The Georgia real estate market doesn't appear to show signs of slowing down as the state keeps adding to its population. The latest Census report shows five major cities in Georgia experiencing population growth from 2022 to 2023. If you're a real estate agent in Georgia looking to capitalize on home sales, here are the markets you should be considering.
Major Factors Contributing to the State of Today’s Georgia Market
Georgia is the country's eighth most populous state with a population of 11,029,227. This population grew by 2.9% between 2020 and 2023. Much of this growth was powered by almost two cities alone: Atlanta and Warner Robins. The city of Atlanta showed an overall increase in population in 2023 of 2.4%, and Warner Robins also showed a growth in population of 2.9%. This is noteworthy because most other cities the Census surveyed had a decrease in population, meaning more people moved out than moved in.
The city of Atlanta is only one part of the major Atlanta metropolitan area. The Census lists the population of Atlanta Metro at 6,307,261, which is the sixth-largest metropolitan area in the country. Atlanta Metro added over 68,000 new residents in 2023, making it the third-fastest growing metropolitan area, behind Dallas and Houston.
The overall growth in Georgia's population could explain why the real estate market continues to see an increase in median home prices despite higher interest rates. Redfin reports the median home sales price in Georgia is $390,300, which is up 4.2% compared to June 2023. Redfin data also shows homes spend an average of 38 days on the market, significantly longer compared to the 28 days in May of 2022. Lastly, inventory appears to be holding at a three-month supply, which is equal compared to the same period last year.
Which Georgia Cities Are Growing the Most?
While the overall population of Georgia is growing, several cities stand out for showing growth according to the latest Census Bureau report.
1. Atlanta
Atlanta has one of the highest growth percentages recorded for 2023, with an increase of 2.4%. It's the hub of the Atlanta Metro area, the sixth-largest metropolitan city in the U.S. The city is home to Hartsfield-Jackson Atlanta International Airport, the world's busiest airport. It's also a cultural hub for Georgia, with world-renowned museums, a rich history with the Civil Rights movement, and a vibrant art, food, and music scene.
2. Macon
Macon saw a slight increase in population in 2023, with 0.2% growth in 2023. Macon is located in Bibb County in Central Georgia and is known for its small-town Southern charm. It has a rich music heritage, with legendary artists such as Little Richard and Otis Redding hailing from there. Macon also has a strong cultural scene, with numerous art and history attractions.
3. Warner Robins
Warner Robins had the highest population growth, recording a 2.9% increase from 2022 to 2023. The city centers around its strong military presence since it's home to the Robins Air Force Base. Not only is Robins Air Force Base the largest employer in the Warner Robins area, it's the largest employer in Georgia, employing a workforce of over 24,000 civilians, contractors, and military members.
4. Athens
Athens is located in Northeast Georgia with a population of 128,628, which grew 0.2% compared to 2022. Athens is home to the University of Georgia, which contributes an astounding amount of over $8 billion to the state's economy. It's also home to a flourishing food and music scene, plus multiple cultural attractions.
5. Marietta
Marietta, located in Cobb County, is part of the Atlanta Metropolitan area. It also has a population of over 62,000 residents, which increased 0.2% from the previous year. While Marietta is often integrated with the Atlanta metropolitan area, it has a personality of its own, including its charming downtown area called Marietta Square. It's also home to numerous significant cultural and historic sites and educational institutions.
Most Populous Cities in Georgia
One of the most standout population metrics in Georgia is how large the Atlanta metro area is compared to the rest of the cities in the state. You can see the disparity in totals when you compare the Atlanta metropolitan area to the other most populous cities.
Atlanta Metro Area: This metro area is now the nation's sixth-largest, which has a population of over 6.3 million and includes 10 counties.
Atlanta: The most populated city in Georgia with 510,823 residents within the city limits.
Augusta-Richmond County: Home to 205,414 residents, but saw a decrease in population of 0.5% in 2023.
Columbus: You'll find 201,877 residents that call Columbus home, but the population decreased by 0.3% in 2023.
Macon-Bibb County: Macon-area residents now total 156,512.
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 2024 and perhaps beyond. Home prices are increasing, and the housing inventory continues to be tight. This creates significant opportunities for real estate agents in Georgia.
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Updated 9/26/24