C O V E R
S T O R Y
HOUSING MARKET HEATS UP
I
t’s August, but when Troup County realtors say “It’s hot,” they aren’t talking about the weather. The local housing market has been sizzling for several months, and the present demand for housing far exceeds supply.
Home prices have surged. Rentals are super tight. New residential construction often sells before the slab is poured. Existing homes can attract multiple offers, some higher than the listing price. Observers can’t help wondering if Troup County and its cities of Hogansville, LaGrange and West Point are on the cusp of a long-anticipated growth boom. Nobody’s counting chickens, but leaders believe current conditions point toward accelerated development. “A lot of things are in the hopper. The demand is there and may have put us on the verge of strong growth,” said Troup
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August 2021
County Commission Chairman Patrick Crews. “Now more than ever, the opportunities are definitely there,” Hogansville City Manager Jonathan Lynn agreed. But whether it’s a boom, a mini boom or, as leaders would prefer, a healthy rate of sustainable growth, a combination of factors is driving the current demand for housing. LaGrange Mayor Jim Thornton suggests several, including low interest rates, an abundance of jobs, millennials deciding to become homeowners, expanded community amenities and even the Covid pandemic. “Covid caused a lot of people to reevaluate what they want out of life. Things that had been out of fashion are back in fashion. Opportunities to telecommute or work remotely are creating a boom for communities like LaGrange that have a lot
of desirable qualities.” The challenge, Mayor Thornton said, is that building costs have surged here, as they have across the nation. “We need more housing. The demand is definitely there. The problem is that construction costs have never been higher. It’s hard for builders to know what to do.” Just how tight the market is can readily be seen with a look at the Georgia Multiple Listing Service (MLS) numbers, said Ashley Langford of GO Realty, current president of the Troup County Board of Realtors. On July 1, a shockingly low total of 62 homes were listed for sale in Troup County. In previous years, she said, that number typically would be several hundred. Even more telling, in the $150,000 to $299,999 range, where demand is highest, just 18 homes were listed. “It’s definitely a seller’s market,” Langford
