If you have a home lingering for sale on the market in metro Atlanta, 2019 is going to be more challenging, according to new industry figures.
Rates and home prices will rise, according to Realtor.com’s 2019 housing forecast. Mortgage rates are expected to hit 5.5% by the end of 2019, while, monthly mortgage payments will surge 8%.
Atlanta real estate forecast for 2019
It all translates into making home ownership further out of reach for metro Atlantans, especially for younger Gen-Z, millennial and other first-time homebuyers. Conversely, that won’t be the case for upscale buyers.
“Inventory will continue to increase next year, but unless there is a major shift in the economic trajectory, we don’t expect a buyer’s market on the horizon within the next five years,” said Danielle Hale, chief economist for realtor.com®. “Unfortunately for buyers, it’s only going to get more costly to buy, especially the most-demanded entry level real estate. To be successful, buyers should think through how they’ll adapt to higher rates and prices.”
In the metro Atlanta’s north Fulton suburbs, prices will rise 3% while the sales percentage will drop by about 2%. Don’t worry, it will still be a seller’s market, but homes will be expected to linger a bit more.
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Southside Atlanta real estate prices for 2019
A number of areas of the city experienced phenomenal growth in prices, attributed largely to the Beltline. Below is a sample of real estate price prices around Atlanta.
At the end of 2018, the median price for a 3-bedroom single-family home in the West End was $356,000.
The median rent for a 3-bedroom single-family home was just under $1,400, according to figures from Trulia.
In Cascade Heights in southwest Atlanta, the median price for a 3-bedroom home was $269,000, a 57% increase over the previous year. The median rent for the same number of bedrooms was $2,500 a month.
Northside Atlanta real estate prices for 2019
At the end of 2018, the median price for a 3-bedroom single-family home in Buckhead was $580,000, a 9% increase over the year prior. The median rent for the same number of bedrooms was $3,275 a month.
The median price for a 3-bedroom single-family home in Midtown was $675,000, a 8.5% increase over the year prior. The median rent for the same number of bedrooms was $2,662 a month.
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