Warner Robins hasn’t seen substantial population growth like some suburbs outside of Atlanta, but there are still some big things happening in the real estate market. Keep reading to learn more about three big trends for 2020.
Commercial Development Will Boost Jobs and Housing Demand
Last month there was a lot of buzz about the new Buc-ee’s gas station that is slated for construction along Russell Parkway this year. City officials expect the $35 million dollar project will fuel a lot more commercial development in the immediate area.
Seasoned Georgia real estate agents can attest that commercial development often leads to housing development. Why? Because commercial development brings jobs that grow the economy and population. Buc-ee’s projects that their business alone will generate up to 225 jobs. But that doesn’t include all of the construction work that’s needed to build the gas station. It also doesn’t include the jobs that need to be filled to complete city road and utility improvements.
To date, Warner Robins has enjoyed a somewhat balanced market. But as more people move into the area to work on constructing the Buc-ee’s convenience store and improving the roads, things could start leaning in favor of sellers. At least, it’s anticipated that 2020 could start moving things in that direction.
Home Price Appreciation Will Continue While Competition Heats Up
If the forecast from LittleBigHomes.com data crunching is accurate, then home prices will continue to appreciate in Warner Robins throughout 2020. Their 3-year forecast is that prices will be up through Q3 2021.
Realtor.com also notes a home price appreciation trend. Their data shows that the median sold price in November 2019 was $152,500 up from $145,000 in November 2018 and $82,500 in November 2017. Over the last year, things have leveled out quite a bit compared to 2016-2017 to the point appreciation in 2020 is expected to be around 2-5%.
Like other Georgia real estate markets, Warner Robins is starting to feel the effects of a housing shortage. One indicator of this is the decline in days on market (DOM). The latest market statistics show that the DOM in Warner Robins was just 35 days in November 2019. That’s eight days less than the same time in 2018. Buyers aren’t wasting time when they find a property they like. If inventory continues to tighten, there are good chances that buyers will face more competition for well-priced homes.
New Housing Developments Will Help a Variety of Renters
Homebuyers may have a shrinking selection, but Warner Robins renters are set to have more options in 2020. Currently, there are three major housing projects in the works:
Capstone Building Corp plans to construct 100,000 square feet of housing units for residents of various income levels.
Pennrose is in the process of building a complex that will include 180 apartments and 6 townhomes. The townhomes are being reserved for veterans and active-duty military personnel.
A somewhat contested $17.4 million affordable housing project at the site that’s currently Perkins Field should get underway in 2020. If everything is approved by state and federal regulators the project will add 90 apartments to the market.
The overall goal with the three developments is to make more affordable options available for public workers, young professionals that are new to the workforce and low-income families. The hope is that gaining affordable housing now will make buying a home in the near future possible for more Warner Robins residents.