Housing supply, prices may rise in coming years By TOM SPIGOLON
T
tspigolon@covnews.com
he supply of new housing in Newton County and Metro Atlanta may grow in coming years but some industry reports say home prices also could continue their recent increases because of demand spurred by the area’s projected job growth and population increases. The average sales price of a single-family residence in Newton County in March of this year had increased 5% in one month and 23% in one year. Median price of a home in Newton County increased to $295,000 in March from $240,000
in the same month of 2021, according to the Georgia Multiple Listing Service. However, some of the price increase can be attributed to a lack of supply and one industry expert said local governments can help encourage new development. Dena Lynn Sosebee, president of the Covington-based East Metro Board of Realtors, said the future supply of housing is dependent on a number of factors, such as building material prices and availability, according to national news reports. Sosebee also said policies of any area’s planning and zoning boards concerning housing den-
sities and timing of growth affect the supply, as well — though she did not single out any single governmental entity in the area. She said if any county governing body decided to make less land available for residential construction, the result could be higher costs because less supply of new housing would be available. “It’s how many they will allow,” she said. In metro Atlanta, new housing construction is a product of both the residential and industrial sectors, according to a report in Atlanta Agent magazine. It also reported that the metro area — in 2020 and 2021 — saw
The Rotary Club of Covington serves Newton County through its Empty Stocking Fund, Top 10 students and Camp Sunshine projects, along with nationwide and international contributions. The club, formed in 1939, meets for lunch, an informative program and networking every Tuesday at noon at the Covington First United Methodist Church. Visit www.rotarycovington.org for more information about your club.
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