Are you thinking of buying or selling a home in Marietta, Georgia in 2024? The Marietta housing market is showing interesting trends, with a moderate increase in home prices and a quicker pace of sales compared to last year. Let's explore what's happening in the Marietta real estate scene right now.
Marietta Housing Market Trends in 2024: What You Need to Know
Home Sales
Based on data from Redfin, the number of homes sold in Marietta in October 2024 has increased. We saw a total of 64 homes sold, compared to 59 in October of the previous year. This represents an increase of about 8.5% year-over-year, indicating a more active housing market in Marietta. It's important to consider that this is just one month's snapshot, but it can give us a general idea of the sales velocity.
In my experience, the recent increase in home sales can be attributed to a number of factors, including a strong local economy, low mortgage rates (although those are changing), and a growing desire for homeownership. It's a good time to sell if you're looking to capitalize on this upward trend.
Also, Marietta has always been a desirable location with its excellent schools, vibrant downtown area, and close proximity to Atlanta. This consistent demand helps to drive the sales market, making it a competitive environment, especially for homes in popular neighborhoods and price ranges.
Home Prices
The median sale price of a home in Marietta was about $410,000 in October 2024, up by 1.2% compared to the same time last year. This figure tells us that the price of homes is increasing, though it's not a significant jump.
The median sale price per square foot in Marietta is currently around $216, demonstrating a 7.2% increase year-over-year. This is an important metric because it gives us a better understanding of the price appreciation within the Marietta real estate market, considering the different sizes and types of homes being sold.
Housing Supply
While the number of homes sold has increased, it's essential to consider the availability of homes on the market. The supply of homes in Marietta, while not as tight as it has been in the past, is still somewhat limited. Homes are selling quickly, often within 26 days, compared to 43 days last year. This shorter timeframe can create a competitive environment for buyers.
The reduced days on the market can also indicate that sellers are getting closer to their asking price. This suggests that, in most cases, sellers are having a reasonable amount of success in finding buyers.
The balance between supply and demand is always a key consideration for buyers and sellers. It's something that I monitor closely, and it's a major factor in my advice to clients.
Market Trends
The Marietta housing market trends in 2024 are exhibiting a moderate pace of growth. The market remains somewhat competitive, but it's less frenzied than in previous years. Here's a summary of some of the key trends we're seeing:
- Increased Home Sales: The number of homes sold is on the rise.
- Steady Price Appreciation: Home prices are increasing, although at a moderate pace.
- Reduced Days on Market: Homes are selling faster than before.
- Shifting towards a balanced market: We're seeing signs that the market is transitioning towards a more balanced state where both buyers and sellers have some leverage.
Is Marietta a Buyer's or Seller's Housing Market?
Given the current trends, I would say that the Marietta housing market is leaning slightly toward a seller's market, but it's evolving toward a more balanced state. Sellers still have an advantage due to the increased demand and shorter sales times, however, buyers are also finding opportunities and can navigate the market effectively with a good real estate agent.
In my opinion, the market is becoming more balanced as we move into 2024. This means that buyers and sellers can negotiate effectively and find agreements that work for both sides. It is not a situation where one side has all the power, which is a welcome change from the extremely competitive seller's market we saw in previous years.
Are Home Prices Dropping?
No, currently, home prices are not dropping in Marietta. In fact, we're seeing a slight increase in the median sale price. While the pace of appreciation has slowed down, it's not indicative of a significant price drop. This trend can be attributed to several factors:
- Limited Housing Inventory: The supply of available homes is still somewhat constrained, preventing a dramatic price reduction.
- Steady Demand: Marietta continues to be a popular location for buyers, which supports home prices.
- Local Economic Factors: The overall economy in the Marietta area remains strong, which impacts people's ability to purchase homes.
However, we must consider that economic conditions can shift rapidly. If there is a major downturn in the economy, or if interest rates rise significantly, we could see some adjustments in home prices. I would be keeping an eye on national and regional economic indicators to see what the future might bring.
Table of Key Marietta Housing Market Statistics (Oct 2024)
| Statistic | Value | Year-over-Year Change |
|---|---|---|
| Median Sale Price | $410,000 | +1.2% |
| Number of Homes Sold | 64 | +8.5% |
| Median Days on Market | 26 | -17 |
| Sale-to-List Price | 97.9% | +0.3 pt |
| Homes Sold Above List Price | 9.4% | -11.0 pt |
| Homes with Price Drops | 30.6% | -8.2 pt |
Factors Influencing the Marietta Housing Market
Several factors play a role in shaping the Marietta housing market. Here are a few of the most important ones:
- Local Economy: Marietta has a diverse economy with a mix of industries. Job growth and stability play a significant role in housing demand.
- Interest Rates: Fluctuations in mortgage interest rates have a big impact on affordability and buying power.
- School Systems: Marietta has a highly regarded school system which draws families to the area. This consistently increases demand.
- Infrastructure and Amenities: The city has a thriving downtown area, ample parks, and access to transportation. These features attract residents.
- Proximity to Atlanta: Marietta's close proximity to the Atlanta metro area provides convenient access to jobs, entertainment, and cultural attractions.
Marietta Housing Market Forecast 2024-2025
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.
In Conclusion
The Marietta housing market is poised for continued growth. We are seeing a slight increase in home prices, a faster pace of sales, and a more balanced state of the market compared to recent years. Whether you're a buyer or a seller, having a solid understanding of the current market trends and working with a trusted real estate professional can help you achieve your real estate goals.
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.
