebuyers will find it more affordable to secure financing for their new homes. Also, many homeowners haven’t wanted to sell their homes because they want to hold onto their low interest rate from years ago. Once the rates decrease a bit more, more homeowners will decide to put their home on the market, offering more opportunities for buyers.
Metro Atlanta Housing Inventory Levels
While demand for housing remains high, Atlanta has faced some serious challenges over the last few years with low inventory. The trend is expected to continue in 2024. The limited availability of homes for sale has led to increased competition among buyers which leads to multiple offers / bidding wars. Not so much fun for potential home buyers, but definitely a plus for home sellers!
Rise of New Construction Properties
One trend expected to shape the Atlanta real estate market in 2024 is the surge in newly built homes, as well as condo/townhome communities. Builders are working hard to offer lower interest rates to those who purchase their homes, making it more affordable for many Atlanteans.
Good News for Investors: Rental Prices on Rise
For those considering investing in real estate, this is a great time to jump in because rent prices are expected to rise (again) in 2024. RentCafe ranked Atlanta as the “#2 Hottest Rental Market in Country.”
Atlanta also ranked #13 in the US on Forbes Advisor’s “The Best Cities For Renters Of 2023.”
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.
Timing is Everything in 2024
Timing remains a critical factor in the Metro Atlanta market. For those that are ready to purchase a home this year, it will be important to keep an eye on monthly/quarterly market statistics and be pre-approved for a mortgage so you are ready to jump when you find that dream home.
If you are a homeowner who is considering listing your home, you can benefit from the current seller’s market right now! However, we do recommend that you consult with real estate professionals to determine the best time to put your home on the market — timing is everything!
Conclusion
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. Low interest rates and limited inventory are driving factors, but timing your sale will be crucial for those who want to sell their home for top dollar.
Whether you’re planning to buy or sell a home or condo this year, we highly recommend talking with one or two local real estate professionals. They can offer advice based on your specific situation and give you the inside scoop on the current dynamics of the housing market in your neighborhood.
