Cumming, Georgia, is a community with a small-town atmosphere and access to Atlanta’s urban amenities. It is comprised of six distinct, luxurious neighborhoods in proximity to the gorgeous Lake Lanier. Residents of Cumming have access to neighborhood pools, tennis courts, and community spaces. The robust local economy has made this area a dynamic suburban center.
With so many amenities, access to numerous parks and trails, and a tight-knit community vibe, Cumming has become one of the most sought-after neighborhoods in the area. Those wanting to grab a slice of the vibrant and luxurious lifestyle will benefit from understanding the Cumming real estate market. We have put together information to help you in your search.
Cumming real estate market prices, trends, and forecasts 2023
The Cumming real estate market is a seller’s market. The year-over-year value of homes has fluctuated, increasing in value 11 times while decreasing only once. Buying real estate is expected to bring a one-year long-term profit of 1.9%. The predicted five-year investment profit is about 8.2%.
Nationally, home values have appreciated by 1.6% in a year-over-year analysis. Cumming’s home value appreciation rate is higher than the national rate. The excellent ratings of the neighborhood’s local schools, the amount of space for the money, and the great location all point toward a continued increase in home value.
Cumming housing market forecast 2023
The median sold price of a home this year was $540,000, which is a $161,375 or 42.6% gain from last year. The median sale price for new home buyers was $257,000 nationally. The Cumming seller’s market is a robust one.
Considering current trends and historical data, this should be another year of growth for Cumming real estate. In addition to the area's desirable location, strong economy, and low-interest rates, demand for homes and properties is high. However, various external factors and unforeseen events can affect market conditions. For personalized insights and advice, talking to a trusted real estate professional is beneficial.
Home values on the rise
The national median home value is on the rise. There is a strong recovery in the real estate market. With the predicted Cumming home sale price rising within the next five years, the average home value will most likely follow suit.
Cumming continues to be one of the most highly desired communities in which to live. The highly-rated school system and local amenities will likely cause an increase in home values.
Interest rates trending downward
Though the interest rates this year have fluctuated, most experts believe they will continue trending downward. Of course, much of the movement of interest rates relies on the nation’s inflation rates. If inflation rates continue to decline, interest rates will follow suit.
Favorable investing indicators for landlords
When investing in real estate, location, home values, and profit opportunities are key for landlords and investors. For anyone investing in the Cumming real estate market, long-term investment profits are encouraging. The long-term profit capacity for one-year growth is 1.73%. The five-year investment growth is predicted to be 8.02%. This may be a great time to make an investment.
Population growth
Cumming is a fantastic neighborhood in which to live. A profusion of people looking for a superior location and first-class lifestyle are looking to make a move to the community. Since the last census, Cumming’s population has grown by 10.61%. An annual 3.42% population increase is predicted.
Forsyth County housing market trends 2023
The housing inventory in Forsyth County has decreased by 35.61% over the past year. While the number of homes listed on the market has declined, the median sales price has increased by 9.62% over last year. The county has become a neutral market, favoring neither buyers nor sellers.
The effects of COVID-19 on the Cumming real estate market
Within the first year after the pandemic, the nation observed a trend toward people following the mandate of staying in place. Fewer people looked for vacation homes or second homes, and the housing inventory decreased significantly. The average home sale price increased. The inventory is growing as the housing market continues to stabilize from the effects of Covid-19. House sale prices are still rising but at a slower rate.
Cumming foreclosure statistics 2023
One of the sad consequences of Covid-19’s effects on the housing market is the increase in foreclosures. All over the United States, homeowners have felt the devastating impact of the pandemic with upside-down mortgages, in which their home loans now have a higher principal than the value of their homes. Cumming is no exception.
The Cumming housing market has a 4% rate of upside-down mortgages. One in every 2,311 homes is listed in foreclosure. As some people dealt with adverse changes in their employment status, they missed some or all of their monthly mortgage payments, resulting in compounding interest.
Investing in the Cumming real estate market
If you are investing in Cumming real estate, it is helpful to look at both short-term and long-term growth predictions. For those interested in short-term investments, the return on investment may be insignificant. However, if you plan on investing in a more long-term opportunity, this is a great time to invest. The predicted profit growth is 1.73% over a year.
Expert tips for navigating the current market
Finding homes for sale in Cumming is an excellent investment right now since the market is hot. If you are still trying to figure out where to start, a qualified real estate agent can steer you in the right direction. They have in-depth knowledge of the area and the housing market indicators.
Ready to invest in your future?
Whether you are looking to move into the luxurious Cumming neighborhood or to invest in its real estate market, there is no better time than now. With all the incredible home-buying options available, you can begin your search immediately. Contact the agents at RE/MAX TRU to start investing in your future.
