Atlanta is officially a transient city, and jobs have everything to do with it.
Metro Atlanta’s workforce grew significantly in 2016 – with the introduction of 70,800 jobs to the market, according to the U.S. Bureau of Labor Statistics. This makes Atlanta the 10th largest metropolitan area in the U.S. for job growth.
And with that kind of job growth, an influx of new residents follows. From 2010 to 2015, the area’s population grew by 10.4%, per U.S. Census Bureau figures. And by 2040? Metro Atlanta’s population is projected to increase by 2.5 million people.
But people aren’t just coming. They’re going, too. Census research compiled by Abodo found that 7.46% of Metro Atlanta’s residents said “so long” to the area from 2014 to 2015. The population simply continues to grow because people are moving in at a faster rate.
This week, we set out to discover how people who are entering and exiting the market are faring when it comes to buying and selling properties.
Where the great jobs are …
We ran a search on job-hunting site Indeed.com to get a feel for the top five areas booming with employment opportunities right now. In order, the cities with the most jobs are: Atlanta, Marietta, Alpharetta, Norcross and Duluth.
As these cities are experiencing the highest flurry of job activity, we operated under the assumption that they are following the overall migration pattern in Metro Atlanta. Take a look at what we discovered for each of them.
Atlanta: Tons of new construction, but it will cost you
The vast majority of jobs are located within the City of Atlanta, which saw 12,525 residential real-estate transactions last year. A whopping 15% of those sales were of newly constructed properties, which speaks volumes about how the growing population is being absorbed into the area. While the median home price for all properties stood at $250,000, buyers who went for the homes built after 2015 shelled out a median of $416,900.
For homeowners who left the city last year, it took them nearly two months to receive offers on their properties. The average days it took sell a house was 57 days.
Marietta: A fairly even trade for both buyers and sellers
Marietta came in second place in terms of available job opportunities. With its reputation for stellar school districts and endless cultural activities, the city is pretty desirable for families.
New construction wasn’t too common in Marietta, making up just 5% of last year’s transactions. And those homes did not sell for cheap, going for a median of $449,883.
So, those who are relocating into the city will need to look to previously-owned homes to settle down in. Sounds like a good deal to both buyers and sellers. New job seekers and resident who are looking to leave Marietta can expect to receive a median price of around $254,225.
While it sounds like an even trade for buyers and sellers, the average number of days it took to sell a home last year was 54 days.
Alpharetta: High return for sellers, with a caveat
If you haven’t heard, Alpharetta is making major waves as a tech hub, so it’s no surprise that it’s one of the top cities for employment.
Out of the five cities in this week’s analysis, Alpharetta saw the least amount of transactions in 2016, with just 2,563 property sales. Of those, 8% were newly constructed homes.
Alpharetta sellers are in luck. The median price for previously-owned homes is increasing steadily year-over-year. In 2016, sellers made a median of $305,275 on their homes built in 2013 and prior.
Here’s the caveat for sellers who are looking to relocate quickly: In 2016, homes sold in Alpharetta went in 51 days.
Norcross: Properties are selling relatively “quickly”
By far, homes are the least expensive in Norcross, going for a median price of $154,900 in 2016.
Again, both people entering the market and those looking to leave would benefit in this area. There were only 48 sales of newly constructed homes in Norcross last year. So, previously-constructed homes are where it’s at here.
Of the five cities we analyzed, sellers have the best luck offloading their homes in Norcross. Their properties sold in 48 days last year, and while that’s significantly less than other areas, that’s still a significant amount of time for anyone who is on a relocation timeline.
Duluth: New listings add growth to this small market
Duluth saw the lowest amount of transactions last year among the five cities, with just 1,237 property sales. However, year-over-year, the city saw a solid amount of new inventory in 2016. Some 8% of last year’s transactions were newly-constructed homes.
Buyers can expect to pay a median $334,481 for brand new houses in Duluth, which is significantly higher than the cost of previously-owned homes. Last year, the median cost of all properties in Duluth was $235,000 property.
Unfortunately for sellers who are relocating out of the city, the average amount of time it takes to get a house off the market is a whopping 56 days.
How long is too long?
The takeaway here for buyers is that there’s definitely enough inventory to settle down in Metro Atlanta. In the City of Atlanta, Alpharetta and Duluth, new construction is helping relieve the influx of new citizens.
For current residents who have a new job waiting for them in another city, the upshot isn’t so great. Waiting upwards of 48 days to sell a home is way too long when a new chapter of life awaits elsewhere. Think it’s impossible to sell your home immediately? Check out the Knock method.