Georgia has been the second fastest-growing state in the United States since 2010, only behind Utah in total growth. And for the first time, the median price for home prices in Atlanta topped $400,000. Even with prices rising across the state, homes are selling faster than ever. Numbers compiled by the Georgia Association of Realtors show that homes spent 26% less time on the market in October 2022 versus the prior year.
Population growth is forecast to continue to increase, making this real estate market even more competitive since our market predictions last year.
How Our 2022 Georgia Growth Predictions Fared
In 2022, we predicted these cities in Georgia to be the fastest-growing real estate markets. Here are how the predictions held up. Every one of our top five picks has remained in the top five, although the order has shifted slightly.
1. Norcross, Georgia
Our number one pick was right on the money. Norcross is the hottest real estate market in the state in 2022. Located near multiple highways that connect it to Atlanta and its surrounding areas, Norcross has experienced 80% growth since the 2010 census.
It is located northeast of Atlanta in Gwinnett County with a population of around 18,000. Home prices have risen more than 13% since November 2021 and 26% overall to $370,000 — a $70,000 increase from a year ago.
Homes continue to sell above their listing prices.
2. Sandy Springs, Georgia
Sandy Springs was number two on our list of fastest-growing real estate market predictions and wound up in fifth place for home sales. Located in the suburbs north of Atlanta, Sandy Springs is the home to many large companies like Mercedes Benz and UPS, whose jobs keep the houses selling. In 2022, it ranks as the fifth fasting-growing city in the state.
The median price for a home in Sandy Springs is now $552,000, up 12.2% from last year. Meanwhile, median days on the market went down by 9.5% over the same time last year.
3. Brookhaven, Georgia
Brookhaven came in at number three on our list, and that’s exactly where it ended up.
The city of Brookhaven is a few miles north of Atlanta and is a popular shopping district filled with beautiful historic homes, parks, and museums. Median home prices command significant costs, with the median selling price topping $789,000 over the past year. Yet, this represents a 37.2% decrease from November 2021.
Homes are now staying on the market longer and selling below the asking price.
4. Chamblee, Georgia
We also got the #4 pick right with Chamblee. Considered a transportation hub in Georgia, Chamblee is close to several major highways, a light rail station, and an airport. These features have caused a 200% growth in the population of Chamblee since 2010.
The housing availability is relatively stable in the area, making it a little easier to buy a house compared to other cities in Georgia and compared to last year. While the median selling price over the past year has risen to $510,000, homes are staying on the market longer than a year ago. Still, the average home is only on the market for 22 days.
5. Braselton, Georgia
Braselton was our choice for the fifth fastest-growing real estate market in our predictions last year, but it shot up to number two in sales in 2022.
Located 40 miles northeast of Atlanta, Braselton has a slightly more rural feel compared to the busyness of Atlanta. It has a highly rated public education system that attracts families to the area. The population of Braselton has expanded by almost 75% since 2010, increasing to more than 14,300 residents.
Over the past 12 months, the median selling price rose 19.6% to $425,333. While the number of homes on the market has remained fairly stable, most homes are currently selling at or below the asking price
What the 2023 Georgia Real Estate Market Will Look Like
The 2023 real estate market in Georgia is expected to stabilize. The Mortgage Bankers Association believes prices will start to level off, while the National Association of Realtors believes prices will continue to increase in 2023 but at much lower levels. We believe growth is likely to continue, especially in the Atlanta area where some 1.2 million jobs are expected to be added to the metro area by 2050.
The overall low housing inventory will keep it a seller's market in most areas for the foreseeable future. According to Zillow, the state’s housing market is still seeing high demand with limited supply.
While growth may be slower due to rising mortgage rates, experts forecast a competitive real estate environment in 2023, especially in the areas surrounding Atlanta. In fact, the Emerging Trends in Real Estate report by PwC and Urban Land Institute ranks the Atlanta metro area as one of the top 10 locations in the country for overall real estate prospects in 2023.
In 2023, we expect a lot of similarities with the list from last year as these areas continue to grow. The hottest real estate markets for 2023 include:
Norcross continues to grow, nearly doubling its population over the last decade, and continued growth is forecast for 2023. Norcross is known as Atlanta’s Summer Resort due to its access to water-based recreation and surprisingly milder weather than Atlanta.
Brookhaven is a northeast suburb of Atlanta and the largest city in DeKalb county with a population now exceeding 55,000. It’s also the home to the NBA’s Atlanta Hawks training facility and Georgia State University.
Temple is about 38 miles east of Atlanta and spans both Carroll and Haralson Counties. Although there are only 4,200 residents, Temple has seen a 77% population increase since the 2010 census.
4. Sandy Springs
Another Atlanta area suburb, Sandy Springs is in northern Fulton County and has grown to more than 108,000 residents. Major employers continue to bring jobs to the area, fueling continued population growth. Last year’s number-two pick has cooled down only slightly. About half of the homes are now selling below the asking price.
Winder is in Barrow Country, Georgia, some 50 miles northeast of Atlanta. Its population has now grown to 18,300, a 30% increase over the past decade, and continued growth is forecast for 2023.
A little over 40 miles northeast of Atlanta, Braselton has grown from a community of just 1,200 residents in 2000 to more than 13,400 in the 2020 census. Consistently rated as one of the top places to live in Georgia, it affords residents a small-town feel that’s still close to major metro attractions.
Chamblee is the third-fastest growing city in the state by percentage but has the largest growth rate of cities over 30,000 in population. The city continues to annex property, allowing for greater expansion and an attractive location for big-city commuters.
Be a Part of Georgia's Growing Real Estate Market
The popularity of Atlanta and its suburbs is what's driving the booming Georgia real estate market. The growth in population and continued demand are expected to keep this market active in 2023. Home prices are expected to continue to increase, and housing inventory continues to be tight. This creates significant opportunities for real estate agents in Georgia.
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