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Georgia market overview: Where is the market moving? By Labrescia Dawson
G
eorgia is also referred to as the peach state. It is in the south-eastern parts of the United States, and its capital is Atlanta, a metropolitan city with over six million people. The total population in Georgia is over ten million. Georgia is among the states with low living costs, and the real estate market is slightly lower than that of the United States. It is essential to note that it is the eighth most populated state in the whole U.S
with the obstacle of price variance over the last decade. For instance, the home prices in Georgia in 2012 were slightly above $105,000, and today the home prices have risen by over 140% to the current price. Consequently, home prices in the United States rose 7% in the last ten years. The tremendous increase in prices over the previous ten years is due to the growing economic strength in the area, availability of jobs, and high inventory levels.
REAL ESTATE MARKET OVERVIEW FOR GEORGIA MEDIAN HOME PRICES Georgia is a seller market as more people are willing to buy a home than the available number of houses. Today the cost of a home goes in Georgia is approximately $262,710. The price is higher than ever in the state; however, slightly lower compared to the rest of the United States. The high home prices in Georgia are associated
MEDIAN RENT PRICES The median rent prices in the last 12 months increased by over 22% and now ranges at around $1,345.In recent years the high real estate market restricts many people from buying homes, leading them to settle in rental homes. At the same time, the rental market faces high inventories compared to the surpassing number of renters flooding in, and thus, landlords have more power resulting in frequent increases in AUGUST 2022 | 59
