Exploring the Fastest Growing Cities in Georgia

By Ciprian Morariu Published: April 25, 2024

Fastest Growing Cities in Georgia

Georgia has its all-natural beauty, historical places, temperate climate, a thriving economy, and a vibrant culture. 

It is no surprise then that the state is attracting migrants and investors from across the country, this has led to a noticeable increase in housing prices in Georgia. 

Yet, despite the increase in home prices, the median price for a home in GA is around $300K, which is still lower when compared to the national average. 

Home to a thriving and flourishing real estate market, Georgia has become one of the most popular destinations for homebuyers looking for single-family, multi-family, and luxury real estate.  

Even real estate investors are rushing to grab their share of the pie in the ‘Peach State’ and flocking to place their short- and long-term bets.

Thanks to the growing economy, low unemployment rate, and an attractive job market. Many are choosing to invest in residential and commercial real estate 

Some of the fastest-growing cities in Georgia like Atlanta and Savannah, emerging as the hottest real estate markets across the country. 

Georgia’s diverse real estate market is a perfect opportunity if you are an aspiring or practicing real estate agent or broker. 

So, how do you get a real estate license in Georgia? Apart from being 18 years old or older, you must complete the Georgia real estate license course and pass the licensing exam. You have the option of choosing a state-approved online Georgia real estate course or a classroom-based course.  

Industry experts predict that the state’s real estate market will continue to soar in the coming years. 

Whether you are a real estate investor, a salesperson, or a homeowner looking to be a part of the promising opportunities in the Peach State, it is important to understand the reasons contributing to Georgia’s real estate growth. 

Identifying the Fastest-Growing Cities

Factors Contributing to Growth

U.S. census data and real estate market insights point towards trends that clearly highlight that Georgia’s real estate market is growing at a rapid pace. 

But what exactly are the reasons behind this growth and how will it affect homebuyers and investors? 

Let’s look at some of the key factors contributing toward the real estate boom: 

1. Strong economic outlook

Georgia’s dynamic economy is one of the most important factors contributing to its ongoing real estate growth. 

The state witnessed an impressive growth of around 6% in its GDP in the last decade. It is estimated that the state’s economy is projected to grow by 5 to 6 percent in the next year. 

While the pandemic slowed down economic development for almost every state in the country, Georgia has bounced back tremendously to reach the almost pre-pandemic level of economic strength. 

Georgia’s economic landscape is boosted by strong personal consumption, a mix of diverse industries, entertainment and leisure centers, renewal energy, and technological investments for business digitization for small and medium businesses. 

2. Growing population: 

Georgia has seen a steady flow of migrants with over 100K new residents making the ‘Peach State’ their new home. 

Currently, Georgia ranks at the 4th spot in the list of states with the highest population growth in the last decade. 

Georgia’s population grew 50% faster than the rest of the country and there are many top populated cities in Georgia like Atlanta, Columbus, Sandy Springs, Savannah, Roswell, and Augusta Richmond County. 

The state boasts of being the ninth most populous state in the country and it continues to add new residents to the total population count. 

According to property listing data, more people are moving and migrating to Georgia than before, with the state population increasing by 10% in the last decade. 

3. Affordable housing: 

Despite witnessing a strong demand for residential and rental housing, Georgia’s housing market is still considered affordable by many homebuyers and migrants.

Currently, the typical value of a residential property in GA is around $324K. 

When compared to the national average, the average price for a single-family home in Georgia is around $16K cheaper than the national average. 

Although the annual median home price in Georgia increased by around 14% in the last few years, there are still numerous affordable housing options available in urban, suburban, and rural areas. 

Some of the more affordable cities include - Albany, Americus, Waycross, Columbus, Douglas, among others.

4. Higher employment prospects: 

Georgia’s job market continues to post impressive growth numbers as evidenced by the recent surveys and statistics published by the US Bureau of Labor Statistics. 

Georgia reported around 310000+ job openings during the end of 2023, leading to a job opening rate of around 6 percent. 

According to reported data, Georgia’s employment rate is showing strong growth with around a 12% increase in the rate of employment since 2021. 

Thanks to favorable government initiatives and progressive labor policies targeted toward Georgia, the state has been enjoying an unprecedented rise in the number of jobs created across sectors and industries. 

Top Fastest Growing Cities in Georgia

If you are interested in learning more about the real estate landscape of the Peach State and the potential it holds, then it’s best to start by analyzing the large cities in Georgia first. 

1. Atlanta: One of the most popular and populous cities in Georgia, Atlanta’s real estate market continues to grow. 

After making an impressive comeback post-pandemic, Atlanta’s real estate market is a diverse and vibrant mix of 200-plus suburbs and neighborhoods. 

A bustling metropolitan city, Atlanta’s real estate landscape offers diverse living and investment opportunities with single and multifamily homes, apartments, condominiums, and townhouses. 

In the last decade, Atlanta has witnessed around 20% population growth, thanks to a robust economy, strong job outlook, and pleasant weather. 

Besides these factors, Atlanta is also home to a diverse number of industries, world-class businesses, popular entertainment, and movie studios as key attractions to its credit.

Currently, the median listing price of a home in Atlanta is around $400K, which is relatively cheaper compared to similarly popular metropolitan cities in the country. 

2. Athens: One of the top-populated cities in Georgia, Athens is also one of the largest real estate markets in the state. 

Home to several industries and the state’s leading educational institution, the University of Georgia, Athens is a beautiful city. 

It is brimming with diverse culture, world-class amenities, and an eclectic mix of natural scenic views and man-made attractions. 

Due to a large student population, Athens’ real estate market is mostly dominated by single-family homes and rental properties. 

Short-term rentals are hugely popular in the city with a median rent of around $1800-$2000. 

Since the last decade, Athens’ population has also seen impressive growth and has risen by 10 percent. 

The last year alone witnessed around 2 percent growth in the total population.

The real estate market in Athens is buoyed by rising rental yields with 15 to 17 percent year-on-year growth. 

Currently, the median listing price for a home in Athens is around $300K which increases between 15 to 20 percent every year.  

3. Savannah: A coastal city, Savannah’s real estate market is full of options and opportunities for real estate professionals, investors, and homebuyers. 

Savannah is often considered the epitome of southern hospitality, thanks to its old-world, friendly, and inviting charm which many find pleasant. 

The city is brimming with beautiful architecture, a rich history, and a vibrant community that attracts homebuyers, tourists, and retirees. Due to the influx of vacationers, the city also enjoys a strong rental property market. 

Be it quaint townhouses or old-world-style mansions, the real estate market in Savannah is diverse. It comprises single and multi-family homes, apartments, townhouses, and condos. 

Currently, the median listing price of a home in Savannah is around $296K, witnessing around a 10 percent increase in a year. 

With median prices ranking significantly lower than the national average, Savannah’s affordability is a huge factor behind the growth of its real estate market. 

Most importantly, Savannah has a strong job outlook, and its job market has grown by around 4 percent in the last year. 

The city has one of the largest container ports in the country contributing to its economy. 

4. Augusta: An urban city with a coastal view line, Augusta is situated in the heart of Georgia. Augusta’s real estate market has been on the rise for the last few years. 

Thanks to its vibrant culture, booming job market, pleasant weather, and low taxes, Augusta is a popular destination for first-time homebuyers and vacationers. 

Augusta has witnessed around 1 percent population growth year-on-year and the median listing price of a home is around $181K. 

The median home price in Augusta is estimated at around $190K, which is significantly cheaper than the national average, making it a cost-attractive and affordable real estate market. 

Interestingly, the average home prices have increased by around 80 percent from the last year, indicating the growing popularity of Augusta’s real estate market. 

It is considered one of the most promising and fastest-growing cities in Georgia, thanks to its affordability, diverse neighborhoods, and rich cultural vibe. 

Up and Coming Areas in Georgia

Emerging Markets for Real Estate

When it comes to Georgia, there is no shortage of exciting, inviting, and lucrative real estate markets. 

Despite being a populous state with rising average home prices, the median listing price for a home is still lower as compared to the national average. 

The ‘Peach State’ is brimming with diverse real estate investment opportunities - from urban centers to rural towns, there are numerous choices for homebuyers and real estate investors. 

Let’s take a look at some of the most promising up-and-coming areas in Georgia with great potential. 

1. Brookhaven: 

The city boasts of a great location and a favorable job market which attracts young professionals and students alike. 

Brookhaven is home to a range of entertainment, educational, and recreational spaces including the University of Georgia and the training facility for the Atlanta Hawks. 

The city’s population is growing and it continues to attract visitors and buyers with a favorable job market growth of around 3 percent since last year. 

Housing prices in Brookhaven also increased by around 2 percent year-on-year. The median rental price also saw a rise of around 4 to 5 percent compared to last year.  

2. Sandy Springs: 

Situated in the heart of Atlanta, Sandy Springs is a rising name in the real estate market of Georgia. 

A suburban charm coupled with excellent amenities and a serene ambiance makes it one of the highly sought-after markets in the state. 

Currently the 6th most populated city in Georgia, the city boasts of a dynamic economy that recorded an impressive 3 percent growth compared to the previous year. 

Housing prices in Sandy Springs have been selling higher than the listing prices, indicating tremendous growth and demand. 

With an overall increase of around 5 percent year-on-year, housing in Sandy Springs is on an upward trajectory. This makes it an excellent investment opportunity for short and long-term real estate investors.