Georgia Buyers Agents

Buying a home in Georgia—what to know.

• Strong economy – Georgia offers appealing economic advantages, including sales tax rates below the national average, a job market increase significantly higher than the US average, and an unemployment rate significantly lower than the rest of the nation.
• Low cost of living – Georgia boasts a cost of living below the national average. While the median home cost across the United States is $291,700, in Georgia, it is notably lower at just $240,400. Additionally, the average costs of healthcare and groceries are also lower in the state, allowing your money to stretch a little further when you choose this region.
• Great weather – Scoring a notable 7.4 on the BestPlaces Comfort Index, Georgia is hailed as “one of the most pleasant states in the United States.” Enjoying ample sunshine, the state experiences traditional seasons, with July highs reaching around 90 degrees and January lows hovering around 33 degrees. Notably, Georgia avoids extreme cold temperatures and sees very little snowfall, averaging less than an inch per year.
• Economic Hub: Atlanta, the capital of Georgia, is a major economic hub in the Southeast. It’s home to numerous Fortune 500 companies, providing a range of job opportunities.
• Southern Hospitality: Georgia is known for its Southern hospitality. The residents are often friendly and welcoming, contributing to a warm and inviting atmosphere.
• Education: Georgia is home to several reputable universities and colleges, including the University of Georgia and the Georgia Institute of Technology.
• Peach State: Georgia is often referred to as the “Peach State” due to its production of delicious peaches. You can explore numerous orchards and enjoy fresh, locally-grown produce.
• Transportation: Atlanta is a major transportation hub with Hartsfield-Jackson Atlanta International Airport being one of the busiest airports globally. The state also has an extensive network of highways and railroads.

Georgia buyers agents provide Key Tips for Homebuyers in Georgia in 2024:

Whether this is your first property or you have purchased a home before, learning how to buy a house in Georgia can help simplify the process.

• Understand the local real estate market: To gauge the investment potential in Georgia real estate, familiarize yourself with the local economy and job market. Look for areas with strong population growth, low unemployment rates, and diverse industries contributing to home value resilience. 
• Define your priorities: Articulate your priorities and preferences for your prospective home with precision. Consider critical factors like location, amenities, size, and future resale value. This clear definition will serve as a guiding force in your home search, enabling you to make well-informed decisions.
• Start Working With Georgia Buyers Agents: Engage experienced local Georgia buyers brokers for streamlined home buying. They offer insights on pricing and effective bidding strategies. A dedicated agent prioritizes your interests, ensuring a favorable deal compared to a seller’s agent aiming for higher prices. Meet with multiple Georgia buyers brokers in person to assess compatibility.
• Get Approved for a Mortgage: Entering this stage can be daunting, yet it’s a crucial step in Georgia’s home-buying process. Unless independently wealthy, obtaining a mortgage is likely essential for home ownership goals. This financial tool covers closing costs, agent fees, and the home purchase price. Engage in a detailed discussion with your lender about affordability, considering factors like debt-to-income ratio, total income, credit history, and other metrics. 
• Go on a House Hunt: Communicate your vision to your Georgia buyers agents for effective assistance. Share preferences like desired home type, number of bedrooms, location, and specific features. Explore neighborhoods aligning with your criteria, checking for properties within budget. Have a detailed conversation with your Georgia buyers agents to articulate preferences and streamline the process.

Is it worth it to buy a house in Georgia?

Certainly. Georgia is anticipated to maintain its appeal to new residents, indicating a probable appreciation in property values. As per population data from the Georgia governor’s office, the state is projected to house nearly 12 million people by 2032—a rise of approximately 1 million residents from the current count. Therefore, when you decide to sell in the future, you can expect a favorable return on your investment.

2024: Is it a Buyer’s or Seller’s Market? 

The real estate market in 2024 favors sellers significantly, and buyers also stand to gain. Home prices in Georgia follow an upward trajectory and are anticipated to keep increasing until a shift occurs in the supply-demand dynamic. In September 2023, the number of houses for sale in Georgia was a mere 43,000, showcasing a limited inventory to meet the demand from prospective homebuyers. This scarcity makes it an opportune time for homeowners to sell their houses in Georgia.

Notably, following a decline in mortgage rates from a two-decade high of 8% to 7.35% in November, there has been a surge in new listings. This indicates that individuals who hesitated to sell due to mortgage rate concerns are now adjusting to the more favorable 7% rates. 

Georgia Real Estate Market Statistics

Average Home Prices: Georgia’s average median home price stands at $365,600, reflecting a 3.6% year-over-year increase.

Home Sales: According to Georgia Buyers Agents, in September 2023, home sales experienced a notable 17.8% year-over-year decrease. 

Average Rent Prices: Rental costs exhibit statewide variation, with an average tenant in Dalton paying $1,103, while someone in Thomaston pays $895.

Median Days on Market: The median days on the market for homes for sale was 32 days, reflecting a 2-day increase year-over-year.

Pending Sales: The number of homes for sale declined by 22.1% year-over-year compared to 2022. Currently, there are 43,000 homes for sale in Georgia.

Months of Supply: Georgia’s average months of supply stand at 2 months. The state’s demand outpaces the low supply, with Georgia’s housing scarcity worse than the national housing market.

Georgia Real Estate Market: Predictions for 2024

Georgia homes maintained their trend of commanding impressive prices last month. The median home sale price experienced a 3.6% year-over-year increase, climbing from $352,800 to $365,600 in September. However, the number of homes listed on the market saw a significant 22.1% year-over-year decline, dropping from 56,000 to approximately 43,000 homes, resulting in only a 2-month supply. This begs the question: Does the scarcity of houses position Georgia as a seller’s market? Let’s examine the facts. 

In Dalton, homes sold for a median sale price of $280,250 in September, reflecting a 5.14% year-over-year increase. Meanwhile, homes in Thomaston sold for a median sale price of $199,900, indicating an impressive 37.8% year-over-year growth. It’s worth noting that there were a few markets in Georgia where prices experienced a decline year-over-year.

Despite interest rates being at record highs, there are relatively few home buyers in the market. However, the persistently low inventory is driving a remarkable trend, with 24.8% of homes selling above the list price.

If you are a home buyer: 

By purchasing a home now, you can steer clear of bidding wars and take advantage of potential seller concessions with the help of Georgia buyers agents. In the event that they do, refinancing remains a viable option.

If you are a home seller: 

Seize the opportunity to secure Georgia’s elevated home prices. The limited supply of homes in GA positions it as a seller’s market. Properties listed on the Multiple Listing Service (MLS) not only sell faster but also command a premium, selling for 17.5% more than off-MLS homes.