Covid-19 & the GA Real Estate Market

With the surge of the ongoing Coronavirus pandemic, the real estate market in Georgia experienced one of the most unexpected challenges in its history. However, the Atlanta housing market still serves as a lucrative investment opportunity. The following statistics below describe the current changes in the real estate market in Georgia:

• The value of a typical Georgia home has risen by 8.3% over the last twelve months
• Median home values in Georgia have increased by over 40% in the past five years.
• The average days on market for a house is 41 days, a decrease of 31% compared to 2020.

With the arrival of the pandemic, there was a sharp decline in real estate activity in Georgia. The fear of uncertainty, often a primary driver of markets, resulted in buyers ceasing to tour homes and sellers postponing showing properties. With government intervention, lowered interest rates and borrowing costs by the Federal Reserve encouraged those in the real estate market to get off their feet. In a matter of months, the heightened demand compared to supply resulted in an increase of prices by an average of 6% at the end of 2020.

SOURCE: