Thinking about starting a new life in a place with the perfect balance of suburban and city living? Marietta, GA is definitely the place for you.
Marietta boasts a rich history, a tight-knit community, and an abundance of scenic green landscapes, along with all of the conveniences of city living. In fact, living in Marietta, GA has been such a positive experience, it’s been recognized as one of the Top Places to Live in the US.
If you’re thinking of investing in a home in Marietta, it helps to know what to expect when buying a house in the seat of suburban Cobb County. That’s why we made this in-depth guide to give you an overview of the Marietta real estate market, along with some of the trends that may affect house prices in the short term.
An overview of the Marietta real estate market
Things are heating up in Marietta right now, as there are more buyers looking to make a purchase than there are properties available. While Marietta, GA has been cited as one of the Top Affordable U.S. Suburbs With a City Feel by Zillow, home prices have been trending up by nearly 10% year on year.
Generally, the market in Marietta comprises single-family homes and condos or townhomes. Here’s a quick run-through of the vital numbers in the Marietta real estate market. As of July 2022:
- There were around 1,741 properties on the market
- The median home price was $450,000, or a median price of $199 per square feet
- Homes were being sold with a median price of $435,000
- The sale-to-list price ratio was just a little over 100%, meaning that homes sold at their asking prices
- Comparing these figures to the numbers recorded in 2021, the median home price rose by 9.8%
- Properties stayed on the market for an average of 38 days
The value of homes in the city is increasing as well. With a home value index of $461,877, property prices in the Marietta real estate market have gone up by 24.1% compared to 2021.
Trends in the Marietta real estate market
As of July, the Marietta real estate market was considered a seller’s market. Homes were able to sell between 3% and 7% more than the listing price. Multiple offers weren’t uncommon, with some agreeing to waive contingencies.
However, the market remained unpredictable and was liable to change at a moment’s notice. Median home prices in Marietta could go as high as $469,000, a figure recorded in June 2021, though recent numbers are slightly lower.
Early numbers for the month of August indicate that homes in Marietta, GA now have a median price of $445,000, a slight decrease from the median price of $450,000 reported last month. This number, in turn, is slightly lower than the median price of $455,000 recorded in June.
Factors that may affect the Marietta housing market
If you’re planning to invest in a property in Marietta, it helps to know these factors before making that big decision.
The impact of inflation on the housing market
The impact of local real estate developments
Experts expect inflation, along with increasing fuel prices and disruptions in the supply chain, to have an effect on the housing market as a whole. A forecast by Zillow shows that house prices may increase by as much as 14.9% by March 2023, and markets like Marietta may continue to be competitive by next year.
On the other hand, the same forecast indicates that there could be a decrease in the number of sales before the year ends. Zillow has published an expectation of 6.09 million sales by the end of 2022, a 0.5% decrease from the home sales expectation in 2021.
Affordability is one of the major factors that may contribute to a slightly lower home sales expectation. Apart from the increasing value of homes currently on the market, the higher mortgage rates are causing some buyers to hesitate or even put off their plans to make a purchase. Nationwide, mortgage rates are nearing 6%; the mortgage rate in Marietta, GA is close to the nationwide average, with a rate of 5.137% for a 30-year fixed.
Despite these factors, the Marietta housing market, and the market in Georgia in general, will continue to be competitive for the rest of the year. Based on the numbers alone, demand continues to be high despite an increase in the median home price. Some first-time buyers are even trying their luck and competing with other buyers with their own offers.
Will we expect to see changes in the housing market in the coming year? Though there is a chance that the cooling demand for homes may cause median house prices to drop, the answer will ultimately depend on how inflation and the mortgage rates will influence the decision of homebuyers in the coming months.
Opportunities also abound for investors in Marietta, GA, especially with recent real estate developments in the area.
Early numbers for August show a minuscule increase in the number of properties available in the market compared to July. It is worth noting, however, that the number of properties for sale grew significantly throughout the year. Back in January, there were only 726 properties for sale.
One of the more recent developments in the suburb is the Gates at Hamilton Grove, a Cobb County townhome community with 45 two-story townhomes.
The new community, with homes priced from $400,000, was developed by Traton Homes, a builder headquartered in Marietta. These townhomes have 3 bedrooms, 2- car garages, open living areas, and loft spaces for virtual work, among other features. The community also has an ideal location, as it sits only a few minutes away from dining, shopping, and recreation spots.
There are also plans to develop several undeveloped land areas in Marietta. Last May, a proposal was submitted to the Marietta City Council to convert the mostly undeveloped land between Roselane Street and North Avenue into a mixed-use property.
If this proposal pushes through, there would be a five-story apartment building, townhomes, medical offices, and a parking space on the 2.7-acre undeveloped land. Future residents of this mixed-use property would also be close to the Wellstar Kennestone Hospital.
Neighborhoods in Marietta, GA
As any real estate expert will tell you, the best neighborhood for you will ultimately depend on your wants and needs. Here’s a look at some of the notable neighborhoods in Marietta, GA, each with its distinct charm and offering a different experience to new homeowners.
- Historic Marietta
- East Cobb
- West Cobb
- Chimney Springs
- Chestnut Creek
Historic Marietta is home to some of the more traditional structures in the city. Here, you can find Colonial or Craftsman-style homes that have stood the test of time. Many of these properties were built during the 1800s, making them the perfect choice for buyers looking for homes with a lot of history and old-time charm.
This suburb is also close to some of the popular tourist spots in Marietta, like the historic Marietta Square. You won’t run out of things to do in this suburb, as dining and entertainment spots are also nearby.
East Cobb, meanwhile, is known for being close-knit, with some of the families calling the suburb their home for generations. Buyers with children also favor it because of the top-notch schools found here.
Ranch homes and stately traditional homes are prevalent in East Cobb. If you’re willing to spend more on your real estate investment, you can find sprawling estates and majestic mini-mansions here.
Find traditional homes that have been upgraded and modernized in West Cobb. Some of these 3- to 4-bedroom brick homes come with an affordable price tag, providing the best bang for your buck. As a bonus, some of the best dining spots in Marietta, including the local favorite West Cobb Diner, are within the neighborhood.
Unlike Historic Marietta and East Cobb, West Cobb offers more land for sale. This is perfect for real estate investors who want to build a home or a property from the ground up.
Hankering to escape city life? Then, Chimney Springs is your kind of place. The neighborhood’s main attraction is the picturesque Lake Chimney Springs, where residents can spend their free time swimming, fishing, or boating. This idyllic neighborhood offers only single-family homes, serving as the perfect backdrop for those looking for a more serene and private environment.
Traditional homes set in large wooded lots> are among the key features of this neighborhood. It is the perfect place for those dreaming of living “off the grid” without actually moving to the country. Though Chestnut Creek may seem far from the city’s center, it is actually close to I-75 and you can go around town quite easily.
Living in Marietta, GA
Marietta, GA is one of the best cities for a growing family. Other than the sense of community unique to Marietta, the place is also known for its proximity to top-rated schools, which include the following:
- Marietta Center For Advanced Academics
- Dunleith Elementary School
- Marietta 6th Grade School
- West Side Elementary School
- Sawyer Road Elementary School
- Burruss Elementary School
- Powers Ferry Elementary School
- Hickory Hills Elementary School
- Lockheed Elementary School
- Park Street Elementary School
Other than the distinction of being one of the best places to live, Marietta, GA was also named one of the Top Ten Affordable U.S. Suburbs With a City Feel by Zillow. According to the list, Marietta offers proximity not only to Atlanta, but also to the bright spots of the culinary scene in the entire state.
The well-loved restaurants in Marietta, GA include:
- Stockyard Burgers and Bones
- Two Birds Taphouse
- Hamp & Harry’s
- The Red Eyed Mule
- The Marietta Local
- Mac’s Chophouse
- Good Kitchen+Market
- La Cubana
You’ll also find that going to wherever you need to be is easy in Marietta, especially if you plan on taking a job in Atlanta. According to Livability, the average commute is 27.2 minutes. Generally, commuting to and from Atlanta by car could take between 20 and 40 minutes, depending on the traffic. You can also take the CobbLinc bus and transfer to Atlanta’s MARTA transit system, if public transportation is more to your liking. Furthermore, Livability gave the city a Walk score of 33.
More importantly, living in Marietta, GA means joining a community of families who have been calling the city their home since their childhood. You’ll discover that these people often share activities and celebrate the holidays together, and you’ll be amazed by the deep bond shared among your new neighbors.
Tips on investing in Marietta real estate
Before you take the leap, make sure to get your finances in order first. Here are some tips on investing in the Marietta real estate market.
Getting pre-qualified for a loan is an entirely different thing from being pre-approved. For one, anyone can get pre-qualified, but being pre-approved means a lender has already given you an estimate of how much you can afford and the amount they can lend you. This could save you a lot of time and can help you create a shortlist of properties you can confidently make an offer on.
Be wary of hidden fees
Loans do have their own set of hidden charges, including processing fees. The lender may also impose what’s known in the industry as “junk fees” or those additional charges that you’ll have to settle once your mortgage is approved. Make sure the loan you choose is free from these hidden costs.
Don’t skimp on the home inspection
They don’t call it a real estate investment for no reason. You’ll want to be 100% sure that you’re getting your money’s worth, so don’t forgo a property inspection. It may sound like an additional cost to an already considerable investment, but having a professional inspect the home you’re about to buy could end up saving you thousands. You could ask the homeowner to undergo repairs, pay for repairs, or negotiate again after the inspection.
Bigger isn’t always better
It’s a fact that bigger homes aren’t necessarily the best investments. After all, the size of a property does not always affect its value. Bigger properties also attract a small part of the home-buying market, which could make it difficult for you to sell it in the future.
Learn about “sleeper costs”
Remember that there are other costs that come with buying a property, and those include the so-called “sleeper costs”. These include property taxes and homeowner association fees, along with costs that come with repairing and maintaining your new home. After sealing the deal with the seller, remember to allot part of your budget to address sleeper costs.
Know the art of bidding
While properties listed in Marietta, GA often end up being purchased at the asking price, it shouldn’t prevent you from negotiating with the seller. With the help of your real estate agent, you can get an idea of how much to offer based on comparable list prices in the neighborhood, the prevailing rates in the larger community, and how much you can afford.
Know your way around the Marietta real estate market with Page Morgan
Knowing the state of the market is just a part of the entire investment journey. You’ll need an expert who knows the market by heart – one who can guide you toward the best property for your needs.
In Marietta, GA, you’ll need our expert advice. We are the award-winning Realtors at Page Morgan. For over 30 years, we have been sharing our expertise in the North Georgian real estate market to help investors make the right choice.
We’re not just Realtors here at Page Morgan. We’re also Creators, helping our clients make their way through the market by creating our own paths and solutions. We’re Heroes, here to save the day when the going gets tough. We’re Magicians, able to work our magic thanks to our combined 20 years of real estate experience.
At Page Morgan, we only work toward a single goal: make you, our clients, happy with your real estate investment. Not only do we find some of the best properties for our clients, but we also go the extra mile by helping with financing, appraisals, repair estimates, and whatever else our client needs throughout the process.
Ready to enter the Marietta, GA real estate market and make the most of your investment? Let us walk you through the process. Start by reaching out to Page Morgan Real Estate Group at 770.579.5650 or contacting us here. We look forward to working with you!