Fall in Atlanta means more than just back-to-school, pumpkin spice everything and Halloween. It’s also the time to take a look at a few up-and-coming housing market trends. In Atlanta, the fall real estate trends this year include a shift back to city living, which means an uptick in interest in smaller homes such as townhomes and condos. This fall might also mark the first time since the recession that first time buyers have a strong foothold in the market again. In this article, we will discuss Fall Real Estate Trends in Atlanta.
Condos: The hot ticket
One of the biggest fall real estate trends in the Atlanta area is the return of the condo. In June 2014, the Atlanta Business Chronicle reported that the demand for condos had significantly increased in 2013, compared to the demand at the start of the recession in 2007. At the end of 2007, there were more than 7,000 unsold condos. Six years later, the number of unsold condos in the in-town Atlanta area was just 306 at the end of the year.
Not only are existing condos in demand, Atlanta INtown also points out that demand has gotten high enough for new building projects to get underway. One example is Ansley Green, which the paper describes as a “condo community of six homes.” The new condos, which should be finished by the spring of next year, have mostly sold out already. Four are already under contract.
Part of the appeal of the in-town Atlanta condos is their location. The homes at Ansley Green are located across from a park, for example. Another new development, Linden Place Townhomes, is conveniently located near the Centers for Disease Control and Emory University. Downtown Atlanta condo projects also have the convenience of being near restaurants, stores and nightlife.
First time buyers are back
Another trend to watch out for in Atlanta real estate this fall is the return of the first time buyer. This trend in some ways goes hand-in-hand with the increased demand for condos. First-time buyers tend to be attracted to condos, not only for their lower price and smaller size, but also for their location. Buyers are looking for homes that are near their jobs and will let them enjoy meals out or convenient shopping without having to drive for extended periods of time.
At the moment, the degree to which first time buyers will make up the Atlanta housing market this fall isn’t known. The Atlanta Business Journal notes that first timers made up less than one-third of home purchases over the last two years. But it also notes that investors are beginning to pull out of the market, leaving more space for individual buyers.
As Atlanta and the rest of the country continue to recover from the recession, there will be more interest in real estate across the board. For fall 2014, it looks as though condos and first timers will be leading the way.
Image source: Flickr
We hope you enjoyed this article on Fall Real Estate Trends in Atlanta.