Peachtree Corners 2022 Real Estate Trends

scale restaurants at The Forum and Town Center.”

According to Terri Hayes, Broker/Owner of The Terri Hayes Team, there are two distinct groups that are setting the current residential trends.

“You have the 30- to 40-year-old age group with young families who want the community / neighborhood lifestyle with larger homes that are updated or have great bones to be renovated,” she said. “The second group is the empty nesters / baby-boomers whose children are in college or are grown. They want to downsize to a smaller home with upscale amenities similar to the homes they are leaving.”

She added that, due to all the wonderful lifestyle amenities of Peachtree Corners and Southwest Gwinnett, older adults want to stay in the area in downsized, but high quality, homes that are much smaller.

“Detached single-family homes continue to be in high demand

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because of the increasing number of jobs in our community and our excellent schools,” said Brian Johnson, Peachtree Corners City Manager. “As more companies, such as Intuitive Surgical, relocate and grow their work force, single-family homes will be in even shorter supply.”

Rental properties also are in demand, Johnson noted, because many people at different life stages — young adults, empty-nesters, single parents, etc. — don’t want to be homeowners and prefer a managed residential lifestyle.

What to expect in 2023

Johnson predicted that with the limited availability of land and high land costs, “…the trend will likely be for smaller units in both the ownership and rental product categories. This means more townhomes and condos instead of the traditional single-family detached homes on 1/3 of an acre.”

He said he also expects to see more mixed-use developments that integrate the living and working environments as more people want to do both in the same location.

“Ultimately, the city’s goal is to increase the housing stock in a managed, thoughtful way,” Johnson said. “To that end, we’ll be having community meetings — the first one is scheduled for February 23 at 7 p.m. in the Community Chest room at City Hall— to get citizen input on the best way to accommodate the city’s future housing needs.”

The metro Atlanta residential housing market should continue to outperform the National Housing market, Kaplan said, largely due to the demand for housing.

“This demand is fueled by strong population growth — 14% in the last decade — as a result of Atlanta being one of the more affordable metro cities on the national level for cost of living and housing,” he added.

He said that a big draw is the strong employment sector, as companies see Atlanta as a great market for their businesses. “I don’t see significant shifts in the current trend,” Kaplan said. “While interest rates are elevated from where they were a year ago, they are still historically low.”

He also foresees an enduring high demand for older, lesser expensive neighborhoods, which are particularly attractive to first time homebuyers.

“There will also be high demand for these price points as high rental rates outpace mortgage rates,” Kaplan stated. “The high rental cost will likely result in many people shifting from the rental to homebuyer market, further putting pressures and demand on homes with more affordable price points.”

As demand for housing in the Peachtree Corners market continues to outpace supply, and the shortage of new medium to large buildable tracts of land, Kaplan expects to see an increased need for dense “for sale” multi-family developments.

Hot spots

Johnson reported that the City is driving significant resources to the Holcomb Bridge Road corridor. “Expect to see improvements along Peachtree Corners Circle, which should help to incentivize new residential development and result in upgrades to the existing residential developments in the area,” he said.

The planned improvements to The Forum shopping center should also attract significant attention due to the added residential and hotel component, he noted.

“In addition, the City is coordinating with the owners of The Forum on event management in order to develop activities that will provide the community with entertaining ways to ‘Spend the day in downtown Peachtree Corners’,” Johnson said.

Updated, move-in ready homes are most desirable for many buyers who want ‘no fuss, no muss’ when purchasing a home, particularly with the high cost of remodeling, Laura Hayes Reich said.

“With remodeling costs on the rise and [the increase in time] of getting projects completed, buyers are willing to pay more for homes when everything is all updated,” she said. “All custom-built home