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Smyrna, Georgia: Rising Home Values and Ownership Rates in a Thriving Atlanta Suburb
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Smyrna, Georgia, a vibrant city located in Cobb County, has experienced significant growth and changes in its housing market over the past decade. Known for its proximity to Atlanta and its blend of suburban charm with urban amenities, Smyrna has seen a general trend of increasing homeownership rates, rising average home prices, and fluctuating average rent prices.
The homeownership rate in Smyrna has shown a steady increase from 2013 to 2022. In 2013, 52% of the housing units were owner-occupied. This percentage rose to 55% by 2022, indicating a growing preference for homeownership in the city. Concurrently, average home prices have experienced a substantial upward trajectory. In 2013, the average home price in Smyrna was $193,655. By 2022, this figure had more than doubled to $433,588, representing a remarkable 124% increase over nine years.
The relationship between federal interest rates and homeownership rates in Smyrna aligns with well-established economic trends. From 2013 to 2016, when interest rates were historically low (ranging from 0.09% to 0.4%), homeownership rates remained relatively stable at around 51%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates actually increased to 54%, possibly due to anticipation of future rate hikes encouraging buyers to enter the market. Despite a sharp drop in interest rates in 2020 and 2021 (to 0.38% and 0.08% respectively), homeownership rates continued to climb, reaching 55% by 2022.
Renter percentages in Smyrna have inversely mirrored the homeownership trends, decreasing from 48% in 2013 to 45% in 2022. Despite this decline, average rent prices have shown a general upward trend. In 2013, the average rent was $1,218 per month. This figure increased to $1,463 by 2022, representing a 20% rise over nine years. The increase in rent prices, despite a decreasing percentage of renters, may be attributed to the overall population growth in Smyrna, which increased from 71,049 in 2013 to 79,289 in 2022, creating sustained demand for rental properties.
In 2023 and 2024, Smyrna's housing market continued to evolve. The average home price in 2023 reached $446,149, a further increase from 2022. In 2024, the average home price rose to $460,758, indicating ongoing appreciation in the real estate market. Notably, federal interest rates increased significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homebuying trends.
Looking ahead, predictive models suggest that average home prices in Smyrna may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase, driven by population growth and overall cost of living adjustments. However, the rate of increase for both home prices and rents may moderate compared to the rapid growth seen in recent years.
In summary, Smyrna has experienced a notable shift towards homeownership, accompanied by substantial increases in average home prices. The rental market, while shrinking in terms of percentage, has seen steady growth in average rent prices. These trends, influenced by factors such as population growth, economic conditions, and interest rates, paint a picture of a dynamic and evolving housing market in Smyrna, Georgia.
