Suwanee Real Estate Market Forecast 2023

Susan Lombardo  |  June 26, 2023

Suwanee Real Estate Market Forecast 2023

Suwanee, a vibrant city in the heart of Georgia, has captivated homebuyers and investors with its unique combination of small-town charm, rich historical roots, and modern amenities. Anyone interested in Suwanne real estate should explore market trends, opportunities for buyers, sellers, and investors, and the forecasted challenges.

Whether you are a prospective buyer, a curious investor, or a resident eager to stay informed, this comprehensive analysis will equip you with valuable insights to navigate the evolving landscape of Suwanee's real estate sector. Read on to uncover what the future holds for Suwanee's real estate market in the coming year.

Current market trends

Suwannee is a suburb in Georgia's capital city, Atlanta, and is renowned as one of the state's best places to live. Located just 30 miles north of Atlanta, the community features top-ranked schools, convenient access to metropolitan areas, an array of public parks, vibrant downtown districts, and a moderate cost of living. With so much to love about the thriving town, it's easy to see why the Suwanee housing market is booming.

As you may know, the Atlanta real estate market has been identified by the National Association of Realtors as the market with the most potential for growth in 2023 and beyond. The South is experiencing a real estate boom, and Suwanee draws buyers for its housing affordability and overall cost of living. Market projections predict a possible increase of 5% in home prices for the coming year.

Current market trends indicate a robust rebound after a slight dip last year. At the beginning of 2023, listed properties spent more days on the market than in 2022. Still, by February 2023, average days on the market had dropped significantly, suggesting the market was energized by the start of the spring Atlanta real estate season.

Despite nationwide predictions from some market experts about a sluggish market recovery, there is no indication that this is true for the Suwanee real estate market moving forward. While other markets report a steep cool-down period after the red-hot conditions of 2020 and 2021, Suwanne and Greater Atlanta show great promise for stable real estate growth. So far, in 2023, the data indicates a strong seller's market — homes are selling faster regardless of a slight uptick in selling price from a year ago.

Looking ahead, we expect this trend to continue throughout the year based on several factors, like population growth, cost of living, and quality of education.

What does this mean for buyers and sellers in 2023?

The rumors circulating the nation about an impending and probable housing market crash seem improbable here in Atlanta and Suwanee. This is fantastic news for both buyers and sellers in 2023 and beyond.

For sellers in Suwannee, a property listed now will likely sell quickly and at a listing price you'll be pleased with. Luxury properties make up around 10% of the market and are expected to sell fast due to high demand. After three years of a pandemic, buyers are ready to move despite hiked interest rates. By some estimates, only around 1% of homes sell below the asking price.

There’s good news for buyers in Suwannee, too. If you're looking to buy this year, don't get discouraged by the favorable conditions for sellers. A healthy housing inventory rate indicates a steady supply that is fresh for purchasing. According to a report from U.S. News, luxury homes in this area have nearly an 11-month supply, meaning a homebuyer would have a relatively large selection without too much competition. This could indicate better negotiations and shorter closing times in a market that is only predicted to increase in value.

What does this mean for investors in Suwannee real estate 2023?

If you want to invest in Suwannee real estate, this year may be the perfect time to act (fast). The strong seller's market with a primarily balanced inventory supply indicates a beautiful market rebound for this year and beyond.

By the numbers, the Georgia real estate market has the nation's top spot for rental demand and shows a 1% increase in rental prices from one year ago. In a market expected to continue booming, 2023 could be the best time to cash in on the available investment opportunities in Suwanee.

Meanwhile, Georgia recently enjoyed a population boom that saw nearly 300,000 people move to the state, most relocating to Atlanta and surrounding areas like Suwanee. The population boom is partly because of the job market growth spurred by the growing tech industry. Additionally, young professionals are flocking to the Atlanta metro area; the migration has earned the city the nickname "New York City of the South."

With stable employment conditions and growth predictions, investing in the Suwanee housing market could yield high dividends in the coming years. Atlanta has one of the highest concentrations of Fortune 500 companies in the nation, which creates a robust infrastructure that will continue to grow. The Atlanta market was recently ranked fifth on a list of the 21 best cities to invest in nationwide in 2023 — more proof this could be the perfect time to invest.

What’s an eager buyer, seller, or investor to do next?

For Suwanee and North Atlanta real estate, it pays to work with the best experts. Susan Lombardo and her team are in the top 1% of Atlanta agents and the top 10 across the Southeast. Susan has called Atlanta home since 2005. While most of her team’s business comes from referrals, you don’t need connections to work with Susan — just drop her a message to work with the best real estate team in Greater Atlanta.

*Header photo courtesy of Shutterstock

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