Home prices in Atlanta are increasing so much that they have surpassed the nation's pace for home price increases. Home prices hiked 6.5% according to a recent report.
"Atlanta's average home price increase was the 11th fastest growing of the 20 largest metro areas and was stronger than the national pace of 6.2%, according to the monthly report from S&P CoreLogic Case-Shiller Indices," according to National Mortgage News.
"After the national housing bubble burst in 2006 — a year before the bust hit Atlanta — average home prices hit bottom in 2012. But since then, home prices have risen at twice the rate of overall economic growth, which also means growing faster than wages."
With strong economic growth in Atlanta there has been an influx of professionals and buyers looking to find a home. Unfortunately for buyers, this boost in demand has created an inventory shortage that is now contributing to the increased pace of home price hikes.
The market has also reportedly shifted to benefit families with a median income over first-time homebuyers.
"Blitzer cited a study by the National Association of Realtors that shows a family with a median income can afford a median priced home," according to NMN.
"But Realtors in Atlanta have said that for first-time buyers — especially single-paycheck families — getting into the market is a challenge."
To learn more about Atlanta's heavy hike in home prices, click on the image above.