Georgia’s Potential Homebuyers Face Skyrocketing Prices

Median home prices in Georgia's 'core counties' have ballooned since the COVID-19 pandemic.

Georgia’s “core counties” have seen a 59% rise in median home prices since the COVID-19 pandemic, according to a report released by the Georgia Multiple Listing Service.

The report compares metro Atlanta’s housing data from 2024 to figures taken before the pandemic. Over the past five years, home prices in Georgia’s core counties—Cherokee, Clayton, Cobb, DeKalb, Douglas, Fayette, Forsyth, Fulton, Gwinnett, Henry, Paulding, and Rockdale—have surged.

“The median home sale five years ago around Atlanta was about $255,000. Today it’s $405,000, according to Georgia MLS’ tally for 2024,” Urbanize reports.

This increase in home prices mirrors the national median, which stands at $407,500. Despite rising costs, the market remains strong, with home sales hitting a 10-month high in December 2024. However, growth has yet to return to pre-pandemic levels.

Alice Zheng, an economist at Citigroup, said the current growth trend is likely unsustainable. With mortgage rates nearing 7%, many Americans are opting to rent rather than buy, Zheng told Reuters, “we do not expect much further upside for housing demand in the near term.”

While the market may not be ideal for buyers, some are preparing for the right moment. Black Men Buy Houses, a program aimed at helping Black men navigate the home-buying process, is working to bridge the knowledge gap and equip individuals for homeownership.

Created by Kevan and Ayesha Shelton, the initiative seeks to provide resources for Black men who face challenges in securing financing, credit, and down payments.

“Our initiative’s objective is to break down these barriers, enabling more Black men to achieve the dream of homeownership,” said the Sheltons.

While the market remains uncertain, the work of the Sheltons is helping to prepare Black men for future opportunities in homeownership.