The Atlanta real estate market is comprised of several counties, each with its own unique characteristics and sales dynamics. Let's take a closer look at the sales comparison of the largest metropolitan counties in terms of total units sold, average sales price, and average sales price. These larger metropolitan counties show the wide range of housing options available in the Atlanta area. Each county has its own unique appeal and attracts shoppers based on factors such as location, amenities, and affordability.
Variations in average and average sales prices reflect differences in housing markets in these counties. While this forecast provides an overview of the Atlanta real estate market based on available data, it's important to consult with real estate professionals and stay up to date on the latest market trends for accurate and detailed information. The real estate market is subject to several factors and can be dynamic, so it requires ongoing evaluation and analysis to make informed decisions. Homes in Fulton County, Georgia, sold at about the average asking price. Homes in Fulton County, Georgia sell after an average of 40 days on the market.
The average number of days on the market in Fulton County, Georgia, has been stable compared to the previous month, but has increased slightly compared to the same period last year. About 50% of homes in Atlanta, Georgia are occupied by tenants. Rental prices in Atlanta plummeted during the most severe period of the coronavirus outbreak, when much of the city's economy was in lockdown. It is supposed to end eight years of steady rent growth in the Atlanta housing market. Average rents fell 2.2% from March to May across the Atlanta metropolitan market.
The declines were most pronounced in the Buckhead, Lindbergh and Emory areas of Midtown, but suburban markets didn't suffer much. The fastest-growing cities in the Atlanta metropolitan area (year after year) The fastest-growing cities in the Atlanta metropolitan area (month-to-month) Much of this migration is due to Atlanta's strong business environment and the city's relative affordability. Its strong knowledge-based economic ecosystem attracts new talent to the city. Net migration has caused an increasing demand for housing in Atlanta, which cannot be met with the current rate of new construction. Let's look at the price trends recorded by Zillow over the past year. Looking ahead, the market forecasts for next year are promising.
Experts predict a 5.3% increase in home values, suggesting continued appreciation in the Atlanta housing market. This forecast indicates favorable conditions for homeowners, as their properties are expected to gain value over time. Overall, the Atlanta housing market forecast indicates a positive outlook for both buyers and sellers. Home values are expected to continue to appreciate, which will generate potential gains for homeowners. Buyers may face competition in certain areas, but they can still find opportunities to negotiate favorable prices. The relatively short median of the remaining days demonstrates a market with high demand and rapid turnover.
These numbers can be positive or negative depending on which side of the fence you are a buyer or seller on. The restriction on available inventory keeps the Atlanta real estate market leaning toward sellers. Atlanta and the entire metropolitan area market are all the rage and can't switch to a full real estate market for buyers, in the long term. Atlanta's housing market benefits from a large and strong economy. In a balanced housing market, it would take five to six months for supply to fall to zero. In terms of months of supply, Atlanta can become a real estate market for buyers if supply increases to more than five months of inventory.
And that's not going to happen. This housing market is biased toward sellers due to a persistent imbalance in supply and demand. The current inventory is around 2 months old, which favors property sellers. Whether you're looking to buy or sell, programming your local market is an important part of real estate investing. For Atlanta buyers, mortgage rates were at their lowest level last year, so they took the opportunity to grab their favorite offers, which would otherwise be won by investors experienced in the bidding war. Rising interest rates are already causing a decline in mortgage applications.
If you can still buy a property, whether for investment or for personal use, we recommend that you do so as soon as possible, as this will only become more difficult in the future, as they will make it even more difficult to access credit later on. Keep taking advantage of the credit while you can and make that money work for you. The Atlanta real estate market has been steadily growing over the past few years, making it a great place to live and invest. Located in the state of Georgia, the city of Atlanta is a reference point for any type of real estate investment. It's a city with an incredible amount of advantages.
The cost of living in Atlanta is reasonable compared to other big cities like Los Angeles or New York. Everyone loves the low cost of living in Atlanta, but students especially appreciate it, making it one of the top rental markets in the United States. This factor alone causes young professionals to leave those more expensive markets. If you're a smart investor, you should consider the fact that Atlanta real estate has a history of being one of the best long-term investments in the country. As an investor, you can purchase a fully renovated turnkey rental property in Atlanta. It would be the best option for novice real estate investors looking for a stable rental income. Atlanta is one of the favorite places to live for millennials who prefer renting to owning.
Over the past five years, employment growth in Atlanta averaged 2.3 percent per year, exceeding that national average.