Fortson, Georgia, is a vibrant suburban community encircled by sprawling parks and edged by the Chattahoochee River. It has abundant water recreation opportunities, such as excellent whitewater rafting and many museums and other cultural pursuits. Fortson is a wonderful place to live.
Fortson real estate is varied and charming. The town has split-level homes and ranches built in the 1960s, giving it an old-fashioned, small-town feel. A newer generation of Mediterranean and ranch-style homes has replaced the older stately homes with lush gardens and tree-lined backyards. If you are looking for homes for sale in Fortson, we have some information that can help you navigate the home-buying process.
Fortson Housing market prices, trends and forecasts 2023
During May 2023, national home sales reached 4.30 million, and the median sales price was $396,100. There were three months of inventory on hand. From May 2022 to May 2023, the median sales price was down 3.1 percent, and inventory was up 0.4 months. Sales were down from the previous year to 4.37 million, while inventory had increased from 2.6 months. This indicates a shift in the real estate market, with prices dropping and inventory rising.
Due to increased mortgage rates and elevated home prices, the buyer-seller deadlock held steady in May. However, we are currently seeing a slow but steady decline in mortgage rates. The housing inventory is still low, giving sellers the edge. The Fortson real estate market is similar to the national real estate market.
Fortson housing market forecast 2023
The Fortson housing market is a seller’s market. The sales price of houses has increased 12.1 percent from last year. The days a home stays listed on the market increased from two days last year to 68 this year. At this time, three- and four-bedroom home sale prices are increasing more than other homes for sale.
Nationally, the drop in mortgage rates is boosting the number of mortgage applications. Mortgage rates, which were 6.81 percent last week, have fallen to 6.77 percent. Application for mortgages on new homes rose to eight percent, and refinancing mortgage applications rose to six percent. This movement, though slow, is a good sign for the housing market as a whole.
Home value and sales price growth at a slower rate
Despite a slower rate of increase than in previous years, home prices are expected to continue rising. New developments may appear, but overall, the supply of homes should remain reasonably consistent with demand. Investing in the area is definitely a good choice if you're looking for a long-term investment.
The median sale price of a single-family home last year was $301,500. The current median sales price is $338,000. This 12.1 percent growth may indicate increases in sale prices in months to come. With the low housing inventory, buyers are still giving their best offers to home sellers.
Interest rates on a slow decline
Most experts agree that mortgage rates will decline slowly over the next several months. This is good news for buyers and sellers. Lower mortgage rates may motivate buyers to move forward with purchasing a new home. Sellers may see more movement in the market.
Investing indicators will not favor landlords
As the U.S. Census Bureau reported on June sixth, typical rent prices have increased 4.8 percent from a year ago to $2,048. Annual growth rates peaked in February 2022 at 17 percent. Tenants feel a bit of bargaining power shifting slightly in favor of landlords as vacancy rates rise, as landlords feel pressure to lease up their units. Despite this, rents are still not returning to pre-pandemic levels for renters.
However, 2023 is still a good year for real estate investing. Inflation hedges and long-term appreciation contribute to the benefits. Low supply will keep the housing market competitive even as mortgage rates decline.
Growing population
Fortson is part of two counties, Harris and Muscogee. A five-year growth of 6.1 percent in Muscogee County and a five percent five-year growth create a positive net population migration. Parallel to the two counties, Fortson has grown. In 2010, the community had 6,679 residents. In 2020, there were 7010. The newest data shows a population of 9,077.
Harris and Muscogee Counties housing market trends 2023
A median sales price of $318,00 was recorded in Harris County in May 2023, a decrease of 9.1 percent from the previous year. Harris County homes sell on average after 25 days on the market, compared to 61 days last year. Last May, 48 homes were sold, while 49 were sold this year.
Muscogee data shows the median home sale price this year was $195,600, up 23.6 percent from last year. Last year, 26 homes were sold, while 39 were sold this year, an increase of 50 percent. Homes spent 34 days on the market, up 34.8 percent from 25 days last year.
Fortson foreclosure statistics 2023
Fortson has 24 homes in foreclosure, according to statistics. The economic effects of Covid-19 have been one major factor in these foreclosures. As many people lost their income under shelter-in-place restrictions, they were not able to make their monthly mortgage payments. Forbearance plans under the CARES Act helped alleviate the dilemma initially, but when the act was lifted, many homeowners were left in economic woe.
Should you invest in Fortson real estate?
This may be an opportune time for investing in the Fortson real estate market. The economy of Georgia is diverse and robust, with industries such as technology and logistics growing. A low cost of living, a pro-business climate, and low taxes make the state a great place to do business.
Georgia is predicted to remain a top-ranked state and a top relocation destination. With more people moving into the state, competition will increase, and housing availability will be limited, making Georgia real estate even more competitive. According to YouGov, Americans ranked Georgia ninth out of all US states from best to worst.
Bottom Line
The Fortson real estate market is healthy and growing. Now is a perfect time to see what makes this community so exceptional. If you are ready to invest or buy a home in Fortson, contact Melissa Thomas Homes & Co.
