No matter how you look at it, metropolitan Atlanta is the place to be in 2022. The population has continuously grown throughout the years, bringing the area's population to over 6 million. This growth is predicted to continue as international and national corporations establish headquarters and regional centers in the area. With all of this growth, analysts believe the Atlanta suburbs will be expanding their populations by 7.3% by 2025, especially on the north side of Atlanta.
What does this mean for Johns Creek real estate? What is the demand for Suwanee Homes for Sale? Read on to discover the real estate trends and appeal of these highly sought-after communities.
Suwanee has a high housing demand with a low supply
Housing availability is a tremendous factor in the high demand for North Atlanta real estate. Population growth continues to outpace residential construction. After the Great Recession from 2007 to 2009, a lull lingered as investors and developers were slow to re-enter residential construction. This lull in construction has left the homebuilding market scrambling to catch up. With the rising cost of homes and interest rates, those who already possess real estate in the area are reluctant to sell, as they believe their buying power is greatly diminished.
These neighborhoods have a booming housing market
In the city of Suwanee, the housing market has exploded. Comparing data from May 2021 to May 2022, home sales have tripled, and the median listing prices for homes have increased by approximately $100,000. Houses listed at the right price point are sold almost overnight, with the average length of homes staying on the market being 34 days. Even with the price increases, the high demand has resulted in homes selling at an average of 7% above their asking price. Suwanee luxury homes are in great demand as corporate executives, and well-paid young professionals look for homes in family-friendly communities.
The Atlanta Business Chronicle deemed Johns Creek real estate one of the hottest markets in the U.S. Current prices suggest that this may be the case, as homes here are 68% more expensive than they are in the city. Home sales have increased in the last year, with the median list price rising over $100,000. The length of time houses stay on the market has increased slightly to approximately eight weeks, but houses with prominent features and the right price are going much faster.
Growing families appreciate the thriving community, excellent schools, and larger square footage for the price compared to what is available in the city. Many home buyers are willing to pay higher prices in Johns Creek for these benefits.
Financial analysts suggest that even though increasing interest rates are slowing down the market in some parts of the country, the north Atlanta suburbs will not feel the effects of this for years to come. They cite the strong and growing economy and the relatively low number of houses available will keep the market active.
Johns Creek is known for its small-town feel
Johns Creek was first established as a trading post on the Chattahoochee River in the early 1800s. However, it remained rural and sparsely populated until the 1980s, when a group of Georgia Tech graduates spotted this as an ideal locale for a master-planned technology park. The development was successful and drew 11,000 people to the area overnight, and Johns Creek became a city in 2006. Since then, the community has established quite a reputation for itself, including being listed as:
- #1 best place for families in Georgia
- Top 5% of best public schools in America
- Top 5% of best locations for young professionals
- Top 10% of best places to buy a home in America
A new Department of Economic Development was recently established to entice life science and health care companies to develop their headquarters in the area. At only 35 minutes from downtown Atlanta, Johns Creek provides easy access to work and play. It's no wonder that Johns Creek real estate is in great demand.
Suwanee is a charming community
The town of Suwanee has much to offer residents, including the following.
- Top 5% of best places to live in America
- Top 12% for the most diverse community in America
- Top 7% of best public schools in America
- Top 6% of places to raise a family in Georgia