In this article, we take a look at how the four most active housing markets (Atlanta, Cumming, Lawrenceville, and Marietta) in Metro Atlanta performed in 2016:
Atlanta real estate market
2016 was a good year for the Atlanta real estate market, which has remained one of the strongest markets since the recession. Median home prices in Atlanta saw an increase of 6.2% to $167,800. Appreciation rates during the same period also increased by 6.2%, higher than the national average of 6.1%.
A significant highlight for the Atlanta real estate market last year is the rising appreciation rate. Throughout the last three years, the home appreciation rate for the Atlanta market has seen reached an average of 45.8% or $52,200 in equity, way above the national average of 22.6%, or $39,833.
There’s good reason for Atlanta home owners to be optimistic, as the city has a bright future ahead. Many of its neighborhoods, including Grant Park, Kirkwood, Downtown, Midtown, North Buckhead, and Morningside-Lenox Park are expected to continue benefitting from the city’s forward momentum.
Cumming real estate market
Home values in the Cumming real estate market increased by 5.9% in 2016, and market experts predict a 4.8% increase in 2017. The city’s median list price was $122 per square foot, which was higher than the Metro Atlanta average of $105 per square foot.
In December 2016, the median listing price was over $400,000, which was higher than $370,000 during the same month last year. Compared to 2015, the average days homes spent on the market was down to 69 from 74, or a decrease of 7%.
The number of units sold in December 2016 decreased by 17% or 207, compared to 248 during the same month in 2015.
Lawrenceville real estate market
In Lawrenceville, trends indicate a year-over-year increase of 7% in median sales price, and a decrease of 3% in median rent per month. The average price per square foot was $87 in December 2016, which shows a 10% increase over the same period during the previous year.
Home values in the Lawrenceville market rose to 7.1% compared to 2015, and is predicted to continue rising by 4.7% this year. Homes that are currently listed in the area have a median price of $200,000, while the median rent price is $1,335, slightly higher than the median price of $1,300 in Metro Atlanta. The median list price per square foot is at $90, lower than $105 per square foot, the current average in Metro Atlanta.
Marietta real estate market
The median home value in Marietta in December of 2016 was $250,600, which represents an increase of 8.7% compared to the previous year. Market experts predict a further increase of about 5.3% in 2017.
The current median list price per square foot for homes in Marietta is $136, higher than the average price of $105 in Metro Atlanta. The median price of homes that are currently listed is $319,900, while the median rent price is $1,400.