When it comes to real estate, every market has its own unique selling points. While some regions have a growing number of millennials moving in, others are facing a shortage of housing inventory for them to move into. The Macon, Georgia market is no different. The area has seen a steady rise in home prices due to the influx of young families moving into the area. With an average home price of $154,900, homes have seen a 5.9% increase over last year and a 13.9% spike compared to the same time last month. With such an increase in the number of new listings and homebuyers, it’s important for real estate agents in this market to stay on top of trends and know what features buyers are looking for in homes today.
More Millennials, Less Boomers
With an influx of millennials moving into the area, Macon real estate agents are seeing more millennials than ever before. With the millennial population expected to rise by another 13% by 2025, real estate agents are seeing an increase in millennials looking for homes in the Macon area. With millennials making up 30% of the Macon population, real estate agents are seeing more millennials than ever before. As of June 2018, the millennial population in Macon stands at 18% of the total population. This trend is being driven by an increase in new households, a decrease in births, and an increase in immigration. With millennials being the largest group of homebuyers in the Macon area, it’s important for real estate agents to understand this trend and tailor their marketing efforts to appeal to millennials.
More Small Homes and Apartments than Before
When it comes to the types of homes being built in the Macon area, an interesting trend has emerged. Before the housing market started to overheat in 2018, the biggest trend was more large-scale single-family homes being built. However, as the price of homes started rising, more builders started building smaller homes that were less expensive. Now, it’s more common to see smaller homes, both single-family and apartments, being built in greater numbers than before. In fact, in August 2018, there were 10% more single-family homes being built than in August 2017. In addition, there were 10% more apartments being built in August 2018 than in August 2017. This trend is likely due to the fact that the cost of building smaller homes is much less expensive than building a large single-family home. With the cost of materials going up due to tariffs, it’s more common for builders to build smaller homes instead of larger ones.
The Rise of the Modular Home
Another trend that is likely due to the rise in housing costs is the rise of the modular home. Modular homes are pre-manufactured and then transported to the building site where they are assembled. The primary benefit of a modular home is that it’s much less expensive to build than a traditional home. This is because instead of building a home from scratch, the home is actually shipped to the construction site where it’s put together. While the home is being constructed, the builder can also be building other homes at the same time. This allows them to have more employees on hand building more homes at once. Another benefit of a modular home is that it can be built anywhere. Since they are built to the same code as a traditional home, they can be placed in any location that you choose. This makes them a great option for people living in areas that aren’t growing as quickly as others. Modular homes are also a great option for people who are building a home as an investment property. Since they can be built cheaply, they can be turned over quickly and easily. This makes them an ideal investment property for someone who is trying to cash in on the real estate market.
A Focus on Transit-Oriented Development
As more people move to cities, the demand for walkable, transit-friendly neighborhoods has increased. This trend has even started to affect the real estate market. As more people are moving into cities, demand for homes near public transportation is growing. This is why many cities are implementing policies to encourage developers to build more walkable, mixed-use neighborhoods. Developers are also focusing on building homes within walking distance of public transportation. This trend has been growing in the Macon area for several years now. With the growing population, demand for homes within walking distance of public transportation is rising. This has led to more builders to build more walkable homes. With the rise in demand for walkable, transit-friendly homes, builders are also choosing to build smaller homes. This means that more people are able to purchase homes within walking distance of public transportation. With more people choosing to live near public transportation, this could lead to a rise in the number of people taking public transportation.
Summing up
The Macon real estate market is a bit different than other real estate markets in the south. The area has seen an increase in the number of millennials moving in. This has led to an increase in demand for smaller, more affordable homes. The Macon real estate market is still very affordable compared to other parts of the country. It’s an affordable and attractive market for first-time buyers. With the rise in demand for smaller, more affordable homes, the area is also seeing an increase in the number of builders building homes in the area. This means that more people are able to purchase a home in the Macon area. The Macon real estate market is expected to see an increase in the number of homes being built, especially smaller homes. This could mean that the area will see an increase in the amount of homes available for sale. With the right real estate agent, you can find your dream home in this market.