Georgia has been the second fastest-growing state in the United States since 2010, only behind Utah in total growth. The state has seen an increase in younger people moving in, as can be seen by the state voting Democrat in the 2020 presidential election for the first time since 1992. Population growth is expected to continue to increase, making this real estate market even more competitive since our market predictions last year.
How Our 2021 Georgia Growth Predictions Fared
In 2020, we predicted these cities in Georgia to be the fastest-growing real estate markets. Here are how the predictions held up.
1. Winder, Georgia
This suburb east of Atlanta was one of the fastest-growing real estate markets of 2021. Prices were up nearly 23% in 2021 compared to 2020. Homes in this suburb sell for an average price of $291,000 and are only on the market for about 10 days, compared to 25 days last year. At least 75% of homes have sold for over list price which comes from multiple offers, some of which are without contingency.
The inventory is down 16% in Winder this year, which will only lead to the market being more and more competitive. The current Redfin Compete score is 85, which means it is a highly competitive market.
2. Temple, Georgia
Temple is located west of Atlanta near the Alabama border, and its population has expanded by 25% since the 2010 census. This population growth has led to large housing demand. Houses prices went up 31% since last year, selling for a median price of $250,000 compared to $194,000 last year. Homes are selling in half the time as in 2020 as well, with most leaving the market in 9 days. The 6% drop in inventory ensures that this will be a tough market in 2022.
3. Jonesboro, Georgia
Yet another booming suburb of Atlanta, Jonesboro has seen its housing prices rise to an average of $215,000, up nearly $40k from last year. There have been more homes on the market in 2021, and they are only selling in a day faster on average, which shows this market may be starting to cool.
4. Lawrenceville, Georgia
Continuing the massive increase in growth around Atlanta is the suburb of Lawrenceville, which is just northeast of the city. This market is expected to continue to grow in 2022 after home prices rose 25% this year to an average of $325,000. This $55,000 increase in value along with homes selling five days faster, and 2% fewer homes available, ensure this market will continue to surge into 2022.
5. Kennesaw, Georgia
Kennesaw, which is located in Cobb County, is 30 miles northwest of Atlanta. This was another hot market in 2021. It saw its median prices jump from $45,000 to $330,000 and sell in four fewer days. The number of available homes dropped nearly 30%, which means the homes that are available will be even higher in price.
What the 2022 Georgia Real Estate Market Will Look Like
The real estate market in Georgia is expected to continue to keep growing due to the number of jobs in Atlanta. Around 1.2 million jobs are expected to be added to the Atlanta metro area by 2050. The low housing inventory will also keep it a seller's market for the foreseeable future. When real estate agents in Georgia were surveyed, they were 14% more likely to say they work in a seller's market, 13% more likely than average to say home prices are going up in their area, and 10% more likely to say their buying clients HAVE to make an offer over asking right now.
Fastest Growing Georgia Market Predictions for 2022
2022 is expected to be another busy year for the real estate market in Georgia. There are a record amount of people moving to the suburbs around Atlanta who can't afford to live in the city itself. These are some of the areas that are expected to grow the most.
1. Norcross, Georgia
Norcross is located near multiple highways that connect it to Atlanta and its surrounding areas, which has helped fuel its 80% growth since the 2010 census. It is located northeast of Atlanta and has a current population of around 17,000. Home prices have risen 26% to $307,000 in Norcross in 2021 and are expected to continue to climb into 2022. Almost all houses have sold above their listing price due to having a smaller amount of homes available compared to last year. Expect this to continue into 2022.
2. Sandy Springs, Georgia
Sandy Springs, which is another hot housing market, is located in the suburbs north of Atlanta. It is the home to many large companies like Mercedes Benz and UPS, whose jobs keep the houses selling. The median price for a home in Sandy Springs is $430,000, which is up 1% from the previous year, and they sell 16 days faster on average. Thirty-five percent of homes have sold above the listing price, which is a massive 125% increase from last year. A desirable job area and limited houses will make this market grow in 2022.
3. Brookhaven, Georgia
The city of Brookhaven can be found a few miles north of Atlanta and is a popular shopping district filled with beautiful historic homes, parks, and museums. These perks will help the market continue to bustle in 2022. The homes are selling 10 days faster and for 17% more than 2020 for an average price of $584,000. New shopping options like the Mall at Stonecrest are only expected to keep this market hot.
4. Chamblee, Georgia
Chamblee is considered a transportation hub in Georgia. It's near multiple 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. The average price is $395,000, with houses being on the market for an average of 26 days. With people wanting to drive less and less, they are expected to keep moving to transportation hubs like Chamblee in 2022.
5. Braselton, Georgia
Braselton is located 40 miles northeast of Atlanta and has a more rural feel compared to the busyness of Atlanta. It has a highly rated public education system, which attracts families to the area. The population of Braselton has expanded by almost 75% since 2010, increasing to 13,000 residents. There were 20% more homes available in 2021 compared to 2020, which may make it easier for buyers. Forty percent of homes sold for over list price, for $377,000 on average. This peaceful town will only grow more in 2022.
Be a Part of Georgia's Growing Real Estate Market
The popularity of Atlanta and its suburbs is what is driving the booming Georgia real estate market. The growth in population and low interest rates will keep this market hot going into 2022. The market is currently focused on sellers due to a shrinking amount of inventory. Now is the perfect time to become a real estate agent in Georgia. Enroll in the Aceable Real Estate School today to start a new career in this thriving real estate market.