What to Expect from the North Georgia Real Estate Market in the New Year
The past few years have been unprecedented in many ways – including the real estate market. The business of buying and selling homes since the pandemic has been an unpredictable one for sure. And while 2021 was definitely a year for sellers with many home sales resulting in bidding wars; experts are saying that 2022 may bring similar markets across the U.S.
The Georgia Housing Market in 2022
A normal thriving real estate market in an area typically offers around six months’ worth of available homes for sale in its current inventory. This means that it should take about six months for all of these homes to sell. In the Atlanta and North Georgia areas where the market is hot, however, the National Association of Realtors (NAR) indicates that the current inventory of unsold homes is only a quarter of that – driving up prices and resulting in bidding wars.
And while industry experts expect the supply of available homes for sale in Georgia to increase in 2022, the market will still be quite competitive with the number of home buyers outnumbering those who are selling North Georgia homes.
In addition, home prices will increase in 2022, but at a slower rate than 2021, with the NAR expecting an increase of around 3% versus the almost 15% seen last year. And while home prices in North Georgia are still on the rise, so are mortgage interest rates. The historic low rates offered in 2021 at around 3% will increase in the new year. The NAR predicts rates for a 30-year mortgage to average around 3.7%, which is still an exceptionally low rate for your new mortgage.
Southern Select Properties Can Help You Buy or Sell a Home in 2022
The team at Southern Select Properties in Dawsonville, GA is here to help you buy or sell a North Georgia home or land in the new year. Our experienced team knows the North Georgia real estate market well and can help you navigate the home buying and home selling process with ease.
Contact us today to get started at (706) 265-SOLD (7653) or via email here.
