Data shows difference in home price, homeownership rates and more
It was the best of times, it was the worst of times. The Super Bowl brings mixed feelings as fans from 30 teams lament what could have been, but can’t help but enjoy the most exciting football game of the year.
Two teams head to Houston, Texas this year to make their city proud, the Falcons from Atlanta, and the Patriots from Boston.
How do the housing markets in these two cities compare?
It turns out, home prices in Boston are nearly 25% higher than those in Atlanta with a median home price of $330,000, according to data from Trulia. The median home price in Atlanta stands at $268,000.
The price per square foot in Boston came in at $368 per square foot, an increase from Atlanta’s $194 per square foot.
However, perhaps because of the more affordable prices, the homeownership rate in Atlanta is higher at 49%, up from 35% in Boston. Or perhaps Boston’s high median rent of $2,600 per month keeps residents from being able to save for a home. This is twice the median rent of $1,300 per month in Atlanta.
But while home prices in Boston are cooling down, Atlanta is heating up. It seems Boston’s luxury housing boom is slowing down, according to an article by the Boston Globe.
However Atlanta is currently tied as one of the second fastest in the nation for time to recuperate costs it takes to buy a home. The faster a home appreciates, the quicker homeowners break even on their purchase, showing that home prices in Atlanta are rising rapidly.
Here is the median home price movement over the past year for Boston:
Versus the median home price movement over the past year for Atlanta:
But this hot market comes at a price. One Realtor from the area, who has been in real estate since 2006, explained the direction of the market.
“Inventory in the greater Atlanta area is significantly below that of a healthy market,” said Realtor Steve Ujvagi, who works with a Keller Williams branch in Georgia. “A house, priced correctly and with the right marketing, will go under contract in days or sometimes even hours.”
“We’re not back to the pre-2008 days of multiple offers bidding prices of every available home over asking price, but we’re definitely in a sellers market,” Ujvagi said.
As for the Super Bowl? Ujvagi has his predictions about that as well.
“I anticipate the demand for housing to go through the roof as the citizens of New England experience an embarrassing smack down in Super Bowl 51,” he said, explaining that they would all soon move down to Georgia to become Falcons fans.
So there’s the instant replay for both cities, have fun on Sunday cheering your favorite team on. Who are you routing for?