We’ve just started the year and that means many potential Intown Atlanta home buyers are asking the same key questions:
- Is 2020 the right time to buy an Intown Atlanta Home?
- Will area home prices keep appreciating?
- What will the Intown Atlanta real estate market be like in 2020 and beyond?
Our Intown Atlanta 2020 Real Estate Market Forecast gives you the information you need to answer these questions and make the right decision for yourself.
To begin, we believe there are three reasons 2020 is a good time to buy in the Intown Atlanta area:
- A Stable Georgia Economy
- Growing Intown Atlanta Population
- Low Mortgage Rates
Let’s take a deeper look these reasons:
Stable Georgia Economy
The University of Georgia’s Terry College of Business presented its 37th annual Georgia Economic Outlook in December 2019.
They forecast Georgia’s overall economy to slow a bit in 2020 in part because, according to Dean Benjamin C. Ayers, the state faces “greater exposure to the trade war than most other states”.
That said, Ayers went on to say:
“Consumers will be the guiding light of the 2020 economy buoyed by modest wage growth, available credit and rising home values”.
“Consumer spending will increase because labor market conditions are good,” he said. “As long as job creation remains positive, the economy will operate close to full employment. Credit is inexpensive, and household finances are in very good shape. Many homeowners have locked in historically low mortgage rates.”
“Appreciating home values will give people the confidence to buy homes,” he added. “In the third quarter, Georgia’s existing home prices were 20 percent higher than their pre-recession peak. Another factor that will encourage people to buy homes is that rent affordability is at an all-time low.”
Read more about Terry’s Georgia Economic Outlook for 2020.
Growing Intown Atlanta Population – We Ain’t Full Yet!
A recent article in Curbed reports that we ain’t full yet and says Metro Atlanta’s population will swell by 3 million more people by 2050.
“The biggest population booms are expected to occur around Intown Atlanta”.
Due to population increases in recent years, there continues to be high demand for quality homes in the Intown Atlanta area.
According to the U.S. Census Bureau, the city’s population increased by about 17% from 2010 to 2018 while the U.S. population as a whole increased by only 6% during that same time.
Specifically, Fulton County is projected to grow from a population of about 950,000 in 2015 to 1.4 million by 2050.
All these people will need a place to live and new construction can’t keep up.
Low Mortgage Rates
Per Bank Rate, as of today the current 30-year fixed mortgage rate is 3.8% vs. 4.46% a year ago.
Plus, the current FHA rate is hovering around 3.5%. For a good historical look at rates check out this Freddie Mac chart.
With rates at this low level and inventory at modest levels we believe demand for Intown Atlanta homes will continue to be strong in 2020 with the best homes selling quickly.
Atlanta 2020 Real Estate Market Forecast – Conclusion
A continued strong Atlanta economy, population growth in the city plus continued low mortgage rates lead us to believe it’s a good time to buy an Intown Atlanta home. Plus, while nobody has a crystal ball, these factors lead us to believe prices of Intown Atlanta homes will continue to appreciate through 2020.