The increases in Atlanta’s population has caused more new home construction in the city. Builder magazine ranked the top 50 hottest new home markets in the country and Atlanta came in at No. 3, behind Dallas and Houston.
Officials are expecting major increases in Atlanta’s population over the next few decades. Currently, Atlanta has 5.8 million residents, making it the eighth most populous city in the country. However, that number is expected to increase to 8.6 million by 2046 – a 48.7 percent change that would make Atlanta the sixth most populous city.
Overall, construction spending has been on the rise in Atlanta, according to the latest report from Dodge Data & Analytics. Residential building saw a 3 percent increase within the month of April from $591 million in April 2016 to $606 million in April 2017. On a year-to-date basis, residential construction spending increased from $2.73 billion to $2.91 billion, a 9 percent increase.
Although Atlanta is one of the hottest markets for home building, there is still a significant strain on housing inventory around the city. Total housing inventory in the city was down 6.5 percent in April, and the month’s supply decreased to 2.9 months. Depending on which county you are looking for homes, housing inventory could be as low as 1.9 months.
Overall, southern cities dominated the top 10 in Builder magazine’s list, which correlates with U.S. Census Bureau’s population estimates that show an overall increase in population across Southern cities.
|Market Ranking||Market||Top 10 Market Share 2016|
|1||Dallas-Fort Worth-Arlington, TX||48.50%|
|2||Houston-The Woodlands-Sugar Land, TX||53.80%|
|3||Atlanta-Sandy Springs-Roswell, GA||48.60%|
|5||Austin-Round Rock, TX||60.20%|
|6||Washington D.C.-Arlington-Alexandria, VA||65.10%|
|9||San Antonio-New Braunfels, TX||65.10%|
|10||New York City-Northern New Jersey-Long Island, NY-NJ||31.90%|