Atlanta shows no signs of a housing market crash this year. Atlanta is forecast to be the U.S.’s top property market of 2023, according to a report from the National Association of Realtors (NAR). The Atlanta metro area continues to be more affordable than most areas across the country, with more than 20% of the renters able to afford to buy the typical home in the area,” a report said. The job market is robust, with many major tech companies from the West Coast opening offices, such as Apple, Microsoft and Visa. As a result, the area experiences substantial migration gains and fast population growth.
Atlanta topped NARs list of markets to watch this year based on its performance in 10 key metrics—including housing affordability, employment conditions and population growth—when compared to the national average. Among the 179 metro areas analyzed by NAR, it was the only one to meet all 10 indicators. The economic conditions in place in the top 10 U.S. markets, all of which are located in the South, provide the support for home prices to climb by at least 5% in 2023,” according to Lawrence Yun, NAR chief economist and senior vice president of research.
Here's what experts say to expect instead.
Home prices are more likely to go up
Supply simply can't keep up with demand.
With "a huge deficit of housing" and expected population growth, the Atlanta metro market is poised for appreciation says Kelly Stephens, vice president and managing broker of Engel & Völkers' North Fulton and Buckhead offices
2023 won't be as hectic for buyers
The market won't be as tumultuous as 2021 or 2022, Karen Hatcher, past president of the Atlanta Realtors Association, predicts a healthy economic outlook for 2023, which should drive relocations and incomes.
"Coupled with interest rates leveling out, we should see strong buyer demand from locals and domestic migration with a healthy selling season," she says.
New construction will be important.
To keep up, new construction will be necessary.
What's happening: Current homeowners who bought or refinanced in the last couple of years when mortgage rates were at record lows are projected to stay in their homes.
There will be more new construction sales in proportion to resale this year.
Builders are continuing to add inventory and are finding ways to work with lenders on a bulk scale to help open up better mortgage options for buyers.
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