The Atlanta area has been experiencing unprecedented growth in recent years. With an abundance of luxury communities and sixteen Fortune 500 Companies setting up shop in the area, there has never been a better time to move to the Atlanta Metro. And while there are many wonderful Atlanta suburbs, one of the metro's most beloved communities is Sandy Springs.
Ideally located 30 minutes north of Atlanta, Sandy Springs is the quintessential Georgia community you have always dreamed of, with a blend of gorgeous homes on parklike lots. Whether searching for a historical character home or a sprawling country estate, you will find something you love in Sandy Springs. Yet, if you are considering buying a home in Sandy Springs, you might wonder whether it is the right time to buy.
Like many markets, Sandy Springs was red-hot from 2020 to 2022, and many wonder whether this trend will continue in 2023. Will the market favor buyers or sellers? Will rising interest rates slow down the market, or will it keep its momentum? Whether you are considering buying or selling property in the near future, here's everything you need to know about the Sandy Springs real estate market in 2023.
Housing market prices, trends, and forecasts 2023
Real estate investment can be a delicate process. Not only do you need to find the right property at the right time, but you also want to be able to buy it at the best price. Conversely, navigating the real estate market can also be challenging for sellers. As a seller, you want to ensure you sell your property at the right time. You might need to sell your current home to afford your dream home, or you might be moving across the country to start a new chapter of your life. No matter what the next stage is, selling your home will play an integral role in that process. You will want to sell your home as fast as possible while earning top dollar for your sale.
Whether you are a buyer or seller, paying attention to local market conditions is essential. So what can you expect from Sandy Springs in 2023 and beyond?
Housing market forecast 2023
Over the past few years, Sandy Springs and the surrounding area have been experiencing astronomical growth, especially in 2021, when interest rates dipped to 2.65%. Thanks to record-low interest rates, prospective homeowners had more buying power than ever before. This, combined with a record-high number of millennial buyers entering the housing market, resulted in more qualified buyers searching for Sandy Springs properties than ever before. As a result, the demand for housing outweighed the supply of quality housing in Sandy Springs during 2021 and 2022.
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But has this trend carried over into 2023? While interest rates and property rates have increased nationwide, Sandy Springs remains one of the hottest real estate markets in the Atlanta area, with property values appreciating over 52.3% since 2020, and there doesn't seem to be signs of slowing down in 2023 and beyond.
Rising interest rates
Whether you are searching for an investment property or you are buying your first home, there are many things you should pay attention to during your property search. One important factor is interest rates. Suppose you are taking out a mortgage for your property. In that case, you will inevitably be paying interest on your property over the life of your loan (or at least until you sell the property), and interest rates can majorly impact a home's affordability. Overall, the higher the interest rates, the more you will have to pay monthly. While interest rates were at their lowest from early 2021 to late 2022, interest rates have increased recently.
In October 2022, interest rates increased above 6% for the first time since 2008, making real estate more expensive for prospective buyers. Yet, despite these rising interest rates, the demand for quality homes in Sandy Springs has kept up its pace. Even in 2023, Sandy Springs is still a seller's market, where the housing inventory is lower than buyer demand.
Median home prices 2023
While interest rates can influence buying and selling patterns in the area, there are also other facets of the market buyers and sellers need to focus on. How much does real estate cost in Sandy Springs, and how will this affect home values in the near future? Compared to many major metropolitans on the east coast, living in the Atlanta area is more affordable than many other areas, including New York City and Washington D.C. Real estate in the Atlanta area averages around $353,300, which is slightly below the national average.
Yet many areas surrounding Atlanta are more expensive, including Sandy Springs. Because Sandy Springs is one of Atlanta's most highly sought-after communities, you can expect to pay more to live in this historic community than in many other areas of Georgia. As of April 2023, the median sales price of a home in Sandy Springs is $555,160, a 7.6% increase from the previous year. And as home prices continue to increase in Sandy Springs, homeowners can expect their properties to continue to appreciate over time.
Sandy Springs real estate market: should you invest?
With so many factors to consider, you might wonder what to do next. Is 2023 a good year to invest in real estate, or should you wait it out? That's a good question. As a buyer, you want to find the right home at the right time. And as a seller, timing is also crucial since you want to net the highest profit possible for your property. So is 2023 a buyer's market or a seller's market? Overall, the local real estate market still favors sellers since there is less inventory than the demand for housing in Sandy Springs. Yet, compared to 2021 and 2022, the market is more balanced, giving buyers and investors more options than they would have in previous years.
Overall, we are in a real estate market that favors buyers, sellers, and investors, which is a win-win situation for everyone. Close to all the Atlanta attractions, yet boasts a cozy community that offers an alternative to living downtown, there has never been a better time to invest in Sandy Springs real estate than in 2023.
Make your move to Sandy Springs today
Are you searching for homes for sale in Sandy Springs? Whether you are searching for your first investment property or your forever home, you will need an expert agent by your side to help you navigate the local market. When you need the best, you need Jane Cross. Backed by over 30 years of industry experience and market expertise, Jane is your trusted source for Sandy Springs real estate. To kickstart your property search, contact Jane today! She's here to help!
*Header photo courtesy of Shutterstock
Frequently Asked Questions
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What is the current state of the real estate market in Sandy Springs?
- The current state of the Sandy Springs real estate market is robust, with steady growth in property prices and strong demand from buyers.
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What are the average home prices in Sandy Springs?
- The average home price in Sandy Springs varies depending on factors such as location, size, and amenities. However, as of [insert date], the average home price in the area was [insert average price].
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Are home prices expected to increase or decrease in the near future?
- While it's challenging to predict with certainty, experts forecast continued appreciation in home prices in Sandy Springs due to factors such as its desirable location, strong economy, and limited housing inventory.
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What factors are driving the real estate market in Sandy Springs?
- Several factors contribute to the strength of the Sandy Springs real estate market, including its proximity to Atlanta, excellent schools, thriving economy, and quality of life amenities.
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Is now a good time to buy or sell a home in Sandy Springs?
- Both buyers and sellers can benefit from the current market conditions in Sandy Springs. Buyers may find opportunities due to low mortgage rates, while sellers can capitalize on the high demand and competitive prices.
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What types of properties are available in Sandy Springs?
- Sandy Springs offers a diverse range of properties, including single-family homes, townhouses, condominiums, and luxury estates, catering to various preferences and budgets.
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What amenities and attractions does Sandy Springs offer to residents?
- Sandy Springs boasts an array of amenities and attractions, including parks, recreational facilities, shopping centers, restaurants, cultural venues, and easy access to outdoor activities along the Chattahoochee River.
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What should I consider before investing in real estate in Sandy Springs?
- Before investing in Sandy Springs real estate, consider factors such as your budget, long-term goals, property location, market trends, financing options, and potential for rental income or resale value.
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Are there any upcoming developments or infrastructure projects planned for Sandy Springs?
- Sandy Springs continues to experience growth and development, with ongoing infrastructure projects and new developments aimed at enhancing the area's appeal and quality of life for residents.
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How can I stay informed about the latest updates and trends in the Sandy Springs real estate market?
- Stay informed about the Sandy Springs real estate market by following reputable real estate websites, local news sources, attending community events, networking with real estate professionals, and consulting with experienced agents or brokers familiar with the area.
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