East Cobb Market Insider Report
The Covid-19 pandemic upended our habits and our rhythms. The shocking shutdown due to this global pandemic in March kept many sellers on the sidelines. Brokers and agents were not sure what would happen when everything skidded to a halt on Friday March 13th 2020. More than ever, we all wanted a safe, comfortable place to call home as the pandemic seemed to turn our lives upside down.
Lower interest rates, better purchasing power, younger buyers entering the market, freedom to work from home, and the focus on home created a buying spree that no one imagined. Real Estate Brokers and agents followed Covid-19 safety protocols. We created virtual showings and closing attorneys offered drive thru closings to keep everyone safe. Buyers got back on the hunt toward the end of April 2020 and did not slow down.
Low, low interest rates were key! According to Freddie Mac the average 30 year fixed mortgage rate with a 20% down payment hit record lows at 2.7% toward the end of 2020. Buyers did not want to miss out!
Who are these buyers?
- 25% are buyers age 30-39, median age of 34
- 23% are buyers age 40-54, Median age 47
- Ages 40 -54 have highest household income for all generations at $110,900
- Ages 30-39 have median income of $102, 800
- Majority of buyers live only 15 minutes away from where they are buying
- First time homebuyers made up 33% of all buyers
- 12% of all buyers purchased a multi-generational home
- 13% are buyers 22-29
- 18% are buyers 55-64
- 15% are buyers 65-73
- 6% are 74-94
What happened in East Cobb?
2020 was definitely a Seller’s Market. Average home sales prices are about 9% higher than last year. And even though we had less inventory, Metro Atlanta saw the number of sales increase by 6% over last year.
East Cobb’s total number of sales only had modest gains from last year. Buyers of East Cobb homes snapped up the move -in ready homes, but passed on overpriced homes and homes that needed work. The move up buyer market in East Cobb is strong. In 2020 – 114 homes sold for over 1Million dollars. In 2019, that number was 68 homes sold for over 1 Million. Atlanta and it’s suburbs will remain attractive. Most believe interest rates will remain low.
What will happen in 2021?
Check out my next blog.
Lee Ann is a member of Women’s Council of Realtors – Cobb and Cobb Association of Realtors. She is a top producer with Dorsey Alston Realtors specializing in the East Cobb market.
Lee Ann Wynns | East Cobb Realtor®
DORSEY ALSTON, REALTORS®