With some uncertainty in the U.S. real estate market in 2023, we decided to look specifically at Cobb County, GA. As we have seen with real estate trends in the past, Cobb County only sometimes follows what the rest of the country is doing. When we dug a little deeper into the things happening in our area, the results were impressive. In fact, the National Association of Realtors says there are some great things in store for Cobb County in 2023; we couldn’t agree more.
Will Cobb County Real Estate Slow Down In 2023?
Home buyers and sellers are always most concerned with the pace of the market and whether it is on an upward or downward trend. The Cobb County market is forecasted to be one of the top property markets of 2023.
That’s right. Even after the interest rate increases and the problems with inventory, Cobb County is supposed to remain strong. Of course, this is great news, but in order to trust these facts, we need to look at why this is.
The Atlanta area is expected to have double-digit gains in job growth in the year 2023. While some areas of the country are seeing a loss, Cobb County continues to be a hotspot for people in the business and technology sector.
Companies are still moving their locations from the west and looking for areas to run a successful business in a smaller scale city with great housing and impressive industry.
For the real estate market to stay fresh, there needs to be an influx of new people into the area. The population in Atlanta has increased by nearly 3% in the last two years. People are not moving away; they are moving to Cobb County.
For those that are looking to sell, this is excellent news. Living in an area that is appealing to those coming from other states will only help keep the prices where they are.
Renters Can Buy
When the NAR does studies to help us predict the housing markets each year, one of the things they look for is the percentage of renters that can buy.
The higher the percentage of renters capable of buying, the stronger the real estate market in that area is. Renters could be temporarily renting and waiting for the right house.
In addition, it shows financial strength among potential home buyers.
Cobb County has more than 20% of renters that are able to afford to buy a home.
Affordability Still Remains Key
One of the things that people look for when moving to a city, and especially when buying a home, is affordability. Prices have increased with inflation over the last few years.
Although Cobb County may not feel as affordable to you as it did just a few years ago, it’s still more affordable than other areas in the country.
Affordability looks at more than just home prices and considers everything from wages in the area to consumer pricing.
How Will Home Prices Change In Cobb County in 2023?
Now that we have a better handle on why the Cobb County market is expected to be so strong in 2023 let’s take a look at what the pricing is going to be like.
Over the last two years, we have seen tremendous gains in property pricing, and some homeowners fear that this is slowing down.
Many areas of the country are seeing a standstill or even a slight dip in prices. Realtors® are calling this more of a leveling out than a dip, and we tend to agree.
However, here in Cobb County, pricing is predicted to increase yet again in 2023. The pricing increase should be about 5%, which is considerably higher than the national average.
The predicted national average for an increase in home pricing is around .3%, so essentially, level.
Some experts predict that areas in California and New York could see double-digit drops in housing prices in 2023. Stability in the market, more jobs, and an influx of people are helping to keep our prices a little higher, and that’s a positive for the market.
Is 2023 A Good Year To Sell or Buy?
Cobb County residents always ask us whether it’s a good time to sell or buy. In 2023, it could be good to do both.
Potential homebuyers will find that there is limited inventory, but the inventory is fairly priced, and there are a variety of housing options to choose from. Whether you are looking for something in the city, or a more suburban area, Cobb County has plenty of choices. In addition, mortgage rates are starting to level out a bit, and the overall affordability of your payments could be considerably better than just a few months ago.
Potential home sellers can feel confident in the fact that their home prices are still strong, among some of the best in the country. In addition, with new people continually moving to the area, it may be time to list and grab the latest residents before they take a different home.
When the real estate market started to explode in 2020, everyone feared that the hammer would fall and the world would go back to the way it was. This still has yet to happen, and in Cobb County, GA, it won’t be happening in 2023. Expect Cobb County to stay a strong yet steady real estate market for the foreseeable future.