Welcome to Real Estate Backstory, your weekly update on real estate news, changes, and trends affecting the Atlanta area and surrounding markets. This week, we have some exciting developments to share. The following is a synopsis of the latest episode of “The Real Estate Backstory.”
When it comes to affordability, buying a house or a condo has always been a topic of debate. A real estate expert compared the median home and condo prices in Atlanta, revealing that condos are $120,000 cheaper. However, there is another option that is even more affordable: townhomes.
Condo vs House: Real Numbers
The median home price in Atlanta is $434,000, while the median condo price is $315,000, making condos more affordable by a considerable amount. However, many agents argue that condos are not less expensive. The expert compared these numbers to debunk this myth.
Townhomes: The Affordable Alternative
If affordability is a concern, townhomes may be a great alternative to both houses and condos. The median single-family home price is $354,000, while the median townhome price is $260,000, revealing a savings of 25%. Townhomes are often a first-time buyer product that is overlooked but can be an excellent option for those on a budget.
New construction townhomes are also priced more moderately than new single-family detached homes. Agents need to keep an open mind and not let personal feelings or past experiences cloud their judgment. They should also be aware of the changing market trends and stay informed to provide the best service to their clients.
The Positive Trend in Existing Home Sales
While existing home sales experienced a 12-month decline, there has been a positive trend since February 2023, and pending sales are up. It is crucial to share property listings at the right time to generate buyer activity.
So, when it comes to affordability, agents need to keep an open mind and consider all options, including townhomes, which can offer even more significant savings than condos or houses. It’s also important to stay informed and up-to-date on market trends to provide the best service to clients. By doing so, agents can help their clients find their dream home while staying within their budget.
Watch the entire video for more information here: