COVID-19 Effects on Atlanta Real Estate

Atlanta is on its way to a smooth recovery from the harsh effects of the Coronavirus pandemic. According to the U.S. Census Bureau, an estimated 285,000 people moved to Georgia in 2019 and ranked among the top 5 states to move to. In 2020, numbers are expected to be even higher due to corporate relocations and tax benefits. People from states such as New York, Pennsylvania, and California are looking to make the move to south-eastern states to escape the outbreak as well as accommodate themselves with a pleasant remote workspace. Nearly 11% of buyers and 14% of sellers specifically referenced their concerns involving COVID-19, as well as the recent protests and public demonstrations, as reasons behind their desire to move.

The year 2020 also featured the rise of the “first-time home buyers,” especially in the Atlanta market. The Atlanta real estate market has produced numbers that are appealing towards young professionals from a wide region. According to the November 2020 report, the median list price of homes in Atlanta, GA was $345K, trending up 8.2% year-over-year. The median sale price was $325K. On average, the Sale-to-List Price Ratio was 99.14%, which means that homes in Atlanta sold for approximately the asking price in November 2020. As of result, the Atlanta housing market is expected to see one of the country's steepest rises in home prices this year, according to the 2021 housing forecast from The forecast shows a growth of 6.7% in 2021, compared to a 5.7% increase nationally. 

 With this in mind, families have adjusted their preferences when it comes to home buying and evaluating whether a certain home is right for them. For example, families are looking for more living space, outdoor areas, and home offices. Since we have seen this transition to a remote work setting, families are considering these factors to be at the top of their priority list. Nearly 20% wanted a larger home with grander outdoor living spaces to take advantage of Georgia’s milder seasons. Throughout the pandemic, Jimmy Hutchinson has been able to deliver top dollar realtor service by creating an environment in which customers can feel safe and help them settle into their dream home in any of Atlanta’s finest neighborhoods. 

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