Short supply for home buyers - CBS46 News

Short supply for home buyers

Posted: Updated:

Home prices are 9 percent higher than a year ago. Prices and sales are up, but there are fewer homes to choose from which increases competition for home buyers.

"It's the supply and demand as there is not enough homes out there, they are able to ask more for homes, and we are seeing multiple offers for these homes which is driving the home values higher," said Leslie Voigt, a Real Estate Agent with Redfin.

"There is a shortage and that’s interesting because you see all these houses being built but we still do not have enough inventory," said Jill Hiitron, a Real Estate Agent with Harry Norman who is running into the same problems with her clients.

The median home value in Atlanta is $202,100. Atlanta's home values have gone up 10.9 percent over the past year and Zillow predicts they will rise 5.2 percent within the next year.

The median list price per square foot in Atlanta is $205, which is higher than the metro Atlanta average of $104.

The median price of homes currently listed in Atlanta is $259,000. The median rent price in Atlanta is $1,400, which is higher than the metro Atlanta median of $1,300.

Both agents are optimistic that come springtime, we will see more houses come on the market.

Copyright 2017 WGCL-TV (Meredith Corporation). All rights reserved.