Hot Commodity
The pandemic continues to drive demand and prices in Atlantaβs traditional second-home markets. Luxury buyers seek to spread out from the lakesβOconee, Rabun and Burtonβto north Georgiaβs mountain towns and the Highlands/Cashiers area to the Golden Isles. Off-market sales are common, inventory is low and existing homes are even more desirable due to builder backups and supply chain issues. βThe second-home market has a lot of pressure on it,β says TRAVIS REED of HOME LUXURY REAL ESTATE. Prices have doubled and even tripled since the pandemic, and another six months of increases are expected. Last year, he sold a six-bedroom, 8,110-square-foot Lake Oconee home for $3.6 million; it sold for $1.6 million three years prior. New homes in the Lowcountryβs Palmetto Bluff also are experiencing significant appreciation, he says.
Demand is βabsolutely outpacing the market,β says KRISTIE WHITAKER, senior vice president and managing broker of HARRY NORMAN REALTORSβ Atlanta North, Blue Ridge and Blairsville offices. She expects a few listings this year in the $7-million range. Buyers seek the comforts of a primary homeβfrom connectivity to full terrace-level entertainment spaces to poolsβin vacation locales where they spend more time hybrid living for remote work or school. βIf you see something you like, buy it. Donβt wait,β says Reed. βThe next one that you like is going to be more expensive.β