ATLANTA — As of the start of July, the average price of a house in Georgia was just shy of $320,000.
Year over year, Zillow reported Georgia home prices rose 1.3%.
In the Atlanta metro area, that number was a higher dollar value across the board.
Homes in the City of Atlanta averaged a price of $377,400 and costs had fallen 1.3%, an exact flip of the statewide trend, but in the larger metro, home prices were far above the state average.
By price, Alpharetta, Dunwoody and Buckhead remained king, with home prices averaging as high as $655,00, $622,000 and $591,600, respectively.
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Sandy Springs also ranked high by price, with Zillow reporting its average home value at almost $629,000.
Marietta, by comparison, was slightly lower at $456,460 on average to buy a home. Chamblee and Buford were reported at $454,600 and $467,000.
Acworth rang the price bell at $405,600, while Smyrna was closer to Marietta at $449,700.
The price fluctuations come at a time of economic uncertainty. The U.S. Federal Reserve is still experimenting with strategies revolving around interest rate adjustments to get inflation under control.
While the interest rate changes don’t directly affect mortgage costs, and the Federal Reserve does not have direct control over them, each basis point decision by the Central Bank causes ripples in the system and across the market.
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The latest data from Zillow showed a record high on home values for its June 2023 market report.
The real estate company said home buyers were “shrugging off high mortgage rates” but homeowners did not meet potential buyers at the table.
Zillow reported that every major U.S. market saw home values increase in June, but the values remain below values in 2022 for more than half of the available inventory.
Alongside the higher prices, new pending sales fell by almost 5%.
In addition to overall price increases, one area in Georgia topped a measure for price appreciation.
Gainesville was ranked fourth overall for home appreciation in the country, with above-average job growth, population growth, and unemployment, according to Bankrate.
Price issues are also an area of concern for potential buyers.
A study of home values versus home prices compiled by Florida Atlantic University placed Atlanta as the city with the most overpriced homes in the country, a solid 47% higher than the values of the homes in the city.
The data from FAU showed Atlanta homes cost about $120,000 more than they’re actually worth, as of the end of June.
Using data from Zillow, similar to what was compiled by FAU, Norada, a real estate investment company, put out a list of the Georgia markets where home prices will rise the most by 2024.
Their list showed the following price jumps, predicted to hit by June 2024.
- Thomaston, GA: 14.1%
- Cedartown, GA: 11.6%
- Toccoa, GA: 11.2%
- Fitzgerald, GA: 10.8%
- Summerville, GA: 10.2%
- Rome, GA: 9.7%
- Macon, GA: 9.3%
- Americus, GA: 9.3%
- Calhoun, GA: 9.1%
- Athens, GA: 9%
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