As we roll further into the new year, we’re looking back on 2016 and how it impacted real estate in Metro Atlanta.
There’s no doubt that the market was in high demand. And while most areas in Metro Atlanta flourished, sellers in some cities struggled to complete sales.
We took a look at zip codes in our operating area that experienced more than 100 transactions in 2016. Despite high demand in Metro Atlanta, the Knock team observed a significant portion of zip codes with houses that took more than six weeks to sell, on average. To understand what’s went on in each of those areas, we conducted a deeper analysis. Take a look:
With an average of 67 days on market, homes in Union City took longest to sell in 2016.
It’s important to note that the majority of the population in zip code 30291 rents rather than owns. And a deeper dive shows that the city is undergoing a severe eviction crisis. According to AJC.com, the area’s eviction rate exceeds 40%. This phenomenon tends to have adverse effects on home sales.
Despite all of this, builders are still investing in the area, and buyers are showing interest in new construction. Some 15% of the houses that sold last year were brand new.
When it comes to Riverdale, new construction might have something to do with the lengthy days on market.
The South Hills and Stoneridge communities of Riverdale listed a significant amount of newly constructed houses in 2015 and 2016. The homes that sold last year in those subdivisions were on market for an average of 146 days.
To compare, houses in Riverdale that were built and listed prior to 2015 sold within 50 days.
Fairburn is directly adjacent to Union City (30291), and is undergoing a similar plight as its neighboring town.
In December, Fairburn reported it was among six cities (as well as Union City) selected by the Georgia Initiative for Community Housing to help the community revitalize its economy through new housing initiatives.
Among the five zip codes analyzed here, sellers in 30213 paid the highest concessions on average at $3,358.
White is a town that’s largely considered a “bedroom community,” comprised of commuters who work in other cities and travel back home just to eat and sleep.
That said—commute times in White are pretty darn high. Some 31% of its residents drive more than 45 minutes each day to get to work.
Unless folks have an emotional reason to live in White, potential buyers might have a difficult time seeing themselves in the city.
New construction was prevalent last year in Grayson, and that played a significant role in how long it took homes to sell.
Homes that were built in 2016 took 57 days to sell, while those built in 2015 took 69.
We took a look at homes that were built pre-recession and found that they were on market for significantly less time. Houses that sold last year that were built in 2007 went in 50 days, and those from 2006 were sold in 52.
Approximately half of repeat homebuyers rely on the sale of their first home to help purchase their next one. Sitting in the limbo of waiting for one home to sell before moving to another can be daunting, to say the very least. To learn the best approach to sell your home with certainty, read more about the Knock strategy.