Home Values Rising in Georgia Amid Coronavirus Crisis
See how the housing market is doing in the Peach State during COVID-19.
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Current home values in Georgia
Home values have been rising throughout Georgia and are up 8.4% from a year ago.
Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $413,779, Realtor says.
Real estate agents say would-be homebuyers in some parts of the country are starting to overcome the obstacles caused by COVID-19 and are going virtual house hunting to take advantage of today's bargain mortgage rates and the low monthly house payments they provide.
Here's how that works in Georgia: Let's say you want to buy a mid-priced home using a 30-year fixed-rate mortgage at the current average interest, which is a low 3.33%, according to mortgage company Freddie Mac.
A 30-year mortgage for a $413,779 home at 3.33% would give a typical Georgia homebuyer a monthly payment of $1,455, assuming a 20% down payment.
How the Georgia housing market stacks up
Older couples can still enjoy spending time downtown cities in Georgia
The state's median home value is higher than the U.S. median of $248,948, which is up 5.1% from a year ago.
While the coronavirus is expected to continue hanging over the U.S. economy like a dark cloud, Zillow forecasts that U.S. home values will rise 5.1% over the next year, while in Georgia, they're predicted to rise 5.7%.
Homes right now are going on the market in Georgia at a median price of $115 per square foot, versus $134 per square foot nationwide.
Are you looking to buy? Take a look at today's best mortgage rates where you live.
Georgia home prices over the last 10 years
| Year | Avg. Price |
|---|---|
| 2020* | $205,934 |
| 2019 | $190,025 |
| 2018 | $176,792 |
| 2017 | $161,325 |
| 2016 | $149,850 |
| 2015 | $139,867 |
| 2014 | $130,858 |
| 2013 | $118,925 |
| 2012 | $111,550 |
| 2011 | $119,083 |
| 2010 | $131,833 |
| 2009 | $141,558 |
*2020 price average through March 31, 2020.
How much for an average-sized home?
Here's what a 2,500-square-foot home in Georgia is worth now, and how that's changed over the last decade, based on the Zillow Home Value Index.
| Year | Avg. Price |
|---|---|
| 2020* | $286,338 |
| 2019 | $260,000 |
| 2018 | $240,000 |
| 2017 | $222,500 |
| 2016 | $207,500 |
| 2015 | $190,000 |
| 2014 | $180,000 |
| 2013 | $165,000 |
| 2012 | $150,000 |
| 2011 | $157,500 |
| 2010 | $180,000 |
| 2009 | $190,000 |
*2020 price average through March 31, 2020.
