If you've just accepted a position in Georgia or if you have fallen in love with the state during your weather vacation, it's time to put up your current home for sale and move east. Real estate in Georgia is different from real estate everywhere else in the country, owing to the influences of market conditions, weather, and job markets. If you're wondering what there is available in Georgia and what you could get for your money there, this article should give you a basic overview of the state's real estate market.
Georgia is neither the richest state in the union nor the poorest, so you won't be facing either a glut of run down old houses like you would in some areas, nor a dearth of brand new pricey condos like you would in Los Angeles for instance. The median household income for a family in Georgia is only slightly below the national average, so you could find yourself in good financial stead for a move south. Income for a single person is around $31,000, again slightly below average.
The average value of homes owned by Georgians is a little on the low side of the average, meaning you may have a little work to do on any place you buy here versus getting a brand new construction property. The average home is valued at around $111,000, which is significantly below the national average of $119,600. The reason for this is that many homes are older and are in need of some updates, which sellers are reluctant to do because they're not sure if they'll make their money back. If you were to ask the top realtors in Toronto they would confirm that there are certainly home renovations you can complete that will add a bigger ROI (return on investment) than others. Especially the kitchen and bathrooms.
Oddly enough, the below average housing values have not translated into below average asking prices, because while the average asking price for a home in the US is about, $89,600 homeowners in Georgia are asking closer to $96,500 - a difference of several thousand dollars. What this tells us is that the demand for real estate is increasing, so homes that need a little work are selling for more than they would in areas where there was a balance between the supply of homes and the demand for them.
Regardless of which city in Georgia you decide to make your home in, putting up your existing property will allow you to afford something nice. In Atlanta, the median sales price is just $168,000 while asking prices hover around $350,000. In Savannah, asking prices are sitting at about $316,000 on average. Macon, Georgia has asking prices in the mid $150,000s and Augusta is sitting at around $130,000.