An Exclusive Perspective from Lori Lane, President of the New Homes Division at Berkshire Hathaway HomeServices Georgia Properties
The turbulence in the U.S. housing market has sent ripples of uncertainty among buyers and sellers alike. With historic fluctuations in interest rates, pandemic impacts, and the Federal Reserve’s tightening cycle, the real estate landscape has become a challenging terrain to navigate. Amidst this turmoil, some states have emerged as havens for housing, providing the best value and opportunities for prospective homebuyers. CNBC’s annual competitiveness study, America’s Top States for Business, delves into these housing markets, and under the 2023 methodology, Georgia stands tall among the top 10 states with healthy housing markets and a promise of the best bang for your housing buck. As an esteemed expert in the real estate industry, Lori Lane, President of the New Homes Division at Berkshire Hathaway HomeServices Georgia Properties, weighs in on the significance of Georgia’s housing market and why it stands among the best in the nation.
Georgia’s Resilience and Promise
Amidst the intricate fabric of the housing market, the Peach State stands out with its impressive resilience. With double-digit price appreciation and a relatively affordable housing market, Georgia entices buyers seeking smart investments without compromising on their dreams of homeownership. Despite the price uptick, Georgia remains relatively affordable, offering a reasonable affordability score of 0.65. This score indicates that housing remains within reach for buyers across various income levels. Lori Lane acknowledges the state’s ability to maintain affordability while experiencing notable price appreciation, making it an attractive destination for those looking to establish roots and build a future.
Economic Strength as a Catalyst
Georgia’s robust housing market is buoyed by its thriving economy, reflected in its impressive No. 4 Economy Rank in CNBC’s Top States for Business 2023. As Lori Lane points out, the state’s strong economic performance is a significant catalyst driving the demand for homes and making it an enticing location for businesses and potential homeowners alike. Georgia’s A- grade underscores its potential for growth and investment opportunities.
Challenges and Opportunities
While Georgia’s housing market basks in its accomplishments, it remains vigilant of potential challenges. Rising foreclosures are closely monitored as possible signs of stress, but the state’s resilience shines through with foreclosures affecting only 1 in 3,506 homes. Lane emphasizes the need for ongoing attention to this aspect but remains confident in Georgia’s ability to overcome challenges and maintain its status as a strong housing market.
Building for the Future
Georgia’s proactive approach to housing construction is evident in the impressive 7.2 starts per 1,000 population. This figure highlights the state’s active construction scene, which plays a pivotal role in meeting housing demands. As Lori Lane confirms, Georgia’s commitment to housing starts exemplifies its dedication to providing housing options for a wide range of buyers, and in this next section she shares with us some of the top builders & communities in the Atlanta market.
Top Builders Contributing to Georgia’s Active Construction Scene
Patrick Malloy established his eponymous new home community development firm in 1994. With a focus on integrating homes and neighborhoods, the company has created 11,000 homesites, selling over 7,000 homes totaling $4 billion in sales. Notably, they’re currently constructing homes in Upper East River (Savannah, GA) and are recognized for their Soleil Active Adult brand with 55+ communities in Canton and Snellville, GA. Their neighborhoods reflect pride, craftsmanship, and a dedication to “building character.”
For over 50 years, John Wieland has epitomized top-notch neighborhood design and homebuilding. The JW Collection, John Wieland’s lasting endeavor, upholds his 50-year commitment to superior homes, benefiting 30,000+ homeowners. Spearheaded by industry innovator John Wieland, the JW Collection is comprised of accomplished architects, designers, and tradespeople. Fueled by Wieland’s impressive track record of award-winning homes, the team strives for design, construction, and service excellence in every home.
For 15+ years, David Patterson has crafted homes in Atlanta, Forsyth County, and on Lake Lanier. In 2015, David and Lauren founded David Patterson Homes, merging design expertise with building mastery. Their mission: crafting distinct, beautiful homes and an exceptional start-to-finish customer journey. By blending new trends, design finesse, and architectural uniqueness, they create timeless custom-feel homes.
Sherwin Loudermilk founded Loudermilk Homes in 2009 with a vision of making it easy, fun and completely transparent to design and build custom luxury homes. With an innovative mindset, quality craftsmanship, and top-of-the-line smart home technology, Loudermilk Homes was a finalist for Custom Home Builder of the Year by the National Association of Home Builders in 2022. The family-owned company builds in Atlanta’s Buckhead and Milton neighborhoods, and in western North Carolina.
South of Atlanta in Fayetteville and adjacent to the largest movie studio in the country, lies the Town at Trilith. A 235-acre European-inspired community with world class amenities, geothermal energy and meticulously designed for sustainability, it caters to creative individuals at various career levels. Featuring micro-homes, canopy homes, townhomes, single-family homes, net-neutral homes and luxury estates. Some of the builders include 10/23 Construction, McKinney Homes, Brett Baker Homes, Redwood Homes, Johnston Homes, Simply Southern and more.
The Homestead at Milton, located north of Atlanta, is a new gated community on a 180-acre former golf course. With 30 estate-size lots, The Homestead at Milton offers the rare opportunity to own a 4 -to- 10 acre site in Milton and allowing one to create a unique and timeless family homestead of their own design. Developed by Vision Development Partners, these luxurious home sites feature serene lakes, rolling hills, and mature trees for stunning surroundings.
With a combined experience of 65 years, the Southwyck team distinguishes itself in the homebuilding industry through three core values, longevity, creativity, and gallantry. Focused on exceptional locations and distinct designs, the team’s commitment to uniqueness and craftsmanship promises tailored solutions for varied lifestyles.
Georgia: A Shining Beacon in America’s Housing Landscape
In the midst of a challenging housing landscape, Georgia proudly claims its place among America’s strongest housing markets, offering a beacon of hope and promise to those navigating the complexities of the real estate landscape. Its double-digit price appreciation, affordability, and robust economy all contribute to making it a prime destination for prospective homebuyers. With a commitment to housing starts and an eye on addressing potential stressors like rising foreclosures, Georgia proves its determination to remain a haven for homebuyers looking to make intelligent investments. As CNBC’s competitiveness study showcases, and as Lori Lane weighs in on the state’s potential, it is reaffirmed that Georgia is one of the top 10 states where the housing market promises the best value and where homebuyers can find happiness and prosperity in their new homes.