Marietta, GA, with its charming southern character and proximity to Atlanta, has long been a desirable place to live. But for those considering buying a home in Marietta in 2024, the market presents a unique set of circumstances. Let's delve into the current trends and what you can expect in the Marietta housing market.
How is the Marietta GA Housing Market Doing in 2024?
Current Real Estate Trends
According to recent data, Marietta's housing market has experienced a steady increase in home values. The average home value in Marietta is now approximately $478,086, reflecting a 6.4% rise over the past year (source). This uptick is symptomatic of a broader regional trend where property prices are climbing due to a combination of strong demand and limited supply.
For instance, RocketHomes reports that homes in Marietta have sold for 8.2% more in May 2024 compared to the previous year. The median home sold price now stands at $465,316. Interestingly, despite these increases, homes in Marietta continue to sell relatively quickly, often within 22 days on the market (source).
Is Marietta a Seller's Real Estate Market?
The Marietta housing market in 2024 is currently in a state of transition, leaning more towards a buyer's market. Here's why:
- Rising Inventory: The number of homes for sale (inventory) is increasing, giving buyers more options.
- Slower Selling Speeds: Homes are staying on the market slightly longer compared to the fast-paced market of previous years.
- Sale-to-List Ratio: Homes are selling closer to asking price, with less opportunity for sellers to significantly exceed it.
While some sellers might still get close to asking price, the overall market seems to be shifting in favor of buyers who have more options to negotiate and potentially find deals. However, it's important to remember that the market can be localized. Research specific neighborhoods you're interested in to understand their specific trends.
Predictions for 2024 and Beyond
Looking ahead, market analysts predict that Marietta's housing market will continue its upward trajectory for the foreseeable future. Economic stability, coupled with Marietta's appeal as a suburban haven near Atlanta, contributes to this optimistic outlook. The Georgia housing market overall is forecasted to see continued home value appreciation, albeit at a possibly more moderate pace than currently observed.
Notably, the city's close proximity to Atlanta fuels its real estate market, making it a desirable location for those who work in the city but prefer suburban living. Data from various sources suggest that the trend of rising home prices will persist, fueled by consistent demand and the influx of new residents seeking the charm and convenience of Marietta.
What to Consider?
While the market seems to be favoring buyers cautiously optimistic, here are some things to keep in mind:
- Interest Rates: Federal interest rate hikes can impact mortgage rates. Stay updated on these fluctuations as they can affect affordability.
- Local Market Nuances: Prices and trends can vary within Marietta's neighborhoods. Research specific areas that interest you.
- Pre-Approval is Key: Getting pre-approved for a mortgage strengthens your offer and allows you to act quickly in a competitive situation.
Is Marietta GA Expensive to Live In?
When considering the cost of living in Marietta, it is essential to compare it to both state and national averages. The cost of living in Marietta is somewhat balanced. According to PayScale, Marietta's cost of living is 7% lower than the national average, making it an attractive option for individuals and families looking for affordability. However, it is 4% higher than the state average, indicating that it is costlier compared to other parts of Georgia.
Housing remains the most significant expense, with the average rent for apartments in Marietta ranging from $1,129 to $1,680. Meanwhile, median home prices continue to rise, contributing to the perception that Marietta is becoming an expensive place to live. Despite this, the relatively lower overall living costs and high quality of life make it a worthy consideration.
Best Areas to Live in Marietta
Marietta boasts numerous neighborhoods that appeal to a diverse array of residents. Some of the best areas to live in Marietta include:
- East Cobb: Known for its excellent schools, family-friendly atmosphere, and well-maintained public amenities, East Cobb consistently ranks as one of the top neighborhoods in Marietta. Housing here tends to be on the higher end, reflective of the quality of life it offers.
- Historic Marietta: This area is perfect for those who appreciate charming, historic homes and a vibrant community atmosphere. The Historic Marietta Square is a draw with its shops, restaurants, and cultural events.
- Chestnut Creek and Chimney Springs: These neighborhoods offer a blend of suburban comfort with access to parks and recreational activities, making them ideal for families and outdoor enthusiasts.
- Downtown Marietta: For those seeking a more urban environment, Downtown Marietta provides a mix of residential options within walking distance to dining, entertainment, and employment opportunities.
- West Cobb: West Cobb offers a mix of rural ambiance and suburban convenience. It is known for its spacious properties and strong community feel.
To summarize, the Marietta housing market in 2024 is thriving, with increasing home values and a promising future outlook. While the cost of living may be higher compared to other parts of Georgia, it remains attractive due to its robust economy, excellent schools, and overall quality of life. Whether you're considering moving to East Cobb for its family-friendly environment or exploring the historic charm of Downtown Marietta, this city offers a variety of appealing options for every lifestyle.
