Vital Statistics to Know About the Georgia Real Estate Market in 2021

Georgia is America’s eight-most populous state with a population of over 10.8 million residents. The state borders Florida, Tennessee, and the Atlantic and remains a remarkably vibrant place in Southeastern America. Some call it the Peach State. 

Taxes and average living costs are relatively low in Georgia — and let’s not forget the pro-business economy. What’s better? The accommodation costs fall below the national average.

There are suggestions that the Georgia real estate market offers a plethora of profitable opportunities to investors. However, should you swim with the tides and start a Georgia real estate agent lookup already? 

The choice is yours, but we want to ensure your decision is guided. The following paragraphs contain vital information about crucial Georgia sectors to know before your investment. Keep reading. 

Key Stats to Know Before Investing in Georgia Real Estate in 2021

Georgia Population Stats

• The Governor’s Office of Planning & Budget reported that Georgia gained 200,000 extra residents from 2018 to 2019. Also, it’s growing at an unprecedented rate — Georgia recorded a 1% growth in 2020 alone.
• Georgia’s population has grown by 8.6% since 2010.
• The US Census Bureau reported 10.6 million residents in Georgia in 2019. However, this figure grew to 10.8 million before 2021.
• The Planning and Budget office forecasts that Georgia will be home to about 12.3 million people in 2030 and 13.3 million before 2040.
• Atlanta, Savannah, and Columbus are the three largest metropolitan cities in Georgia, with 6.6 million, 550,000, and 500,000 residents, respectively. 

Real Estate Market Stats

• It’s noteworthy that these stats may differ according to city. Therefore, it’s advisable to research appropriately per city before your investment. Here we go.
• Georgia had a median home value of $221,471 in December 2020.
• Typical home value has improved by 8.3% in a year.
• The Georgian average home values have increased by about 40% since 2016.
• The GAR (Georgia Association of Realtors) reported a 14% increase in average home sale prices in 2021. This growth puts the current value at $316,979. 
• Property listings now spend an average of 41 days on the market — a 31% decrease compared to 2020.
• Inventory levels have reduced by 46% consistently over the years.
• The monthly inventory supply has reduced by 50% to one and a half months, indicating that the state is currently red-hot for sellers.

Renters’ Market Statistics

Georgia real estate is home to the fastest-growing cities in the USA, for example, Sandy Springs, Atlanta, and Sandy Springs. Thanks to the meteoric population rise, affordable housing prices, and supportive economy. Consequently, there is no shortage of demand for homes for sale in Georgia.

• The Georgia average rents are lower than the national average. 
• Georgia has a median rent value of $1,455 monthly. You may equally interpret the figure as $0.86 for every square foot. 
• The median rent value for Georgia homes has grown by 6.2% in a year. That’s about $85 a year to date.
• The average rents in Georgia for a 1-bedroom flat and 4-bedroom home fall between $1,365 and $1,695 accordingly. 
• Single-family structures are the commonest property type in Georgia. Renters make up 36% of the total housing units. 
• Georgia has an average per capita income of $32,657 and a household income of $61,980.
• Dunwoody, Suwanee, Johns Creek, and Braselton have the highest rent rates in Georgia. 

Standard of Living Stats

The USA News & World Report ranks Georgia among the best American states to live and work. The state has excellent results on the infrastructure and fiscal stability scales. 

• Georgia operates six public centers that train residents on aviation, advanced manufacturing, cybersecurity, bioscience, fintech, and film.
• The state houses seventeen out of America’s finest hospitals. 
• Georgia has an 80° summertime temperature and brief winter spells with 40° plus temperature. 
• The state is keen on sports. As such, it’s gone to MLS Atlanta United FC, MLB Atlanta Braves, NBA Atlanta Hawks, and NFL Atlanta Falcons. You may also attend famous sporting occasions, such as the NASCAR Sprint Cup Series and The Master Tournament.
• The median cost of living is relatively affordable in Georgia. It’s even lower than the national average. 

Job Employment Opportunities in Georgia

Georgia performed fairly in job cuts during COVID-19 compared to other US states. Therefore, experts predict a 4% growth in 2021. The state expects that contributions from the automotive and construction industries will further improve its real estate appeal. 

• Georgia’s GDP has undergone 54% growth since 2009 and is now worth about $626 billion. 
• Georgia ranks sixth on Forbes list of best states to conduct business currently and witnessed 2.45% job growth in 2020.
• Georgia ranks seventh in the economic climate and ninth in the regulatory environment. Union employees make up just 4.5% of the state’s employed population.
• The Bureau reports that Georgia has only a 5.6% unemployment rate, and over 5.1 million residents make up the active labor force. That’s more than 50% of the entire populace. 
• Georgia has a median age of 37.2 years against the national 38.5 median age. 
• There are seventeen Fortune 500 companies in Georgia; examples are SunTrust Banks, Coca-Cola, Home Depot, Delta Air Lines, and UPS.
• Some Georgia Fortune 500 companies sit atop the best performing enterprises in America. They include Equifax, Beazer Homes Aflac, FleetCor Tech, and PulteGroup. 
• Small and large-scale companies in real estate, transportation, manufacturing, insurance, finance, logistics, and technology make up Georgia’s highly diversified economy. 
• Georgia’s transportation and logistics sector employ about 380,000 employees, the production sector manages over 315,000, and there are nearly 150,000 in the mathematical and computer fields. 
• The state is very supportive of investments. Securing a Georgia real estate license is straightforward, unlike in some states.

Wrap Up

Investing in the Georgia real estate market appears like a smart move in 2021. The market looks poised to grow and deliver excellent returns. Visit timstoutteam.com to get started.