The Peach State, as Georgia is affectionately called, is a real estate buyers dream. Low property taxes and low housing prices make the state a prime candidate for a real estate investor. Georgias beautiful coastal plains and Blue Ridge Mountains make it a great place to buy a home. Georgias southern charm and mild climate are also popular reasons to move to the area.
Georgia has over 37 million acres of land of which only 10.7 million acres are used for farming. In 2005, 9 million residents lived in Georgia, with only 1.74 million living in rural areas. The state had 3.28 million single-family units in that year which was up 24.4% from 1990, showing that new construction is very prevalent at this time. Most homes are in urban areas, with only 961,000 homes in rural regions of the state. Homeownership is at 67.8% and the vacancy rate is 8.4%. Homes are on average new, with most homes being built after 1980. The median value of a home is only $111,000.
In Atlanta, the state capitol, construction is booming and is still not enough for the amount of buyers in the area. This is helping sellers to get 100% of their asking price. The average selling price right now is $375,000 and homes are usually on the market for 60 to 90 days. There are many new neighborhoods being built, where the communities have a home owners association and can take advantage of using their own community pool, golf course and parks. Single family homes are the hottest sellers in the area and many new homes are being built to keep up with the high population growth in the area.
In Georgias second largest city, Augusta, homes are much more reasonable. In 2006 the average home price is around $115,000. There are more sellers than buyers at this time, but sellers are still receiving 95 to 100% of their asking price. Homes are generally on the market for 30 to 60 days and asking prices are up 5 to 10% from last years rates. Many new buyers are buying now before interest rates spike up again. The economy is good in the area, making it a hot spot to buy property in the state.