I try to keep an eye on the housing market here in the Atlanta area to see how things are going. I own 2 homes in the Atlanta area so I have a vested interest in what goes on in the market. I've seen reports from local real estate agents that say it is a buyers market (oh really?) and that prices are flat. Luckily, Atlanta did not experience the run up in prices like other markets around the country so we are not having the huge drop in home prices like those areas.
One way I can tell how the market is going is the Metrobrokers Billboard on I-75 southbound near the North Marietta Pkwy exit. I pass this billboard everyday on my way to work. When the billboard first went up in August 2005, there were about 75,000 homes for sale. As of this past Friday, there were over 110k homes for sale. Per the Metrobrokers website, this number includes listings in the FMLS and MLS for the 20+ county Atlanta Metropolitan area. The number also includes some listings as far as the North Georgia mountains and as far south as Valdosta.
In Atlanta, per HousingTracker.net:
- The median home price is $209,000
- 1 month price change - (0.0%)
- 3 month price change - (0.0%)
- 6 month price change - (2.4%)
- 12 month price change - (4.0%)
- Inventory of available homes has increased 24.3% in a 12 month period.
House here are still affordable, there is plenty of available housing and the population is growing so according to local "experts", the Atlanta area will be just fine. I'll believe that when I see it.