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Economic Development

Brighter and Stronger Housing Market Predicted for 2024

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Southwest Gwinnett real estate professionals share their outlooks for the upcoming year.

Over the past few years, the real estate market has been explosive across the U.S. Incredibly low interest rates led to a frenzy of homebuyers vying for properties even though prices had skyrocketed.

Since interest rates began to climb in mid-2022, things have slowed down. Buyers are still out there, but the frantic pace has cooled.

However, local real estate professionals report that the housing market in Southwest Gwinnett remains strong and desirable.

Nancy Minor and Laurie Rogers

The Nancy Minor Team — Nancy Minor, founder/realtor, The Nancy Minor Team and Laurie Rogers, partner/realtor — reported that the real estate market has been strong in Southwest Gwinnett.

“Home prices are stable, and 2023 ended with a bang and fireworks. The average home appreciated by approximately 5.9% in 2023,” Nancy said. “The biggest influences on our market have been interest rates and inventory, which is the same old song we have been singing for the last three years.”

Laurie reported that last year, the team saw the impact of world instability on the market, which affected buyer confidence.

“At the peak of unrest, the market put on the brakes. In October and November, home sales were down and then interest rates went up to 8%. In December, rates began to decline, and buyers felt a renewed confidence in the market. Home prices continued to increase,” she said.

Nancy and Laurie are expecting a fantastic spring.

“In Southwest Gwinnett, the home inventory will remain low,” Nancy said. “I do not have a crystal ball, but experts predict rates will decline this spring. They are predicting rates may go below 6%, which will increase affordability. It will remain a seller’s market.”

One new development in Peachtree Corners that is drawing interest is Waterside, a development by The Providence Group.

“It’s a community of single family homes, townhomes and condos bordered by the Chattahoochee River,” Laurie said. “This development caught our eye with the quick pace of sales and the fantastic amenities overlooking the Chattahoochee River.”

Nancy noted that it is still a seller’s market. “This is great news for sellers. However, you will still want to prepare your home and price wisely,” she said. 

On the other hand, homebuyers need agents who can navigate a seller’s market. “Your ability to buy your dream home may be based on how an offer is structured, Nancy said, adding that good agents can plan for multiple offers and know how to write a winning offer.

Maggie Diaz

“Our region has become increasingly attractive to both current residents and newcomers due to the establishment of Peachtree Corners Town Center, the reformation of The Forum, plus the growing popularity of downtown Duluth and Norcross,” said Maggie Diaz, real estate agent, Virtual Properties Realty.

“With the expansion of the commercial sector, we’ve witnessed a rise in residential development projects targeting our area,” she added. “I anticipate continuing growth in the real estate market for the coming years.”

Diaz said she expects increased activity as the spring and summer seasons of 2024 approach.

Maggie Diaz

“With lower interest rates, individuals will find themselves with greater purchasing power, encouraging them to consider real estate investments and potential moves, whether it involves selling and buying, or solely purchasing,” she said.

She noted that Waterside in Peachtree Corners caters to buyers of all ages and Berkeley Lake remains in high demand, given it is one of the few lake communities conveniently situated near major interstates and highways.

“Additionally, new constructions or renovated homes close to downtown Duluth and Norcross are expected to maintain high demand due to the desired location and walking distance to shopping centers, stores and restaurants,” Diaz said.

Diaz strongly suggests that buyers don’t wait to invest in real estate. “Some people are considering waiting until interest rates drop. Although lower future rates could potentially reduce borrowing costs, the anticipated increase in home prices between now and the projected rate change might offset any gains in buying power,” she explained.

She encouraged sellers to get their properties listed soon.

“Updated, move-in ready homes are increasingly favored by homebuyers today due to the challenges of high construction costs and lengthy renovation delays,” Diaz shared. “Older, more affordable neighborhoods also maintain high demand, particularly among first-time homebuyers.”

Michele Parrish

“The market is down compared to previous years, but activity was steady in 2023 — and 2024 is starting off the same,” said Michele Parrish, Realtor, NRES, CrossPointe Realty. She noted that well-maintained properties under $500,000 are typically under contract within 30 days, with many under contract within the first week.

“I think things will likely stay the course in 2024,” Parrish said. “I don’t anticipate a significant change until the interest rates come down. High interest rates are not only impacting first-time homebuyers but continue to influence homeowners’ decisions whether to sell or not.”

She stressed that low inventory continues to impact sales and entry-level properties are hard to come by.

Michele Parrish

“In Southwest Gwinnett, the downtown areas of Norcross and Duluth continue to attract buyers,” Parrish said. Buyers are attracted by the walkability with access to restaurants, shopping and parks.

She has sold several homes in the Lockridge Forest neighborhood on Winters Chapel Road. “The neighborhood seems to be quite popular for its affordability, offering well-built homes on large lots and close proximity to Atlanta,” Parrish said.

Her advice to homebuyers and sellers is to talk with a local Realtor. “We can be a very good resource for local market information. For first time buyers, understanding the true cost of homeownership is critical and a good Realtor will help you with that,” she said.

“For sellers, pricing your home properly is everything! If your home is not priced correctly it will sit on the market — or worse, not sell at all,” Parrish stated.

Ginny Nevins

Homeowners have been sitting on low interest rates that they can’t replace, so they’ve just stayed put, according to Ginny Nevins, broker/owner, Windsor Realty.

“Already, I see much more activity this year — pent-up buyers are breaking loose and realizing they don’t have the bidding wars that were prevalent in the last few years. They’ll go ahead and buy now and refinance when the rates dip,” she said.

Nevins explained that investing in real estate is a good way to build long-term wealth and stay ahead of inflation. And, she added, Southwest Gwinnett is a great place to invest.

“Top-notch schools, walkability and easy access to shopping and entertainment — three cities within a short distance of each other all offer free summer concerts, shopping and dining — make our southwest corner of Gwinnett a wonderful place to be and will continue to keep our market strong,” Nevins said.

She explained that Berkeley Lake is a huge draw for those who want to enjoy a laid-back, lake lifestyle while remaining close to Atlanta. Berkeley Lake offers “…year-round activities for the whole family, including fishing, swimming and boating on an 88-acre, spring-fed lake less than 20 minutes to I-285,” Nevins said.

She is also marketing a new development of high-end townhomes in Peachtree Corners, across from Town Center on Medlock Bridge Road. The homes will have four bedrooms and four-and-a-half baths as well as four levels of elevator access leading to the rooftop patio.

The bottom line, Nevins said, is “…we are in a stable, vibrant part of Atlanta with great shopping, schools and everything that promises you a great investment in real estate.”

Matthew Meide

Real estate in Southwest Gwinnett is doing very well, according to Matthew Meide, Keller Williams Realty Chattahoochee North. “People want to move out to the suburbs where you get more bang for your buck, excellent schools and excellent shopping and amenities,” he said.

Meide expects things to heat up significantly in 2024.

“Southwest Gwinnett is a very popular region of metro Atlanta, and when you add in the fact that mortgage rates are trending downward, I am expecting a huge wave of buyers that were sent to the sidelines the last two years to re-enter the market in 2024 and drive prices upward,” he said. “I believe property values are going to appreciate very well in 2024 and beyond.”

Meide said that Peachtree Corners is drawing a huge amount of homebuyer interest.

“You have a booming Town Center with a lot of restaurants and shopping, an amazing green space for families to enjoy and free entertainment in the spring and summer months. I think Peachtree Corners, in general, is one of the best-positioned cities in all of metro Atlanta due to its location, excellent schools, shopping and amenities,” he explained.

Real estate goes in cycles, Meide explained.

“Right now, due to extremely limited supply and robust demand, it’s a great time to be a buyer OR a seller. If you’re a seller, I believe you can take advantage of the seller’s market and sell your home for a massive premium,” he said.

“And if you’re a buyer, I believe you will be able to reap the benefits of a market that will continue appreciating for a very long time, which puts equity in your pocket,” Meide predicted. “Southwest Gwinnett is well-positioned for a lot of long-term growth, in my opinion.”

Holly Norman

“The outlook for 2024 is much brighter,” said Holly Norman, REALTOR with RE/MAX Center.

Interest rates were the biggest factor affecting the market, for both buyers and sellers, she said. And she expects the market to heat up as spring and summer approach, for several reasons.

“First, there is an overwhelming prediction by industry experts that the Federal Reserve will drop rates mid-year as inflation cools. …Second, inventory is still falling short of demand. The properties that are priced in line with their true value and are prepped and ready to sell tend to sell quickly, and oftentimes get multiple offers in the current market,” she said.

Holly Norman

“Last, this is an election year. If the past is any indication of the future, we can expect pressure to be put on Congress to prop up the economy. Housing is a huge part of the overall economy of our country, so helping the market become unstuck will be a priority,” Norman said.

“If you’re a homebuyer, the time to start your home search is now,” she advised. “Yes, the rate is likely higher than it will be by the end of the year, but home prices are also likely to tick up by year end.”

She added that a good rule of thumb is when the rate drops 1%, it’s time to consider a refinance. “If you’re a home seller, we do not have enough inventory of move-in ready homes to keep up with demand,” Norman said. “Eventually builders will have built enough to help bring this back into balance and the overall market will continue to correct itself. Until then, though, you have an opportunity to capitalize on the equity gains in your current home and take advantage of what is still a seller’s market.”

Featured photo caption: Waterside, courtesy of The Nancy Minor Team

Written By

Kathy Dean has been a writer and editor for over 20 years. Some of the publications she has contributed to are Atlanta Senior Life, Atlanta Intown, Transatlantic Journal and The Guide to Coweta and Fayette Counties.

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